Equities analysts predict that Dril-Quip, Inc. (NYSE:DRQ) will announce $88.92 million in sales for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Dril-Quip’s earnings, with estimates ranging from $84.00 million to $97.80 million. Dril-Quip posted sales of $100.35 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 11.4%. The firm is expected to report its next quarterly earnings report on Friday, October 26th.
On average, analysts expect that Dril-Quip will report full year sales of $374.28 million for the current financial year, with estimates ranging from $360.00 million to $392.10 million. For the next year, analysts expect that the business will report sales of $421.67 million per share, with estimates ranging from $350.00 million to $539.90 million. Zacks’ sales calculations are an average based on a survey of analysts that follow Dril-Quip.
Dril-Quip (NYSE:DRQ) last announced its quarterly earnings results on Thursday, July 26th. The oil and gas company reported ($0.24) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.16). The company had revenue of $94.86 million during the quarter, compared to analysts’ expectations 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 for the quarter was down 25.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.09 EPS.
A number of equities analysts have recently issued reports on DRQ shares. Barclays downgraded shares of Dril-Quip from an “equal weight” rating to an “underweight” rating and set a $41.00 price target for the company. in a report on Tuesday, July 31st. TheStreet downgraded shares of Dril-Quip from a “c-” rating to a “d+” rating in a report on Tuesday, May 15th. Zacks Investment Research downgraded shares of Dril-Quip from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 3rd. ValuEngine upgraded shares of Dril-Quip from a “hold” rating to a “buy” rating in a report on Wednesday, July 4th. 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 note on Friday, July 27th. One 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 stock has an average rating of “Hold” and an average price target of $50.25.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Fisher Asset Management LLC grew its stake in Dril-Quip by 46.9% in 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 acquiring an additional 346,745 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new stake in Dril-Quip in the 2nd quarter valued at about $5,140,000. Investment Counselors of Maryland LLC grew its stake in Dril-Quip by 9.7% in the 2nd quarter. Investment Counselors of Maryland LLC now owns 474,212 shares of the oil and gas company’s stock valued at $24,374,000 after acquiring an additional 42,091 shares during the last quarter. Royal Bank of Canada boosted its stake in shares of Dril-Quip by 9.8% during the 1st quarter. Royal Bank of Canada now owns 28,588 shares of the oil and gas company’s stock worth $1,281,000 after purchasing an additional 2,556 shares during the last quarter. Finally, Stifel Financial Corp boosted its stake in shares of Dril-Quip by 13.4% during the 1st quarter. Stifel Financial Corp now owns 79,542 shares of the oil and gas company’s stock worth $3,578,000 after purchasing an additional 9,402 shares during the last quarter.
Shares of DRQ traded down $2.00 during trading hours on Friday, reaching $50.90. The company had a trading volume of 282,200 shares, compared to its average volume of 491,075. The company has a market capitalization of $1.98 billion, a PE ratio of 195.77 and a beta of 0.96. Dril-Quip has a 12-month low of $37.35 and a 12-month high of $58.95.
Dril-Quip announced that its Board of Directors has approved a share buyback plan on Thursday, July 26th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the oil and gas company to repurchase up to 4.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.
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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