Dril-Quip (NYSE:DRQ) Coverage Initiated at StockNews.com

StockNews.com began coverage on shares of Dril-Quip (NYSE:DRQ – Get Rating) in a report released on Thursday. The brokerage set a “hold” rating on the oil and gas company’s stock.

DRQ has been the topic of several other research reports. TheStreet raised shares of Dril-Quip from a “d+” rating to a “c-” rating in a research note on Tuesday, January 31st. Barclays boosted their price objective on shares of Dril-Quip from $23.00 to $27.00 and gave the stock an “underweight” rating in a research note on Thursday, March 2nd.

Dril-Quip Trading Down 4.0 %

Shares of DRQ opened at $27.40 on Thursday. The firm’s 50-day moving average price is $30.17 and its 200-day moving average price is $25.75. The firm has a market capitalization of $936.31 million, a price-to-earnings ratio of 2,740.00 and a beta of 1.09. Dril-Quip has a 1-year low of $19.10 and a 1-year high of $38.99.

Dril-Quip (NYSE:DRQ – Get Rating) last announced its earnings results on Monday, February 27th. The oil and gas company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.11. The firm had revenue of $96.81 million for the quarter, compared to analyst estimates of $88.50 million. Dril-Quip had a net margin of 0.12% and a negative return on equity of 1.06%. The company’s revenue for the quarter was up 24.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.46) EPS. On average, research analysts forecast that Dril-Quip will post -0.07 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director John Lovoi sold 13,000 shares of the business’s stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $35.29, for a total transaction of $458,770.00. Following the sale, the director now owns 60,580 shares of the company’s stock, valued at $2,137,868.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Dril-Quip news, VP James C. Webster sold 2,000 shares of Dril-Quip stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $26.22, for a total value of $52,440.00. Following the completion of the transaction, the vice president now directly owns 58,795 shares of the company’s stock, valued at $1,541,604.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Lovoi sold 13,000 shares of Dril-Quip stock in a transaction dated Friday, March 3rd. The stock was sold at an average price of $35.29, for a total transaction of $458,770.00. Following the completion of the transaction, the director now directly owns 60,580 shares of the company’s stock, valued at $2,137,868.20. The disclosure for this sale can be found here. Insiders have sold 18,436 shares of company stock valued at $601,374 over the last quarter. Corporate insiders own 2.02% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Louisiana State Employees Retirement System purchased a new position in shares of Dril-Quip during the third quarter valued at approximately $320,000. Mutual of America Capital Management LLC raised its holdings in shares of Dril-Quip by 13.7% during the second quarter. Mutual of America Capital Management LLC now owns 5,798 shares of the oil and gas company’s stock valued at $150,000 after purchasing an additional 699 shares during the last quarter. Guggenheim Capital LLC raised its holdings in shares of Dril-Quip by 5.9% during the third quarter. Guggenheim Capital LLC now owns 30,070 shares of the oil and gas company’s stock valued at $587,000 after purchasing an additional 1,672 shares during the last quarter. NewEdge Wealth LLC raised its holdings in shares of Dril-Quip by 52.0% during the second quarter. NewEdge Wealth LLC now owns 23,874 shares of the oil and gas company’s stock valued at $616,000 after purchasing an additional 8,172 shares during the last quarter. Finally, Jump Financial LLC purchased a new position in shares of Dril-Quip during the third quarter valued at approximately $375,000.

Dril-Quip Company Profile

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Dril-Quip, Inc designs, manufactures, sells and services engineered offshore drilling and production equipment. It operates through the following geographical segments: Western Hemisphere, Eastern Hemisphere, and Asia-Pacific. Its products include specialty casing connectors, mudline suspension equipment, downhole tools, capital drilling equipment, control systems, and dry tree systems.