Dril-Quip, Inc. (NYSE:DRQ) has been given a consensus rating of “Hold” by the twelve analysts that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $47.17.
A number of equities analysts recently weighed in on DRQ shares. Barclays lowered their price objective on shares of Dril-Quip from $49.00 to $41.00 and set a “hold” rating for the company in a research report on Monday, April 30th. B. Riley set a $50.00 price objective on shares of Dril-Quip and gave the stock a “buy” rating in a research report on Tuesday, May 1st. ValuEngine cut shares of Dril-Quip from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 2nd. TheStreet cut shares of Dril-Quip from a “c-” rating to a “d+” rating in a research report on Tuesday, May 15th. Finally, 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.
Institutional investors have recently added to or reduced their stakes in the business. California Public Employees Retirement System raised its holdings in shares of Dril-Quip by 5.1% in the 2nd quarter. California Public Employees Retirement System now owns 127,545 shares of the oil and gas company’s stock valued at $6,556,000 after purchasing an additional 6,198 shares in the last quarter. Putnam Investments LLC acquired a new stake in shares of Dril-Quip in the 2nd quarter valued at $1,352,000. Millennium Management LLC raised its holdings in shares of Dril-Quip by 328.6% in the 2nd quarter. Millennium Management LLC now owns 328,349 shares of the oil and gas company’s stock valued at $16,877,000 after purchasing an additional 251,734 shares in the last quarter. Waddell & Reed Financial Inc. acquired a new stake in shares of Dril-Quip in the 2nd quarter valued at $9,249,000. Finally, Metropolitan Life Insurance Co. NY raised its holdings in shares of Dril-Quip by 4.9% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 22,386 shares of the oil and gas company’s stock valued at $1,151,000 after purchasing an additional 1,037 shares in the last quarter.
Shares of NYSE:DRQ traded up $0.65 during mid-day trading on Wednesday, reaching $50.40. 3,148 shares of the company were exchanged, compared to its average volume of 507,080. The stock has a market capitalization of $1.94 billion, a P/E ratio of 193.08 and a beta of 0.81. Dril-Quip has a 1 year low of $35.85 and a 1 year high of $58.95.
Dril-Quip (NYSE:DRQ) last posted its quarterly earnings data on Thursday, July 26th. The oil and gas company reported ($0.24) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.16). The company had revenue of $94.86 million for the quarter, compared to analysts’ expectations of $94.76 million. Dril-Quip had a negative return on equity of 1.19% and a negative net margin of 27.63%. The business’s revenue for the quarter was down 25.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.09 EPS. equities analysts predict that Dril-Quip will post -0.68 earnings per share for the current year.
Dril-Quip announced that its board has initiated a share buyback program on Thursday, July 26th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the oil and gas company to purchase up to 4.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are 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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