New York State Teachers Retirement System Sells 1,500 Shares of Dril-Quip, Inc. (NYSE:DRQ)

New York State Teachers Retirement System decreased its stake in shares of Dril-Quip, Inc. (NYSE:DRQ) by 2.2% in the fourth quarter, Holdings Channel.com reports. The fund owned 65,523 shares of the oil and gas company’s stock after selling 1,500 shares during the period. New York State Teachers Retirement System’s holdings in Dril-Quip were worth $1,525,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tudor Investment Corp Et Al bought a new position in Dril-Quip during the third quarter valued at $2,405,000. Brandes Investment Partners LP lifted its position in Dril-Quip by 36.8% during the third quarter. Brandes Investment Partners LP now owns 2,206,515 shares of the oil and gas company’s stock valued at $62,158,000 after purchasing an additional 593,982 shares during the last quarter. CenterBook Partners LP bought a new position in Dril-Quip during the third quarter valued at $1,389,000. Barclays PLC lifted its position in Dril-Quip by 25.4% during the third quarter. Barclays PLC now owns 21,184 shares of the oil and gas company’s stock valued at $597,000 after purchasing an additional 4,292 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in Dril-Quip by 521.2% during the third quarter. Victory Capital Management Inc. now owns 182,682 shares of the oil and gas company’s stock valued at $5,146,000 after purchasing an additional 153,274 shares during the last quarter.

Dril-Quip Trading Down 3.2 %

Shares of DRQ opened at $20.59 on Wednesday. Dril-Quip, Inc. has a twelve month low of $18.93 and a twelve month high of $30.93. The company has a market cap of $708.71 million, a P/E ratio of 2,059.00 and a beta of 0.84. The company’s fifty day simple moving average is $22.43 and its 200-day simple moving average is $22.67.

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

Analysts Set New Price Targets

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

Insider Buying and Selling

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

Dril-Quip Profile

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.