Equities analysts expect that Dril-Quip, Inc. (NYSE:DRQ) will post earnings of ($0.15) per share for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Dril-Quip’s earnings, with estimates ranging from ($0.24) to ($0.03). Dril-Quip reported earnings of $0.05 per share in the same quarter last year, which would suggest a negative year over year growth rate of 400%. The business is scheduled to issue its next quarterly earnings report on Friday, October 26th.
On average, analysts expect that Dril-Quip will report full year earnings of ($0.64) per share for the current year, with EPS estimates ranging from ($0.90) to ($0.38). For the next fiscal year, analysts forecast that the company will report earnings of $0.25 per share, with EPS estimates ranging from ($0.30) to $1.35. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side analysts that follow Dril-Quip.
Dril-Quip (NYSE:DRQ) last released its earnings results on Thursday, July 26th. The oil and gas company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.16). The firm had revenue of $94.86 million for the quarter, compared to the consensus estimate of $94.76 million. Dril-Quip had a negative return on equity of 1.19% and a negative net margin of 27.63%. Dril-Quip’s revenue was down 25.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.09 EPS.
Several equities research analysts have recently issued reports on DRQ shares. Barclays cut shares of Dril-Quip from an “equal weight” rating to an “underweight” rating and set a $41.00 price objective on the stock. in a research report on Tuesday, July 31st. TheStreet cut shares of Dril-Quip from a “c-” rating to a “d+” rating in a research report on Tuesday, May 15th. ValuEngine cut shares of Dril-Quip from a “hold” rating to a “sell” rating in a research report on Wednesday, April 18th. Zacks Investment Research cut shares of Dril-Quip from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 3rd. Finally, Piper Jaffray Companies set a $40.00 price objective on shares of Dril-Quip and gave the company a “hold” rating in a research report on Friday, July 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $50.25.
Institutional investors have recently added to or reduced their stakes in the company. Gamco Investors INC. ET AL increased its position in Dril-Quip by 0.7% in the second quarter. Gamco Investors INC. ET AL now owns 531,828 shares of the oil and gas company’s stock worth $27,336,000 after purchasing an additional 3,900 shares during the last quarter. Gabelli Funds LLC increased its position in Dril-Quip by 6.3% in the second quarter. Gabelli Funds LLC now owns 59,000 shares of the oil and gas company’s stock worth $3,033,000 after purchasing an additional 3,500 shares during the last quarter. Neuburgh Advisers LLC increased its position in Dril-Quip by 16.3% in the second quarter. Neuburgh Advisers LLC now owns 8,500 shares of the oil and gas company’s stock worth $437,000 after purchasing an additional 1,190 shares during the last quarter. Federated Investors Inc. PA increased its position in Dril-Quip by 218.3% in the second quarter. Federated Investors Inc. PA now owns 52,060 shares of the oil and gas company’s stock worth $2,676,000 after purchasing an additional 35,705 shares during the last quarter. Finally, BlackRock Inc. increased its position in Dril-Quip by 4.8% in the second quarter. BlackRock Inc. now owns 4,352,976 shares of the oil and gas company’s stock worth $223,743,000 after purchasing an additional 200,893 shares during the last quarter.
Shares of Dril-Quip traded up $0.25, hitting $51.60, on Friday, Marketbeat.com reports. 311,591 shares of the company traded hands, compared to its average volume of 546,373. The stock has a market cap of $1.93 billion, a P/E ratio of 198.46 and a beta of 0.81. Dril-Quip has a 52 week low of $35.85 and a 52 week high of $58.95.
Dril-Quip announced that its board has initiated a stock repurchase plan on Thursday, July 26th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the oil and gas company to buy up to 4.7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
Dril-Quip Company Profile
Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services onshore and offshore drilling and production equipment for use in deepwater, harsh environment, and severe service applications worldwide. It operates through three segments: Western Hemisphere, Eastern Hemisphere, and Asia-Pacific.
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