Dril-Quip, Inc. (NYSE:DRQ) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its stake in shares of Dril-Quip, Inc. (NYSE:DRQ) by 1.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 204,866 shares of the oil and gas company’s stock after selling 2,354 shares during the quarter. Principal Financial Group Inc. owned approximately 0.60% of Dril-Quip worth $5,878,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in DRQ. Quadrant Capital Group LLC grew its position in shares of Dril-Quip by 316.9% during the fourth quarter. Quadrant Capital Group LLC now owns 1,355 shares of the oil and gas company’s stock worth $37,000 after acquiring an additional 1,030 shares during the last quarter. Geneos Wealth Management Inc. acquired a new position in Dril-Quip during the 1st quarter valued at about $37,000. US Bancorp DE grew its position in Dril-Quip by 172.1% in the 1st quarter. US Bancorp DE now owns 1,034 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 654 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Dril-Quip by 175.0% in the third quarter. Tower Research Capital LLC TRC now owns 2,057 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 1,309 shares during the period. Finally, Group One Trading L.P. raised its holdings in shares of Dril-Quip by 124.7% during the first quarter. Group One Trading L.P. now owns 1,428 shares of the oil and gas company’s stock valued at $53,000 after buying an additional 7,213 shares during the last quarter.

Dril-Quip Price Performance

Dril-Quip stock opened at $28.75 on Friday. Dril-Quip, Inc. has a 12-month low of $19.10 and a 12-month high of $35.95. The stock has a market capitalization of $982.39 million, a PE ratio of 47.92 and a beta of 1.07. The firm has a 50 day simple moving average of $26.03 and a 200-day simple moving average of $26.83.

Dril-Quip (NYSE:DRQ) last issued its quarterly earnings results on Monday, July 31st. The oil and gas company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.07). Dril-Quip had a net margin of 5.68% and a return on equity of 0.26%. The firm had revenue of $89.60 million for the quarter, compared to the consensus estimate of $96.89 million. During the same period in the previous year, the business posted ($0.10) earnings per share. The business’s revenue for the quarter was down 4.7% compared to the same quarter last year. On average, analysts forecast that Dril-Quip, Inc. will post 0.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on DRQ shares. StockNews.com initiated coverage on Dril-Quip in a research report on Thursday, August 17th. They issued a “sell” rating on the stock. Barclays raised their price target on Dril-Quip from $25.00 to $26.00 and gave the company an “underweight” rating in a report on Thursday, August 3rd.

Dril-Quip Company Profile

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services engineered drilling and production equipment for for both offshore and onshore 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.