Dril-Quip (NYSE:DRQ) Receives New Coverage from Analysts at StockNews.com

StockNews.com initiated coverage on shares of Dril-Quip (NYSE:DRQ) in a research note released on Friday. The brokerage issued a sell rating on the oil and gas company’s stock.

Dril-Quip Price Performance

Shares of Dril-Quip stock opened at $15.41 on Friday. Dril-Quip has a 12 month low of $14.07 and a 12 month high of $30.93. The stock has a market capitalization of $530.41 million, a P/E ratio of -24.08 and a beta of 0.84. The business has a 50 day simple moving average of $15.97 and a two-hundred day simple moving average of $18.71.

Dril-Quip (NYSE:DRQ) last issued its earnings results on Thursday, August 1st. The oil and gas company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.07). Dril-Quip had a negative return on equity of 2.49% and a negative net margin of 5.69%. The company had revenue of $120.34 million for the quarter, compared to analyst estimates of $118.85 million. During the same quarter in the prior year, the firm earned ($0.03) earnings per share. The company’s revenue for the quarter was up 34.3% on a year-over-year basis. As a group, research analysts anticipate that Dril-Quip will post 0.45 EPS for the current fiscal year.

Insider Transactions at Dril-Quip

In other Dril-Quip news, VP James C. Webster sold 6,000 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $14.67, for a total transaction of $88,020.00. Following the completion of the transaction, the vice president now owns 56,735 shares of the company’s stock, valued at $832,302.45. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Dril-Quip

Several hedge funds have recently bought and sold shares of DRQ. Sanctuary Advisors LLC acquired a new stake in Dril-Quip in the 2nd quarter valued at about $575,000. Brandes Investment Partners LP increased its stake in Dril-Quip by 29.6% in the second quarter. Brandes Investment Partners LP now owns 3,732,716 shares of the oil and gas company’s stock valued at $69,408,000 after purchasing an additional 852,035 shares during the period. Creative Planning purchased a new stake in shares of Dril-Quip during the second quarter worth approximately $308,000. Algert Global LLC lifted its position in Dril-Quip by 177.4% in the second quarter. Algert Global LLC now owns 118,004 shares of the oil and gas company’s stock valued at $2,195,000 after purchasing an additional 75,464 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in Dril-Quip by 6.6% in the second quarter. The Manufacturers Life Insurance Company now owns 13,619 shares of the oil and gas company’s stock valued at $253,000 after acquiring an additional 841 shares during the period.

About Dril-Quip

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.