Dril-Quip (NYSE:DRQ) Announces Quarterly Earnings Results

Dril-Quip (NYSE:DRQ) issued its quarterly earnings results on Thursday. The oil and gas company reported ($0.62) earnings per share (EPS) for the quarter, reports. Dril-Quip had a negative return on equity of 2.96% and a negative net margin of 4.89%. The business had revenue of $110.30 million during the quarter.

Dril-Quip Stock Performance

Shares of DRQ traded up $0.06 during mid-day trading on Friday, hitting $18.60. 322,105 shares of the stock were exchanged, compared to its average volume of 260,206. The company has a market cap of $640.21 million, a PE ratio of -29.06 and a beta of 0.90. Dril-Quip has a 52-week low of $17.80 and a 52-week high of $30.93. The firm has a 50-day moving average of $22.01 and a two-hundred day moving average of $22.11.

Insider Activity at Dril-Quip

In other Dril-Quip news, VP James C. Webster sold 4,000 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $23.16, for a total transaction of $92,640.00. Following the completion of the transaction, the vice president now owns 62,735 shares in the company, valued at $1,452,942.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Jeffrey J. Bird sold 7,500 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $23.14, for a total transaction of $173,550.00. Following the sale, the chief executive officer now owns 155,327 shares in the company, valued at approximately $3,594,266.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP James C. Webster sold 4,000 shares of Dril-Quip stock in a transaction on Monday, April 1st. The stock was sold at an average price of $23.16, for a total transaction of $92,640.00. Following the transaction, the vice president now directly owns 62,735 shares of the company’s stock, valued at $1,452,942.60. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Dril-Quip

Large investors have recently bought and sold shares of the business. Tudor Investment Corp Et Al bought a new position in Dril-Quip in the third quarter worth approximately $2,405,000. Brandes Investment Partners LP grew its position in shares of Dril-Quip by 36.8% during the 3rd quarter. Brandes Investment Partners LP now owns 2,206,515 shares of the oil and gas company’s stock worth $62,158,000 after buying an additional 593,982 shares in the last quarter. CenterBook Partners LP purchased a new position in shares of Dril-Quip during the third quarter valued at $1,389,000. Lesa Sroufe & Co bought a new stake in shares of Dril-Quip in the fourth quarter valued at about $2,047,000. Finally, Barclays PLC lifted its stake in Dril-Quip by 25.4% in the third quarter. Barclays PLC now owns 21,184 shares of the oil and gas company’s stock worth $597,000 after acquiring an additional 4,292 shares during the period.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on DRQ. Evercore ISI decreased their target price on Dril-Quip from $44.00 to $40.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 28th. Barclays cut their price objective on shares of Dril-Quip from $23.00 to $22.00 and set an “underweight” rating for the company in a report on Thursday, February 29th. Finally, StockNews.com raised shares of Dril-Quip from a “sell” rating to a “hold” rating in a report on Friday, March 15th.

About Dril-Quip

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services engineered drilling and production equipment for offshore and onshore applications worldwide. The company's principal products include subsea and surface wellheads, specialty connectors and associated pipes, subsea production trees and systems, mudline hanger systems, production riser systems, dry tree systems, subsea manifolds, line hangers and expandable liner systems, multi-frac well connections, conventional wellheads, thermal wellheads, completion packers, and safety and kelly valves; and rig equipment comprises drilling riser systems, wellhead connectors, diverters, and cement manifolds.