Gabelli Funds LLC Raises Position in Dril-Quip, Inc. (DRQ)

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Gabelli Funds LLC increased its position in Dril-Quip, Inc. (NYSE:DRQ) by 3.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 61,000 shares of the oil and gas company’s stock after buying an additional 2,000 shares during the quarter. Gabelli Funds LLC owned about 0.17% of Dril-Quip worth $3,187,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Advisors Preferred LLC purchased a new position in shares of Dril-Quip in the 2nd quarter worth $135,000. Crossmark Global Holdings Inc. purchased a new position in shares of Dril-Quip in the 2nd quarter worth $226,000. Unison Advisors LLC purchased a new position in shares of Dril-Quip in the 2nd quarter worth $229,000. Tower Research Capital LLC TRC raised its position in shares of Dril-Quip by 148.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,529 shares of the oil and gas company’s stock worth $233,000 after buying an additional 2,708 shares during the period. Finally, First Mercantile Trust Co. raised its position in shares of Dril-Quip by 95.9% in the 2nd quarter. First Mercantile Trust Co. now owns 5,080 shares of the oil and gas company’s stock worth $261,000 after buying an additional 2,487 shares during the period.

In other news, VP Jeffrey J. Bird sold 1,000 shares of Dril-Quip stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $52.35, for a total transaction of $52,350.00. Following the sale, the vice president now directly owns 20,788 shares of the company’s stock, valued at $1,088,251.80. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO James A. Gariepy sold 14,431 shares of Dril-Quip stock in a transaction dated Monday, October 29th. The stock was sold at an average price of $41.54, for a total value of $599,463.74. Following the sale, the chief operating officer now directly owns 117,404 shares in the company, valued at $4,876,962.16. The disclosure for this sale can be found here. Insiders sold 42,600 shares of company stock worth $1,802,081 over the last three months. 1.10% of the stock is currently owned by corporate insiders.

Several brokerages recently weighed in on DRQ. Zacks Investment Research raised Dril-Quip from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 18th. B. Riley lowered Dril-Quip from a “buy” rating to a “neutral” rating and increased their target price for the stock from $50.00 to $58.00 in a research report on Friday, July 20th. Barclays lowered 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. Piper Jaffray Companies set a $40.00 price objective on Dril-Quip and gave the company a “hold” rating in a research report on Friday, July 27th. Finally, Morgan Stanley began coverage on Dril-Quip in a research report on Tuesday, September 18th. They issued an “underweight” rating and a $50.00 price objective on the stock. Two analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. Dril-Quip has a consensus rating of “Hold” and a consensus target price of $48.50.

NYSE:DRQ opened at $38.89 on Wednesday. Dril-Quip, Inc. has a 12 month low of $38.40 and a 12 month high of $58.95. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of 149.58 and a beta of 1.07.

Dril-Quip (NYSE:DRQ) last released its quarterly earnings data on Thursday, October 25th. The oil and gas company reported ($0.20) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.01. Dril-Quip had a negative return on equity of 1.95% and a negative net margin of 23.34%. The company had revenue of $93.26 million for the quarter, compared to analyst estimates of $85.96 million. As a group, equities research analysts anticipate that Dril-Quip, Inc. will post -0.81 EPS for the current fiscal year.

Dril-Quip announced that its Board of Directors 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 shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

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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.

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

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