Public Sector Pension Investment Board Sells 10,900 Shares of Dril-Quip, Inc. (NYSE:DRQ)

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Public Sector Pension Investment Board lowered its holdings in shares of Dril-Quip, Inc. (NYSE:DRQ) by 11.9% during the 4th quarter, HoldingsChannel reports. The fund owned 81,028 shares of the oil and gas company’s stock after selling 10,900 shares during the period. Public Sector Pension Investment Board’s holdings in Dril-Quip were worth $3,801,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Tower Research Capital LLC TRC bought a new position in shares of Dril-Quip in the fourth quarter worth approximately $39,000. Russell Investments Group Ltd. bought a new position in Dril-Quip during the third quarter valued at approximately $113,000. PNC Financial Services Group Inc. increased its holdings in Dril-Quip by 108.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,552 shares of the oil and gas company’s stock valued at $167,000 after buying an additional 1,844 shares during the last quarter. Jefferies Group LLC purchased a new stake in Dril-Quip during the fourth quarter valued at approximately $205,000. Finally, Teza Capital Management LLC purchased a new stake in Dril-Quip during the fourth quarter valued at approximately $212,000.

Shares of NYSE DRQ traded down $1.00 during midday trading on Thursday, reaching $29.84. The stock had a trading volume of 51,025 shares, compared to its average volume of 672,424. The stock has a 50-day moving average of $36.24 and a 200-day moving average of $44.08. The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of 596.92 and a beta of 1.60. Dril-Quip, Inc. has a 12-month low of $23.91 and a 12-month high of $56.71.

Dril-Quip (NYSE:DRQ) last announced its quarterly earnings data on Thursday, February 27th. The oil and gas company reported $0.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.09. The firm had revenue of $108.50 million during the quarter, compared to analysts’ expectations of $105.53 million. Dril-Quip had a net margin of 0.41% and a return on equity of 0.29%. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.04) earnings per share. Sell-side analysts predict that Dril-Quip, Inc. will post 0.52 earnings per share for the current fiscal year.

DRQ has been the subject of a number of research reports. TheStreet cut shares of Dril-Quip from a “c-” rating to a “d+” rating in a report on Thursday, March 5th. JPMorgan Chase & Co. raised shares of Dril-Quip from a “neutral” rating to an “overweight” rating and reduced their target price for the company from $48.00 to $39.00 in a report on Tuesday, March 10th. Morgan Stanley raised shares of Dril-Quip from an “underweight” rating to an “equal weight” rating and reduced their target price for the company from $42.00 to $35.00 in a report on Monday, March 16th. ValuEngine raised shares of Dril-Quip from a “sell” rating to a “hold” rating in a report on Tuesday, January 7th. Finally, Capital One Financial reaffirmed a “hold” rating and set a $47.00 target price on shares of Dril-Quip in a report on Friday, January 10th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $44.11.

About Dril-Quip

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: Why Invest in Dividend Achievers?

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Institutional Ownership by Quarter for Dril-Quip (NYSE:DRQ)

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