Dril-Quip (NYSE:DRQ) Given New $45.00 Price Target at Morgan Stanley

Dril-Quip (NYSE:DRQ) had its price target lifted by equities research analysts at Morgan Stanley from $42.00 to $45.00 in a research note issued on Tuesday, AnalystRatings.com reports. The firm presently has an “underweight” rating on the oil and gas company’s stock. Morgan Stanley’s target price would suggest a potential downside of 3.76% from the stock’s previous close.

Several other research analysts also recently weighed in on DRQ. Evercore ISI reaffirmed a “buy” rating and issued a $53.00 target price on shares of Dril-Quip in a report on Monday, November 11th. B. Riley upped their target price on shares of Dril-Quip from $48.00 to $51.00 and gave the stock a “neutral” rating in a report on Thursday, September 19th. Wolfe Research assumed coverage on shares of Dril-Quip in a report on Wednesday, November 27th. They issued an “underperform” rating and a $43.00 target price for the company. Capital One Financial reaffirmed a “hold” rating and issued a $47.00 target price on shares of Dril-Quip in a report on Friday, January 10th. Finally, ValuEngine raised shares of Dril-Quip from a “sell” rating to a “hold” rating in a report on Tuesday, January 7th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $47.11.

Dril-Quip stock traded up $0.82 during mid-day trading on Tuesday, hitting $46.76. The stock had a trading volume of 1,463 shares, compared to its average volume of 184,670. The firm has a market capitalization of $1.68 billion, a P/E ratio of -74.21 and a beta of 1.52. The firm’s 50 day moving average is $45.86 and its 200 day moving average is $47.18. Dril-Quip has a one year low of $34.99 and a one year high of $56.71.

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

In other news, VP Raj Kumar sold 819 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $43.61, for a total transaction of $35,716.59. Following the sale, the vice president now directly owns 11,774 shares in the company, valued at approximately $513,464.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director A P. Shukis sold 888 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $44.00, for a total transaction of $39,072.00. Following the sale, the director now owns 19,238 shares in the company, valued at $846,472. The disclosure for this sale can be found here. Insiders have sold a total of 50,981 shares of company stock valued at $2,229,145 in the last three months. Insiders own 0.97% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in DRQ. Northern Trust Corp raised its position in shares of Dril-Quip by 1.9% during the 2nd quarter. Northern Trust Corp now owns 975,508 shares of the oil and gas company’s stock valued at $46,823,000 after buying an additional 18,187 shares in the last quarter. Parametric Portfolio Associates LLC boosted its stake in Dril-Quip by 13.9% in the second quarter. Parametric Portfolio Associates LLC now owns 140,995 shares of the oil and gas company’s stock valued at $6,768,000 after acquiring an additional 17,183 shares in the last quarter. BlackRock Inc. boosted its stake in Dril-Quip by 0.6% in the second quarter. BlackRock Inc. now owns 5,503,378 shares of the oil and gas company’s stock valued at $264,161,000 after acquiring an additional 32,727 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in Dril-Quip by 296.3% in the second quarter. Tower Research Capital LLC TRC now owns 14,224 shares of the oil and gas company’s stock valued at $683,000 after acquiring an additional 10,635 shares in the last quarter. Finally, NumerixS Investment Technologies Inc boosted its stake in Dril-Quip by 450.0% in the second quarter. NumerixS Investment Technologies Inc now owns 1,100 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 900 shares in the last quarter.

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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Analyst Recommendations for Dril-Quip (NYSE:DRQ)

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