Gabelli Funds LLC Acquires 25,926 Shares of Dril-Quip, Inc. (NYSE:DRQ)

Gabelli Funds LLC increased its holdings in Dril-Quip, Inc. (NYSE:DRQ) by 7.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 396,800 shares of the oil and gas company’s stock after buying an additional 25,926 shares during the period. Gabelli Funds LLC’s holdings in Dril-Quip were worth $9,234,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. JPMorgan Chase & Co. raised its position in shares of Dril-Quip by 1.2% during the 4th quarter. JPMorgan Chase & Co. now owns 34,859 shares of the oil and gas company’s stock valued at $947,000 after buying an additional 408 shares in the last quarter. Oppenheimer Asset Management Inc. raised its position in Dril-Quip by 2.0% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 21,430 shares of the oil and gas company’s stock worth $615,000 after purchasing an additional 415 shares during the period. Captrust Financial Advisors raised its position in Dril-Quip by 7.9% in the 2nd quarter. Captrust Financial Advisors now owns 6,137 shares of the oil and gas company’s stock worth $158,000 after purchasing an additional 448 shares during the period. BNP Paribas Arbitrage SNC raised its position in Dril-Quip by 2.2% in the 3rd quarter. BNP Paribas Arbitrage SNC now owns 21,218 shares of the oil and gas company’s stock worth $414,000 after purchasing an additional 448 shares during the period. Finally, US Bancorp DE raised its position in Dril-Quip by 172.1% in the 1st quarter. US Bancorp DE now owns 1,034 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 654 shares during the period.

Analysts Set New Price Targets

DRQ has been the topic of a number of analyst reports. StockNews.com initiated coverage on shares of Dril-Quip in a research report on Thursday, October 5th. They issued a “sell” rating on the stock. Barclays decreased their target price on shares of Dril-Quip from $26.00 to $23.00 and set an “underweight” rating on the stock in a research report on Thursday, November 2nd.

Dril-Quip Stock Up 1.6 %

Shares of Dril-Quip stock opened at $22.93 on Tuesday. The firm has a market cap of $783.82 million, a PE ratio of -458.60 and a beta of 1.01. Dril-Quip, Inc. has a 12-month low of $21.31 and a 12-month high of $35.95. The company’s fifty day simple moving average is $25.46 and its two-hundred day simple moving average is $25.48.

Dril-Quip (NYSE:DRQ) last announced its quarterly earnings results on Thursday, October 26th. The oil and gas company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.23). The firm had revenue of $117.20 million during the quarter, compared to the consensus estimate of $111.88 million. Dril-Quip had a negative return on equity of 0.51% and a negative net margin of 0.38%. Dril-Quip’s revenue was up 33.0% on a year-over-year basis. During the same period last year, the business earned $0.05 EPS. As a group, sell-side analysts expect that Dril-Quip, Inc. will post 0.16 earnings per share for the current fiscal year.

Dril-Quip Profile

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services engineered drilling and production equipment for for both offshore and onshore applications worldwide. The company's principal products include subsea and surface wellheads, subsea and surface production trees, mudline hanger systems, specialty connectors and associated pipes, drilling and production riser systems, liner hangers, wellhead connectors, diverters, and safety valves.