Dril-Quip (NYSE:DRQ) Shares Cross Above 200 Day Moving Average of $23.46

Dril-Quip, Inc. (NYSE:DRQGet Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $23.46 and traded as high as $24.77. Dril-Quip shares last traded at $24.62, with a volume of 272,526 shares traded.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Barclays reduced their target price on shares of Dril-Quip from $23.00 to $22.00 and set an “underweight” rating for the company in a report on Thursday, February 29th. StockNews.com upgraded Dril-Quip from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Finally, Evercore ISI decreased their price target on Dril-Quip from $44.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday, February 28th.

Check Out Our Latest Research Report on Dril-Quip

Dril-Quip Stock Performance

The business’s 50 day moving average is $21.79 and its 200 day moving average is $23.42. The stock has a market cap of $847.42 million, a price-to-earnings ratio of 2,462.00 and a beta of 0.85.

Dril-Quip (NYSE:DRQGet Free Report) last issued its quarterly earnings results on Monday, February 26th. The oil and gas company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). The business had revenue of $126.34 million for the quarter, compared to analysts’ expectations of $118.58 million. Dril-Quip had a net margin of 0.14% and a negative return on equity of 0.58%. The business’s quarterly revenue was up 30.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.06 EPS. Research analysts expect that Dril-Quip, Inc. will post 0.45 earnings per share for the current year.

Insider Activity

In related news, Director Terence Bartlett Jupp sold 1,414 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $22.90, for a total transaction of $32,380.60. Following the completion of the sale, the director now directly owns 59,615 shares in the company, valued at $1,365,183.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.50% of the stock is owned by corporate insiders.

Institutional Trading of Dril-Quip

Hedge funds and other institutional investors have recently modified their holdings of the company. Tudor Investment Corp Et Al purchased a new stake in shares of Dril-Quip during the 3rd quarter worth about $2,405,000. Brandes Investment Partners LP lifted its stake in Dril-Quip by 36.8% in the third quarter. Brandes Investment Partners LP now owns 2,206,515 shares of the oil and gas company’s stock valued at $62,158,000 after acquiring an additional 593,982 shares during the last quarter. CenterBook Partners LP acquired a new stake in Dril-Quip in the third quarter valued at approximately $1,389,000. Barclays PLC grew its position in Dril-Quip by 25.4% in the third quarter. Barclays PLC now owns 21,184 shares of the oil and gas company’s stock worth $597,000 after acquiring an additional 4,292 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Dril-Quip by 27.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,363,507 shares of the oil and gas company’s stock worth $38,410,000 after purchasing an additional 292,521 shares during the last quarter.

About Dril-Quip

(Get Free Report)

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services engineered drilling and production equipment for offshore and onshore applications worldwide. The company's principal products include subsea and surface wellheads, specialty connectors and associated pipes, subsea production trees and systems, mudline hanger systems, production riser systems, dry tree systems, subsea manifolds, line hangers and expandable liner systems, multi-frac well connections, conventional wellheads, thermal wellheads, completion packers, and safety and kelly valves; and rig equipment comprises drilling riser systems, wellhead connectors, diverters, and cement manifolds.

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