Dril-Quip (NYSE:DRQ) Upgraded to Hold by StockNews.com

StockNews.com upgraded shares of Dril-Quip (NYSE:DRQ) from a sell rating to a hold rating in a report issued on Monday morning.

Separately, Barclays reduced their target price on shares of Dril-Quip from $22.00 to $21.00 and set an underweight rating for the company in a research report on Tuesday, May 14th.

Dril-Quip Price Performance

Shares of Dril-Quip stock opened at $15.25 on Monday. The firm has a market capitalization of $524.91 million, a price-to-earnings ratio of -23.83 and a beta of 0.87. The business has a 50-day simple moving average of $17.06 and a 200 day simple moving average of $19.54. Dril-Quip has a one year low of $14.07 and a one year high of $30.93.

Dril-Quip (NYSE:DRQ) last posted its earnings results on Thursday, August 1st. The oil and gas company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.07). Dril-Quip had a negative net margin of 5.69% and a negative return on equity of 2.48%. The company had revenue of $120.34 million during the quarter, compared to the consensus estimate of $118.85 million. During the same quarter in the prior year, the business earned ($0.03) EPS. The firm’s revenue for the quarter was up 34.3% compared to the same quarter last year. On average, sell-side analysts expect that Dril-Quip will post 0.45 EPS for the current year.

Insider Buying and Selling at Dril-Quip

In other 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 value of $88,020.00. Following the sale, the vice president now directly owns 56,735 shares of the company’s stock, valued at $832,302.45. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Dril-Quip

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Dril-Quip by 0.3% in the first quarter. Vanguard Group Inc. now owns 3,878,263 shares of the oil and gas company’s stock valued at $87,377,000 after acquiring an additional 10,787 shares during the last quarter. Brandes Investment Partners LP increased its position in Dril-Quip by 16.0% during the 4th quarter. Brandes Investment Partners LP now owns 2,559,568 shares of the oil and gas company’s stock valued at $59,561,000 after purchasing an additional 353,053 shares during the period. Gamco Investors INC. ET AL raised its stake in Dril-Quip by 4.4% in the first quarter. Gamco Investors INC. ET AL now owns 2,209,616 shares of the oil and gas company’s stock worth $49,783,000 after buying an additional 92,757 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Dril-Quip by 2.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,150,385 shares of the oil and gas company’s stock worth $50,040,000 after acquiring an additional 43,434 shares in the last quarter. Finally, William Blair Investment Management LLC raised its holdings in Dril-Quip by 9.8% in the second quarter. William Blair Investment Management LLC now owns 1,360,291 shares of the oil and gas company’s stock worth $25,301,000 after purchasing an additional 121,681 shares in the last quarter.

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.