Swiss National Bank Increases Stock Position in Dril-Quip, Inc. (NYSE:DRQ)

Swiss National Bank increased its position in Dril-Quip, Inc. (NYSE:DRQ – Get Rating) by 1.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 83,000 shares of the oil and gas company’s stock after acquiring an additional 1,000 shares during the period. Swiss National Bank owned about 0.24% of Dril-Quip worth $2,255,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in DRQ. Advisor Group Holdings Inc. raised its holdings in Dril-Quip by 2,352.7% in the 1st quarter. Advisor Group Holdings Inc. now owns 11,724 shares of the oil and gas company’s stock worth $438,000 after acquiring an additional 11,246 shares during the last quarter. ProShare Advisors LLC bought a new stake in Dril-Quip in the 1st quarter worth approximately $292,000. JPMorgan Chase & Co. grew its position in Dril-Quip by 3.4% in the 1st quarter. JPMorgan Chase & Co. now owns 28,602 shares of the oil and gas company’s stock worth $1,068,000 after purchasing an additional 937 shares during the period. Bank of New York Mellon Corp grew its position in Dril-Quip by 0.5% in the 1st quarter. Bank of New York Mellon Corp now owns 415,762 shares of the oil and gas company’s stock worth $15,529,000 after purchasing an additional 2,172 shares during the period. Finally, American Century Companies Inc. grew its position in Dril-Quip by 44.7% in the 1st quarter. American Century Companies Inc. now owns 28,620 shares of the oil and gas company’s stock worth $1,069,000 after purchasing an additional 8,842 shares during the period.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. TheStreet raised shares of Dril-Quip from a “d+” rating to a “c-” rating in a research report on Tuesday, January 31st. Barclays cut their target price on shares of Dril-Quip from $27.00 to $25.00 in a research report on Friday, May 12th. Finally, StockNews.com downgraded shares of Dril-Quip from a “hold” rating to a “sell” rating in a research report on Monday, May 15th.

Insider Activity

In other news, Director John Lovoi sold 13,000 shares of the company’s stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $35.29, for a total transaction of $458,770.00. Following the sale, the director now directly owns 60,580 shares in the company, valued at approximately $2,137,868.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director John Lovoi sold 13,000 shares of the company’s stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $35.29, for a total transaction of $458,770.00. Following the transaction, the director now directly owns 60,580 shares in the company, valued at approximately $2,137,868.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP James C. Webster sold 2,000 shares of the company’s stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $29.98, for a total transaction of $59,960.00. Following the transaction, the vice president now owns 56,795 shares in the company, valued at $1,702,714.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,500 shares of company stock worth $593,655. 1.50% of the stock is currently owned by corporate insiders.

Dril-Quip Price Performance

Shares of DRQ stock opened at $24.00 on Friday. Dril-Quip, Inc. has a 1 year low of $19.10 and a 1 year high of $35.95. The firm has a fifty day moving average price of $26.93 and a 200-day moving average price of $27.40. The company has a market cap of $820.15 million, a price-to-earnings ratio of 70.59 and a beta of 1.06.

Dril-Quip (NYSE:DRQ – Get Rating) last announced its quarterly earnings results on Monday, February 27th. The oil and gas company reported $0.06 EPS for the quarter, topping the consensus estimate of ($0.05) by $0.11. The company had revenue of $96.81 million during the quarter, compared to analysts’ expectations of $88.50 million. The firm’s revenue for the quarter was up 24.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.46) EPS. Equities research analysts expect that Dril-Quip, Inc. will post -0.04 EPS for the current year.

Dril-Quip Company Profile

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Dril-Quip, Inc designs, manufactures, sells and services engineered offshore drilling and production equipment. It operates through the following geographical segments: Western Hemisphere, Eastern Hemisphere, and Asia-Pacific. Its products include specialty casing connectors, mudline suspension equipment, downhole tools, capital drilling equipment, control systems, and dry tree systems.