Dril-Quip Inc. (DRQ) Earns “Market Perform” Rating from Cowen and Company
Dril-Quip Inc. (NYSE:DRQ)‘s stock had its “market perform” rating reiterated by stock analysts at Cowen and Company in a research report issued to clients and investors on Tuesday. They currently have a $60.00 target price on the stock. Cowen and Company’s price objective would indicate a potential upside of 10.19% from the company’s previous close.
A number of other equities analysts also recently weighed in on DRQ. Zacks Investment Research downgraded shares of Dril-Quip from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 2nd. Morgan Stanley reaffirmed a “hold” rating and set a $73.00 target price on shares of Dril-Quip in a research note on Monday, August 1st. JPMorgan Chase & Co. initiated coverage on shares of Dril-Quip in a research note on Wednesday, June 22nd. They set a “neutral” rating and a $53.00 target price for the company. Howard Weil decreased their target price on shares of Dril-Quip from $72.00 to $67.00 and set a “sector perform” rating for the company in a research note on Friday, July 29th. Finally, Scotiabank reaffirmed a “sector perform” rating and set a $67.00 target price (down previously from $72.00) on shares of Dril-Quip in a research note on Sunday, July 31st. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company’s stock. Dril-Quip currently has an average rating of “Hold” and an average price target of $63.33.
Dril-Quip (NYSE:DRQ) traded down 2.066% during trading on Tuesday, reaching $53.325. The company had a trading volume of 472,219 shares. The firm’s 50 day moving average price is $54.36 and its 200 day moving average price is $57.94. The firm has a market capitalization of $2.00 billion, a PE ratio of 11.785 and a beta of 0.77. Dril-Quip has a 12-month low of $48.88 and a 12-month high of $66.91.
Dril-Quip (NYSE:DRQ) last issued its quarterly earnings data on Friday, July 29th. The company reported $0.96 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.29. Dril-Quip had a net margin of 24.16% and a return on equity of 10.92%. The business earned $142.40 million during the quarter, compared to analyst estimates of $149.33 million. During the same period last year, the business posted $1.01 earnings per share. Dril-Quip’s quarterly revenue was down 33.8% compared to the same quarter last year. Equities research analysts forecast that Dril-Quip will post $2.17 EPS for the current year.
A number of large investors have recently modified their holdings of DRQ. Vanguard Group Inc. boosted its position in shares of Dril-Quip by 3.7% in the second quarter. Vanguard Group Inc. now owns 2,834,254 shares of the company’s stock valued at $165,606,000 after buying an additional 100,175 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Dril-Quip by 23.8% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,615,949 shares of the company’s stock valued at $94,420,000 after buying an additional 310,435 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Dril-Quip by 25.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,551,573 shares of the company’s stock valued at $90,653,000 after buying an additional 309,955 shares in the last quarter. BlackRock Fund Advisors boosted its position in shares of Dril-Quip by 3.1% in the second quarter. BlackRock Fund Advisors now owns 1,433,945 shares of the company’s stock valued at $83,785,000 after buying an additional 43,745 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its position in shares of Dril-Quip by 6.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,420,949 shares of the company’s stock valued at $86,053,000 after buying an additional 88,776 shares in the last quarter.
Dril-Quip Company Profile
Dril-Quip, Inc (Dril-Quip) designs, manufactures, sells and services engineered offshore drilling and production equipment. The Company’s principal products consist of subsea and surface wellheads, subsea and surface production trees, subsea control systems and manifolds, mudline hanger systems, specialty connectors and associated pipe, drilling and production riser systems, liner hangers, wellhead connectors and diverters.
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