Dril-Quip (NYSE:DRQ) Downgraded by StockNews.com to “Sell”

Dril-Quip (NYSE:DRQ) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Thursday.

Separately, Barclays decreased their price target on Dril-Quip from $22.00 to $21.00 and set an “underweight” rating for the company in a report on Tuesday, May 14th.

Dril-Quip Stock Down 0.3 %

NYSE DRQ opened at $16.16 on Thursday. The stock has a market cap of $556.23 million, a PE ratio of -25.25 and a beta of 0.87. Dril-Quip has a fifty-two week low of $14.07 and a fifty-two week high of $30.93. The business has a 50 day moving average price of $16.65 and a two-hundred day moving average price of $19.24.

Dril-Quip (NYSE:DRQ) last released its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.07). The company had revenue of $120.34 million during the quarter, compared to analysts’ expectations of $118.85 million. Dril-Quip had a negative return on equity of 2.48% and a negative net margin of 5.69%. The firm’s revenue was up 34.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.03) EPS. Sell-side analysts anticipate that Dril-Quip will post 0.45 EPS for the current fiscal year.

Insider Activity

In other news, VP James C. Webster sold 6,000 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $14.67, for a total transaction of $88,020.00. Following the completion of the transaction, the vice president now directly owns 56,735 shares in the company, valued at approximately $832,302.45. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.70% of the company’s stock.

Institutional Trading of Dril-Quip

A number of institutional investors and hedge funds have recently modified their holdings of DRQ. The Manufacturers Life Insurance Company grew its position in shares of Dril-Quip by 6.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,619 shares of the oil and gas company’s stock valued at $253,000 after buying an additional 841 shares during the last quarter. Partnership Wealth Management LLC boosted its stake in Dril-Quip by 6.8% in the second quarter. Partnership Wealth Management LLC now owns 21,381 shares of the oil and gas company’s stock valued at $398,000 after acquiring an additional 1,360 shares during the period. Quadrature Capital Ltd grew its holdings in shares of Dril-Quip by 7.1% during the fourth quarter. Quadrature Capital Ltd now owns 24,443 shares of the oil and gas company’s stock valued at $569,000 after purchasing an additional 1,612 shares during the last quarter. CWM LLC raised its position in shares of Dril-Quip by 564.0% during the 2nd quarter. CWM LLC now owns 2,696 shares of the oil and gas company’s stock worth $50,000 after purchasing an additional 2,290 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Dril-Quip by 37.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 9,511 shares of the oil and gas company’s stock worth $221,000 after purchasing an additional 2,569 shares during the last quarter.

Dril-Quip Company 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.