Value Holdings Management CO. LLC Trims Position in Dril-Quip, Inc. (DRQ)

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Value Holdings Management CO. LLC trimmed its holdings in shares of Dril-Quip, Inc. (NYSE:DRQ) by 3.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 94,700 shares of the oil and gas company’s stock after selling 3,000 shares during the period. Dril-Quip comprises approximately 1.6% of Value Holdings Management CO. LLC’s investment portfolio, making the stock its 18th biggest position. Value Holdings Management CO. LLC owned approximately 0.25% of Dril-Quip worth $4,868,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Wells Fargo & Company MN boosted its stake in Dril-Quip by 10.1% in the 1st quarter. Wells Fargo & Company MN now owns 871,154 shares of the oil and gas company’s stock worth $39,028,000 after purchasing an additional 79,730 shares during the period. Dupont Capital Management Corp boosted its stake in Dril-Quip by 69.9% in the 1st quarter. Dupont Capital Management Corp now owns 19,680 shares of the oil and gas company’s stock worth $882,000 after purchasing an additional 8,094 shares during the period. Meeder Asset Management Inc. boosted its stake in Dril-Quip by 39.0% in the 1st quarter. Meeder Asset Management Inc. now owns 17,145 shares of the oil and gas company’s stock worth $768,000 after purchasing an additional 4,812 shares during the period. Boston Partners boosted its stake in Dril-Quip by 8.4% in the 1st quarter. Boston Partners now owns 669,163 shares of the oil and gas company’s stock worth $29,978,000 after purchasing an additional 52,138 shares during the period. Finally, Swiss National Bank boosted its stake in Dril-Quip by 3.9% in the 1st quarter. Swiss National Bank now owns 65,900 shares of the oil and gas company’s stock worth $2,952,000 after purchasing an additional 2,500 shares during the period.

A number of equities analysts recently commented on the stock. Barclays lowered shares of Dril-Quip from an “equal weight” rating to an “underweight” rating and set a $41.00 price objective for the company. in a research note on Tuesday, July 31st. Piper Jaffray Companies set a $40.00 price objective on shares of Dril-Quip and gave the stock a “hold” rating in a research note on Friday, July 27th. Zacks Investment Research lowered shares of Dril-Quip from a “buy” rating to a “hold” rating in a research note on Thursday, July 26th. TheStreet lowered shares of Dril-Quip from a “c-” rating to a “d+” rating in a research note on Tuesday, May 15th. Finally, ValuEngine raised shares of Dril-Quip from a “strong sell” rating to a “sell” rating in a research note on Wednesday, May 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $50.25.

Shares of NYSE:DRQ traded down $0.60 during trading on Wednesday, reaching $52.30. 2,143 shares of the company traded hands, compared to its average volume of 312,471. The firm has a market capitalization of $1.98 billion, a P/E ratio of 200.00 and a beta of 0.96. Dril-Quip, Inc. has a 1-year low of $37.35 and a 1-year high of $58.95.

Dril-Quip (NYSE:DRQ) last issued its earnings results on Thursday, July 26th. The oil and gas company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.16). The company had revenue of $94.86 million for the quarter, compared to analyst estimates of $94.76 million. Dril-Quip had a negative net margin of 27.63% and a negative return on equity of 1.19%. The company’s quarterly revenue was down 25.8% on a year-over-year basis. During the same period last year, the business earned $0.09 EPS. sell-side analysts expect that Dril-Quip, Inc. will post -0.68 earnings per share for the current year.

Dril-Quip announced that its Board of Directors has initiated a share repurchase plan on Thursday, July 26th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the oil and gas company to buy up to 4.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Dril-Quip 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.

Further Reading: Fundamental Analysis and Individual Investors

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

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