Brokerages Expect Dril-Quip, Inc. (NYSE:DRQ) Will Post Earnings of -$0.13 Per Share

Wall Street brokerages forecast that Dril-Quip, Inc. (NYSE:DRQGet Rating) will announce ($0.13) earnings per share for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Dril-Quip’s earnings. The highest EPS estimate is ($0.08) and the lowest is ($0.18). Dril-Quip posted earnings per share of ($0.53) during the same quarter last year, which suggests a positive year over year growth rate of 75.5%. The company is expected to issue its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that Dril-Quip will report full-year earnings of ($0.39) per share for the current financial year, with EPS estimates ranging from ($0.52) to ($0.17). For the next year, analysts anticipate that the business will post earnings of $0.15 per share, with EPS estimates ranging from ($0.12) to $0.51. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research firms that follow Dril-Quip.

Dril-Quip (NYSE:DRQGet Rating) last released its quarterly earnings data 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 company had revenue of $83.14 million for the quarter, compared to the consensus estimate of $85.36 million. During the same period last year, the firm earned ($0.47) earnings per share. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year.

A number of equities research analysts have recently weighed in on the company. StockNews.com assumed coverage on Dril-Quip in a report on Thursday, March 31st. They set a “hold” rating for the company. Tudor Pickering downgraded 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 report on Monday, March 14th. Finally, Tudor, Pickering, Holt & Co. downgraded 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 report on Monday, March 14th. One research 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’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $30.71.

DRQ opened at $30.94 on Thursday. Dril-Quip has a fifty-two week low of $18.17 and a fifty-two week high of $41.23. The company has a market capitalization of $1.07 billion, a P/E ratio of -10.60 and a beta of 1.19. The stock has a fifty day moving average of $34.43 and a 200-day moving average of $26.74.

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

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

Hedge funds and other institutional investors have recently modified their holdings of the business. Barclays PLC raised its stake in Dril-Quip by 167.9% during the third quarter. Barclays PLC now owns 53,253 shares of the oil and gas company’s stock worth $1,342,000 after acquiring an additional 33,375 shares in the last quarter. Heartland Advisors Inc. grew its holdings in shares of Dril-Quip by 12.0% during the third quarter. Heartland Advisors Inc. now owns 332,934 shares of the oil and gas company’s stock worth $8,383,000 after purchasing an additional 35,758 shares during the last quarter. Caxton Associates LP grew its holdings in shares of Dril-Quip by 28.5% during the third quarter. Caxton Associates LP now owns 35,072 shares of the oil and gas company’s stock worth $883,000 after purchasing an additional 7,773 shares during the last quarter. Squarepoint Ops LLC grew its holdings in shares of Dril-Quip by 345.4% during the third quarter. Squarepoint Ops LLC now owns 27,170 shares of the oil and gas company’s stock worth $684,000 after purchasing an additional 21,070 shares during the last quarter. Finally, Bridge City Capital LLC grew its holdings in shares of Dril-Quip by 2.3% during the fourth quarter. Bridge City Capital LLC now owns 34,076 shares of the oil and gas company’s stock worth $671,000 after purchasing an additional 769 shares during the last quarter. 99.64% of the stock is owned by hedge funds and other institutional investors.

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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Earnings History and Estimates for Dril-Quip (NYSE:DRQ)

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