Truist Financial Corp Sells 977 Shares of Dril-Quip, Inc. (NYSE:DRQ)

Truist Financial Corp trimmed its stake in Dril-Quip, Inc. (NYSE:DRQ – Get Rating) by 1.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 52,031 shares of the oil and gas company’s stock after selling 977 shares during the period. Truist Financial Corp’s holdings in Dril-Quip were worth $1,016,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Versor Investments LP bought a new stake in shares of Dril-Quip in the 2nd quarter valued at approximately $609,000. Mutual of America Capital Management LLC boosted its position in shares of Dril-Quip by 13.7% in the 2nd quarter. Mutual of America Capital Management LLC now owns 5,798 shares of the oil and gas company’s stock worth $150,000 after purchasing an additional 699 shares in the last quarter. Louisiana State Employees Retirement System acquired a new stake in shares of Dril-Quip in the 3rd quarter worth $320,000. NewEdge Wealth LLC boosted its position in shares of Dril-Quip by 52.0% in the 2nd quarter. NewEdge Wealth LLC now owns 23,874 shares of the oil and gas company’s stock worth $616,000 after purchasing an additional 8,172 shares in the last quarter. Finally, Gamco Investors INC. ET AL boosted its position in shares of Dril-Quip by 4.1% in the 2nd quarter. Gamco Investors INC. ET AL now owns 1,579,344 shares of the oil and gas company’s stock worth $40,747,000 after purchasing an additional 61,950 shares in the last quarter.

Insider Activity

In other news, CEO Jeffrey J. Bird sold 13,548 shares of the business’s stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $24.42, for a total value of $330,842.16. Following the completion of the transaction, the chief executive officer now owns 136,644 shares of the company’s stock, valued at approximately $3,336,846.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, VP Donald M. Underwood sold 1,971 shares of the company’s stock in a transaction that occurred on Monday, October 31st. The stock was sold at an average price of $24.43, for a total value of $48,151.53. Following the completion of the sale, the vice president now directly owns 18,215 shares in the company, valued at $444,992.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jeffrey J. Bird sold 13,548 shares of the company’s stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $24.42, for a total value of $330,842.16. Following the completion of the transaction, the chief executive officer now owns 136,644 shares in the company, valued at $3,336,846.48. The disclosure for this sale can be found here. Insiders sold a total of 29,387 shares of company stock valued at $727,591 in the last quarter. 2.02% of the stock is currently owned by company insiders.

Dril-Quip Stock Performance

Shares of DRQ opened at $27.45 on Friday. The stock has a 50-day moving average of $25.40 and a two-hundred day moving average of $23.95. Dril-Quip, Inc. has a one year low of $19.10 and a one year high of $41.23. The stock has a market cap of $931.10 million, a P/E ratio of -15.34 and a beta of 1.13.

Dril-Quip (NYSE:DRQ – Get Rating) last issued its quarterly earnings results on Thursday, October 27th. The oil and gas company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.13. Dril-Quip had a negative return on equity of 3.20% and a negative net margin of 18.28%. The company had revenue of $88.14 million during the quarter, compared to analysts’ expectations of $91.93 million. During the same quarter in the previous year, the firm posted ($0.35) EPS. The firm’s revenue was up 6.2% compared to the same quarter last year. Analysts predict that Dril-Quip, Inc. will post -0.37 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, StockNews.com began coverage on Dril-Quip in a research report on Wednesday, October 12th. They set a “hold” rating for the company.

Dril-Quip Company Profile

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Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services engineered drilling and production equipment for use in deepwater, harsh environment, and severe service applications worldwide. The company's principal products include subsea and surface wellheads, subsea and surface production trees, mudline hanger systems, specialty connectors and associated pipes, drilling and production riser systems, liner hangers, wellhead connectors, diverters, and safety valves, as well as downhole tools.