Neuburgh Advisers LLC Grows Holdings in Dril-Quip, Inc. (DRQ)

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Neuburgh Advisers LLC raised its holdings in shares of Dril-Quip, Inc. (NYSE:DRQ) by 16.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,500 shares of the oil and gas company’s stock after purchasing an additional 1,190 shares during the period. Neuburgh Advisers LLC’s holdings in Dril-Quip were worth $437,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. lifted its position in Dril-Quip by 4.8% during the 2nd quarter. BlackRock Inc. now owns 4,352,976 shares of the oil and gas company’s stock valued at $223,743,000 after purchasing an additional 200,893 shares during the period. Kayne Anderson Rudnick Investment Management LLC lifted its position in Dril-Quip by 11.7% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,742,298 shares of the oil and gas company’s stock valued at $167,655,000 after purchasing an additional 393,350 shares during the period. Dimensional Fund Advisors LP lifted its position in Dril-Quip by 0.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,212,351 shares of the oil and gas company’s stock valued at $143,913,000 after purchasing an additional 27,381 shares during the period. Fisher Asset Management LLC lifted its position in Dril-Quip by 46.9% during the 2nd quarter. Fisher Asset Management LLC now owns 1,085,527 shares of the oil and gas company’s stock valued at $55,796,000 after purchasing an additional 346,745 shares during the period. Finally, Northern Trust Corp lifted its position in Dril-Quip by 0.3% during the 1st quarter. Northern Trust Corp now owns 1,033,873 shares of the oil and gas company’s stock valued at $46,317,000 after purchasing an additional 3,543 shares during the period.

Shares of DRQ stock opened at $52.90 on Wednesday. The stock has a market capitalization of $1.98 billion, a PE ratio of 203.46 and a beta of 0.96. Dril-Quip, Inc. has a one year low of $37.35 and a one year high of $58.95.

Dril-Quip (NYSE:DRQ) last announced its quarterly 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 company had revenue of $94.86 million during the quarter, compared to the consensus estimate of $94.76 million. Dril-Quip had a negative net margin of 27.63% and a negative return on equity of 1.19%. The business’s revenue was down 25.8% compared to the same quarter last year. During the same period last year, the company earned $0.09 earnings per share. sell-side analysts predict that Dril-Quip, Inc. will post -0.68 earnings per share for the current year.

Dril-Quip announced that its Board of Directors has approved a share repurchase plan on Thursday, July 26th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the oil and gas company to purchase up to 4.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

DRQ has been the topic of a number of research reports. Zacks Investment Research upgraded shares of Dril-Quip from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research report on Wednesday, July 25th. ValuEngine upgraded shares of Dril-Quip from a “hold” rating to a “buy” rating in a research report on Wednesday, July 4th. B. Riley downgraded shares of Dril-Quip from a “buy” rating to a “neutral” rating and upped their target price for the company from $50.00 to $58.00 in a research report on Friday, July 20th. TheStreet downgraded shares of Dril-Quip from a “c-” rating to a “d+” rating in a research report on Tuesday, May 15th. Finally, Piper Jaffray Companies set a $40.00 price target on Dril-Quip and gave the company a “hold” rating in a research note on Friday, July 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Dril-Quip has a consensus rating of “Hold” and an average target price of $50.25.

About Dril-Quip

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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Institutional Ownership by Quarter for Dril-Quip (NYSE:DRQ)

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