Dril-Quip, Inc. (NYSE:DRQ) Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp grew its holdings in Dril-Quip, Inc. (NYSE:DRQ) by 2.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 565,070 shares of the oil and gas company’s stock after buying an additional 15,099 shares during the period. Van ECK Associates Corp owned 1.65% of Dril-Quip worth $13,150,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Sargent Investment Group LLC raised its holdings in Dril-Quip by 60.2% in the 4th quarter. Sargent Investment Group LLC now owns 71,064 shares of the oil and gas company’s stock valued at $1,654,000 after acquiring an additional 26,704 shares during the last quarter. Lesa Sroufe & Co acquired a new stake in shares of Dril-Quip in the fourth quarter valued at approximately $2,047,000. Illinois Municipal Retirement Fund increased its holdings in shares of Dril-Quip by 15.3% in the fourth quarter. Illinois Municipal Retirement Fund now owns 21,583 shares of the oil and gas company’s stock valued at $502,000 after purchasing an additional 2,867 shares during the last quarter. Louisiana State Employees Retirement System purchased a new position in Dril-Quip during the fourth quarter worth approximately $398,000. Finally, Tudor Investment Corp Et Al acquired a new position in Dril-Quip during the third quarter worth $2,405,000.

Dril-Quip Stock Down 0.4 %

NYSE:DRQ opened at $18.10 on Thursday. The stock’s fifty day moving average is $22.18 and its two-hundred day moving average is $22.21. Dril-Quip, Inc. has a 52 week low of $17.80 and a 52 week high of $30.93. The company has a market capitalization of $623.00 million, a P/E ratio of 1,809.00 and a beta of 0.84.

Dril-Quip (NYSE:DRQ) last announced its earnings results on Monday, February 26th. The oil and gas company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). Dril-Quip had a net margin of 0.14% and a negative return on equity of 0.58%. The firm had revenue of $126.34 million during the quarter, compared to analysts’ expectations of $118.58 million. During the same period in the previous year, the firm earned $0.06 EPS. The firm’s revenue for the quarter was up 30.5% compared to the same quarter last year. Sell-side analysts anticipate that Dril-Quip, Inc. will post 0.45 earnings per share for the current fiscal year.

Insider Activity

In other news, VP James C. Webster sold 4,000 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $23.16, for a total value of $92,640.00. Following the sale, the vice president now directly owns 62,735 shares in the company, valued at $1,452,942.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Dril-Quip news, CEO Jeffrey J. Bird sold 7,500 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $23.14, for a total value of $173,550.00. Following the sale, the chief executive officer now directly owns 155,327 shares in the company, valued at $3,594,266.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP James C. Webster sold 4,000 shares of Dril-Quip stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $23.16, for a total value of $92,640.00. Following the sale, the vice president now directly owns 62,735 shares of the company’s stock, valued at $1,452,942.60. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

Analysts Set New Price Targets

DRQ has been the subject of a number of recent research reports. Barclays cut their target price on Dril-Quip from $23.00 to $22.00 and set an “underweight” rating for the company in a research note on Thursday, February 29th. StockNews.com upgraded shares of Dril-Quip from a “sell” rating to a “hold” rating in a research report on Friday, March 15th. Finally, Evercore ISI decreased their target price on shares of Dril-Quip from $44.00 to $40.00 and set an “outperform” rating on the stock in a report on Wednesday, February 28th.

Dril-Quip Company Profile

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.