Dril-Quip (NYSE:DRQ) Earns Buy Rating from Evercore ISI

Evercore ISI restated their buy rating on shares of Dril-Quip (NYSE:DRQ) in a report issued on Monday, AnalystRatings.com reports. Evercore ISI currently has a $53.00 price objective on the oil and gas company’s stock.

Other equities analysts have also issued reports about the stock. Morgan Stanley decreased their target price on shares of Dril-Quip from $45.00 to $42.00 and set an underweight rating on the stock in a report on Tuesday, October 8th. B. Riley raised their target price on shares of Dril-Quip from $48.00 to $51.00 and gave the company a neutral rating in a report on Thursday, September 19th. Zacks Investment Research lowered shares of Dril-Quip from a buy rating to a hold rating and set a $55.00 target price on the stock. in a report on Monday, July 29th. TheStreet raised shares of Dril-Quip from a d+ rating to a c- rating in a report on Tuesday, July 30th. Finally, ValuEngine lowered shares of Dril-Quip from a buy rating to a hold rating in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. Dril-Quip has an average rating of Hold and an average target price of $47.31.

NYSE:DRQ traded down $0.22 during mid-day trading on Monday, reaching $44.21. 172,334 shares of the company’s stock were exchanged, compared to its average volume of 425,806. Dril-Quip has a one year low of $26.62 and a one year high of $56.71. The firm has a market capitalization of $1.61 billion, a PE ratio of -70.17 and a beta of 1.47. The business’s fifty day simple moving average is $47.09 and its two-hundred day simple moving average is $46.21.

Dril-Quip (NYSE:DRQ) last released its earnings results on Thursday, October 24th. The oil and gas company reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.12 by ($0.19). Dril-Quip had a negative net margin of 19.96% and a negative return on equity of 0.58%. The firm had revenue of $108.23 million during the quarter, compared to the consensus estimate of $103.17 million. During the same period in the prior year, the business earned ($0.20) earnings per share. Dril-Quip’s quarterly revenue was up 16.1% compared to the same quarter last year. As a group, analysts expect that Dril-Quip will post 0.06 earnings per share for the current fiscal year.

In other news, CEO Blake T. Deberry sold 29,086 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $43.59, for a total value of $1,267,858.74. Following the sale, the chief executive officer now directly owns 170,681 shares in the company, valued at approximately $7,439,984.79. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Raj Kumar sold 819 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $43.61, for a total transaction of $35,716.59. Following the completion of the sale, the vice president now owns 11,774 shares in the company, valued at $513,464.14. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,981 shares of company stock worth $2,669,275. 0.97% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of DRQ. Cubist Systematic Strategies LLC boosted its position in Dril-Quip by 509.2% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 43,306 shares of the oil and gas company’s stock worth $2,079,000 after buying an additional 36,197 shares during the period. Oregon Public Employees Retirement Fund boosted its position in Dril-Quip by 2.1% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 14,300 shares of the oil and gas company’s stock worth $686,000 after buying an additional 300 shares during the period. Aperio Group LLC boosted its position in Dril-Quip by 18.4% during the 2nd quarter. Aperio Group LLC now owns 28,388 shares of the oil and gas company’s stock worth $1,363,000 after buying an additional 4,409 shares during the period. First Republic Investment Management Inc. boosted its position in Dril-Quip by 8.6% during the 2nd quarter. First Republic Investment Management Inc. now owns 10,982 shares of the oil and gas company’s stock worth $527,000 after buying an additional 866 shares during the period. Finally, Nisa Investment Advisors LLC boosted its position in Dril-Quip by 46.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 38,750 shares of the oil and gas company’s stock worth $1,944,000 after buying an additional 12,350 shares during the period.

Dril-Quip Company 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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Analyst Recommendations for Dril-Quip (NYSE:DRQ)

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