Dril-Quip, Inc. (DRQ) Expected to Post Earnings of -$0.15 Per Share

Analysts expect that Dril-Quip, Inc. (NYSE:DRQ) will report earnings of ($0.15) per share for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Dril-Quip’s earnings. The lowest EPS estimate is ($0.24) and the highest is ($0.03). Dril-Quip posted earnings of $0.05 per share in the same quarter last year, which would suggest a negative year-over-year growth rate of 400%. The company is expected to issue its next earnings report on Friday, October 26th.

On average, analysts expect that Dril-Quip will report full-year earnings of ($0.64) per share for the current year, with EPS estimates ranging from ($0.90) to ($0.38). For the next fiscal year, analysts anticipate that the business will post earnings of $0.25 per share, with EPS estimates ranging from ($0.30) to $1.35. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research firms that cover Dril-Quip.

Dril-Quip (NYSE:DRQ) last released its quarterly earnings data on Thursday, July 26th. The oil and gas company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.16). The company had revenue of $94.86 million for the quarter, compared to the consensus estimate 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 was down 25.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.09 earnings per share.

Several analysts have recently commented on DRQ shares. 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 set a $50.00 target price on Dril-Quip and gave the stock a “buy” rating in a research report on Tuesday, May 1st. Piper Jaffray Companies set a $40.00 target price on Dril-Quip and gave the stock a “hold” rating in a research report on Friday, July 27th. ValuEngine cut Dril-Quip from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 2nd. Finally, Barclays decreased their target price on Dril-Quip from $49.00 to $41.00 and set a “hold” rating for the company in a research report on Monday, April 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $50.25.

Several institutional investors have recently modified their holdings of the company. Neuburgh Advisers LLC raised its holdings in shares of Dril-Quip by 16.3% during the second quarter. Neuburgh Advisers LLC now owns 8,500 shares of the oil and gas company’s stock worth $437,000 after acquiring an additional 1,190 shares in the last quarter. Federated Investors Inc. PA raised its holdings in shares of Dril-Quip by 8.2% during the first quarter. Federated Investors Inc. PA now owns 16,355 shares of the oil and gas company’s stock worth $733,000 after acquiring an additional 1,245 shares in the last quarter. First Mercantile Trust Co. raised its holdings in shares of Dril-Quip by 94.7% during the first quarter. First Mercantile Trust Co. now owns 2,593 shares of the oil and gas company’s stock worth $116,000 after acquiring an additional 1,261 shares in the last quarter. Mutual of America Capital Management LLC raised its holdings in shares of Dril-Quip by 4.4% during the second quarter. Mutual of America Capital Management LLC now owns 32,691 shares of the oil and gas company’s stock worth $1,680,000 after acquiring an additional 1,368 shares in the last quarter. Finally, Dupont Capital Management Corp raised its holdings in shares of Dril-Quip by 7.5% during the second quarter. Dupont Capital Management Corp now owns 21,158 shares of the oil and gas company’s stock worth $1,088,000 after acquiring an additional 1,478 shares in the last quarter.

Shares of DRQ traded up $0.25 during trading hours on Friday, hitting $51.60. 311,591 shares of the company were exchanged, compared to its average volume of 546,373. The firm has a market cap of $1.93 billion, a PE ratio of 198.46 and a beta of 0.81. Dril-Quip has a one year low of $35.85 and a one year high of $58.95.

Dril-Quip announced that its Board of Directors has approved a stock buyback program on Thursday, July 26th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the oil and gas company to buy up to 4.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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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Earnings History and Estimates for Dril-Quip (NYSE:DRQ)

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