StockNews.com Lowers Dril-Quip (NYSE:DRQ) to Sell

StockNews.com lowered shares of Dril-Quip (NYSE:DRQ) from a hold rating to a sell rating in a report published on Thursday.

Separately, Barclays reduced their price objective on Dril-Quip from $22.00 to $21.00 and set an underweight rating on the stock in a report on Tuesday, May 14th.

Dril-Quip Stock Performance

Dril-Quip stock opened at $16.31 on Thursday. Dril-Quip has a 52 week low of $14.07 and a 52 week high of $30.93. The firm has a market cap of $561.39 million, a P/E ratio of -25.48 and a beta of 0.87. The business’s fifty day moving average is $16.58 and its two-hundred day moving average is $19.18.

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

Insiders Place Their Bets

In other news, VP James C. Webster sold 6,000 shares of the firm’s 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 transaction, the vice president now owns 56,735 shares of the company’s stock, valued at approximately $832,302.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Dril-Quip

Hedge funds and other institutional investors have recently bought and sold shares of the business. CWM LLC lifted its stake in shares of Dril-Quip by 564.0% in the 2nd quarter. CWM LLC now owns 2,696 shares of the oil and gas company’s stock valued at $50,000 after purchasing an additional 2,290 shares during the period. Kings Path Partners LLC acquired a new position in Dril-Quip in the second quarter valued at about $52,000. Central Pacific Bank Trust Division bought a new position in Dril-Quip during the first quarter worth about $104,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Dril-Quip during the 1st quarter worth about $219,000. Finally, PNC Financial Services Group Inc. increased its stake in shares of Dril-Quip by 37.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 9,511 shares of the oil and gas company’s stock valued at $221,000 after acquiring an additional 2,569 shares during 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.