Dril-Quip, Inc. (NYSE:DRQ) Receives Average Recommendation of “Hold” from Brokerages

Shares of Dril-Quip, Inc. (NYSE:DRQGet Rating) have been given a consensus rating of “Hold” by the eight brokerages that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $30.71.

Several research analysts have recently weighed in on the stock. StockNews.com assumed coverage on shares of Dril-Quip in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Tudor, Pickering, Holt & Co. downgraded shares of Dril-Quip from a “buy” rating to a “hold” rating and dropped their target price for the stock from $38.00 to $35.00 in a research report on Monday, March 14th. Finally, Tudor Pickering downgraded shares of Dril-Quip from a “buy” rating to a “hold” rating and dropped their target price for the stock from $38.00 to $35.00 in a research report on Monday, March 14th.

Shares of NYSE DRQ traded up $0.20 during midday trading on Tuesday, reaching $30.59. The company’s stock had a trading volume of 1,747 shares, compared to its average volume of 266,211. The company has a 50 day moving average price of $34.15 and a 200 day moving average price of $26.60. Dril-Quip has a one year low of $18.17 and a one year high of $41.23. The company has a market cap of $1.06 billion, a price-to-earnings ratio of -10.48 and a beta of 1.19.

Dril-Quip (NYSE:DRQGet Rating) last released its earnings results on Thursday, April 28th. The oil and gas company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.12). Dril-Quip had a negative return on equity of 6.14% and a negative net margin of 31.58%. The business had revenue of $83.14 million during the quarter, compared to the consensus estimate of $85.36 million. During the same quarter in the previous year, the firm earned ($0.47) earnings per share. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. Research analysts anticipate that Dril-Quip will post -0.42 EPS for the current year.

Dril-Quip declared that its Board of Directors has approved a share buyback plan on Wednesday, February 23rd that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the oil and gas company to repurchase up to 11.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

In other Dril-Quip news, VP Donald M. Underwood sold 3,513 shares of Dril-Quip stock in a transaction that occurred on Tuesday, March 22nd. The shares were sold at an average price of $34.70, for a total value of $121,901.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP James C. Webster sold 5,000 shares of the business’s stock in a transaction on Friday, April 1st. The stock was sold at an average price of $36.95, for a total transaction of $184,750.00. Following the completion of the sale, the vice president now owns 101,498 shares of the company’s stock, valued at $3,750,351.10. The disclosure for this sale can be found here. Insiders own 2.02% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Barclays PLC raised its stake in Dril-Quip by 167.9% during the 3rd quarter. Barclays PLC now owns 53,253 shares of the oil and gas company’s stock valued at $1,342,000 after purchasing an additional 33,375 shares during the last quarter. Heartland Advisors Inc. raised its stake in Dril-Quip by 12.0% during the 3rd quarter. Heartland Advisors Inc. now owns 332,934 shares of the oil and gas company’s stock valued at $8,383,000 after purchasing an additional 35,758 shares during the last quarter. Caxton Associates LP raised its stake in Dril-Quip by 28.5% during the 3rd quarter. Caxton Associates LP now owns 35,072 shares of the oil and gas company’s stock valued at $883,000 after purchasing an additional 7,773 shares during the last quarter. Squarepoint Ops LLC raised its stake in Dril-Quip by 345.4% during the 3rd quarter. Squarepoint Ops LLC now owns 27,170 shares of the oil and gas company’s stock valued at $684,000 after purchasing an additional 21,070 shares during the last quarter. Finally, Bridge City Capital LLC increased its holdings in Dril-Quip by 2.3% in the 4th quarter. Bridge City Capital LLC now owns 34,076 shares of the oil and gas company’s stock valued at $671,000 after buying an additional 769 shares during the period. Institutional investors and hedge funds own 99.64% of the company’s stock.

About Dril-Quip (Get Rating)

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services engineered drilling and production equipment for use in deepwater, harsh environment, and severe service 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, as well as downhole tools.

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Analyst Recommendations for Dril-Quip (NYSE:DRQ)

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