Gabelli Funds LLC Increases Stock Position in Dril-Quip, Inc. (NYSE:DRQ)

Gabelli Funds LLC increased its position in shares of Dril-Quip, Inc. (NYSE:DRQ) by 21.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 543,880 shares of the oil and gas company’s stock after buying an additional 97,800 shares during the period. Gabelli Funds LLC owned 1.58% of Dril-Quip worth $12,254,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Quadrature Capital Ltd grew its position in shares of Dril-Quip by 7.1% in the fourth quarter. Quadrature Capital Ltd now owns 24,443 shares of the oil and gas company’s stock valued at $569,000 after purchasing an additional 1,612 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Dril-Quip by 37.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 9,511 shares of the oil and gas company’s stock valued at $221,000 after purchasing an additional 2,569 shares during the period. Illinois Municipal Retirement Fund grew its position 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 period. Bridge City Capital LLC grew its position in shares of Dril-Quip by 2.6% in the first quarter. Bridge City Capital LLC now owns 128,254 shares of the oil and gas company’s stock valued at $2,890,000 after purchasing an additional 3,233 shares during the period. Finally, Central Pacific Bank Trust Division acquired a new stake in shares of Dril-Quip in the first quarter valued at about $104,000.

Wall Street Analyst Weigh In

Separately, Barclays dropped their target price on shares of Dril-Quip from $22.00 to $21.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 14th.

Dril-Quip Stock Performance

Shares of Dril-Quip stock traded up $0.15 on Friday, reaching $16.99. The company had a trading volume of 268,267 shares, compared to its average volume of 270,321. The firm’s 50 day moving average price is $17.85 and its two-hundred day moving average price is $20.09. The firm has a market cap of $584.80 million, a PE ratio of -26.55 and a beta of 0.87. Dril-Quip, Inc. has a 52-week low of $15.56 and a 52-week high of $30.93.

Dril-Quip (NYSE:DRQ) last released its quarterly earnings results on Thursday, May 2nd. The oil and gas company reported ($0.62) earnings per share (EPS) for the quarter. The company had revenue of $110.30 million during the quarter. Dril-Quip had a negative net margin of 4.89% and a negative return on equity of 2.98%. As a group, sell-side analysts predict that Dril-Quip, Inc. will post 0.45 EPS for the current year.

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.