Dril-Quip (NYSE:DRQ) Stock Price Passes Above 200 Day Moving Average of $22.86

Dril-Quip, Inc. (NYSE:DRQ)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $22.86 and traded as high as $23.29. Dril-Quip shares last traded at $21.69, with a volume of 192,649 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on DRQ shares. Barclays lowered their price objective on shares of Dril-Quip from $23.00 to $22.00 and set an “underweight” rating for the company in a research note on Thursday, February 29th. StockNews.com raised shares of Dril-Quip from a “sell” rating to a “hold” rating in a research note on Friday, March 15th. Finally, Evercore ISI lowered their price objective on shares of Dril-Quip from $44.00 to $40.00 and set an “outperform” rating for the company in a research note on Wednesday, February 28th.

Dril-Quip Price Performance

The stock has a market capitalization of $746.57 million, a P/E ratio of 2,169.00 and a beta of 0.84. The firm’s 50 day moving average price is $22.38 and its 200 day moving average price is $22.86.

Dril-Quip (NYSE:DRQ) last announced its quarterly earnings results on Monday, February 26th. The oil and gas company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.14). Dril-Quip had a net margin of 0.14% and a negative return on equity of 0.58%. The company had revenue of $126.34 million for the quarter, compared to analysts’ expectations of $118.58 million. During the same quarter in the prior year, the firm earned $0.06 EPS. Dril-Quip’s quarterly revenue was up 30.5% compared to the same quarter last year. On average, equities research analysts forecast that Dril-Quip, Inc. will post 0.45 earnings per share for the current year.

Insider Activity at Dril-Quip

In related news, CEO Jeffrey J. Bird sold 7,500 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $23.14, for a total transaction of $173,550.00. Following the transaction, the chief executive officer now owns 155,327 shares in the company, valued at $3,594,266.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Dril-Quip news, CEO Jeffrey J. Bird sold 7,500 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $23.14, for a total value of $173,550.00. Following the sale, the chief executive officer now owns 155,327 shares in the company, valued at $3,594,266.78. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP James C. Webster sold 4,000 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $23.16, for a total transaction of $92,640.00. Following the completion of the sale, the vice president now owns 62,735 shares in the company, valued at approximately $1,452,942.60. The disclosure for this sale can be found here. 1.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Dril-Quip

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Dril-Quip by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 3,867,476 shares of the oil and gas company’s stock worth $89,996,000 after purchasing an additional 45,964 shares during the period. Brandes Investment Partners LP grew its holdings in Dril-Quip by 16.0% in the fourth quarter. Brandes Investment Partners LP now owns 2,559,568 shares of the oil and gas company’s stock worth $59,561,000 after purchasing an additional 353,053 shares during the period. Dimensional Fund Advisors LP grew its holdings in Dril-Quip by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,150,385 shares of the oil and gas company’s stock worth $50,040,000 after purchasing an additional 43,434 shares during the period. Gamco Investors INC. ET AL grew its holdings in Dril-Quip by 7.3% in the fourth quarter. Gamco Investors INC. ET AL now owns 2,116,859 shares of the oil and gas company’s stock worth $49,259,000 after purchasing an additional 144,916 shares during the period. Finally, State Street Corp grew its holdings in Dril-Quip by 16.9% in the first quarter. State Street Corp now owns 1,627,383 shares of the oil and gas company’s stock worth $60,783,000 after purchasing an additional 235,177 shares during the period.

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.