Brokerages Set Dril-Quip, Inc. (DRQ) Target Price at $47.17

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Shares of Dril-Quip, Inc. (NYSE:DRQ) have been given an average rating of “Hold” by the thirteen brokerages that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, nine have given a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $47.17.

Several equities research analysts have weighed in on DRQ shares. Zacks Investment Research raised Dril-Quip from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Wednesday. B. Riley set a $50.00 price target on Dril-Quip and gave the stock a “buy” rating in a research report on Tuesday, May 1st. ValuEngine raised Dril-Quip from a “hold” rating to a “buy” rating in a research report on Wednesday, July 4th. TheStreet downgraded Dril-Quip from a “c-” rating to a “d+” rating in a research report on Tuesday, May 15th. Finally, Cowen set a $40.00 price target on Dril-Quip and gave the stock a “hold” rating in a research report on Friday, April 13th.

Several hedge funds have recently bought and sold shares of the company. Federated Investors Inc. PA boosted its stake in shares of Dril-Quip by 8.2% during the 1st quarter. Federated Investors Inc. PA now owns 16,355 shares of the oil and gas company’s stock worth $733,000 after acquiring an additional 1,245 shares in the last quarter. First Mercantile Trust Co. boosted its stake in shares of Dril-Quip by 94.7% during the 1st quarter. First Mercantile Trust Co. now owns 2,593 shares of the oil and gas company’s stock worth $116,000 after acquiring an additional 1,261 shares in the last quarter. Swiss National Bank boosted its stake in shares of Dril-Quip by 3.9% during the 1st quarter. Swiss National Bank now owns 65,900 shares of the oil and gas company’s stock worth $2,952,000 after acquiring an additional 2,500 shares in the last quarter. Gabelli Funds LLC boosted its stake in shares of Dril-Quip by 4.7% during the 1st quarter. Gabelli Funds LLC now owns 55,500 shares of the oil and gas company’s stock worth $2,486,000 after acquiring an additional 2,500 shares in the last quarter. Finally, Royal Bank of Canada boosted its stake in shares of Dril-Quip by 9.8% during the 1st quarter. Royal Bank of Canada now owns 28,588 shares of the oil and gas company’s stock worth $1,281,000 after acquiring an additional 2,556 shares in the last quarter.

DRQ traded down $4.05 during midday trading on Friday, hitting $52.20. 1,097,389 shares of the company were exchanged, compared to its average volume of 511,690. The company has a market capitalization of $2.14 billion, a P/E ratio of 200.77 and a beta of 0.80. Dril-Quip has a 1-year low of $35.85 and a 1-year high of $58.95.

Dril-Quip (NYSE:DRQ) last announced its quarterly earnings results on Thursday, July 26th. The oil and gas company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.16). The company had revenue of $94.86 million for the quarter, compared to analyst estimates of $94.76 million. Dril-Quip had a negative return on equity of 0.26% and a negative net margin of 24.83%. Dril-Quip’s revenue for the quarter was down 25.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.09 earnings per share. analysts predict that Dril-Quip will post -0.31 earnings per share for the current fiscal year.

Dril-Quip announced that its board has initiated a stock repurchase program on Thursday, July 26th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the oil and gas company to purchase up to 4.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Dril-Quip Company Profile

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services onshore and offshore drilling and production equipment for use in deepwater, harsh environment, and severe service applications worldwide. It operates through three segments: Western Hemisphere, Eastern Hemisphere, and Asia-Pacific.

Further Reading: Average Daily Trade Volume Explained

Analyst Recommendations for Dril-Quip (NYSE:DRQ)

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