Dril-Quip Inc. (DRQ) Expected to Post FY2016 Earnings of $2.05 Per Share
Dril-Quip Inc. (NYSE:DRQ) – Analysts at FBR & Co decreased their FY2016 earnings per share estimates for shares of Dril-Quip in a research report issued on Tuesday. FBR & Co analyst T. Curran now expects that the firm will earn $2.05 per share for the year, down from their previous forecast of $2.17. FBR & Co also issued estimates for Dril-Quip’s Q4 2016 earnings at $0.20 EPS, Q4 2017 earnings at $0.20 EPS and FY2018 earnings at $0.92 EPS.
Dril-Quip (NYSE:DRQ) last issued its quarterly earnings results on Thursday, October 27th. The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.12. The company earned $123.60 million during the quarter, compared to the consensus estimate of $120.30 million. Dril-Quip had a return on equity of 8.51% and a net margin of 22.12%. Dril-Quip’s revenue was down 38.6% on a year-over-year basis. During the same period last year, the company earned $1.32 earnings per share.
A number of other research firms also recently weighed in on DRQ. Cowen and Company restated a “market perform” rating and issued a $60.00 target price on shares of Dril-Quip in a research report on Tuesday, October 18th. Zacks Investment Research upgraded Dril-Quip from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a research report on Tuesday, October 25th. Howard Weil cut their target price on Dril-Quip from $72.00 to $67.00 and set a “sector perform” rating for the company in a research report on Friday, July 29th. Morgan Stanley restated a “hold” rating and issued a $73.00 target price on shares of Dril-Quip in a research report on Monday, August 1st. Finally, Scotiabank restated a “sector perform” rating and issued a $67.00 target price (down from $72.00) on shares of Dril-Quip in a research report on Sunday, July 31st. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. Dril-Quip presently has an average rating of “Hold” and an average price target of $60.86.
Shares of Dril-Quip (NYSE:DRQ) opened at 49.60 on Wednesday. Dril-Quip has a 1-year low of $46.90 and a 1-year high of $66.73. The firm has a 50-day moving average price of $52.49 and a 200-day moving average price of $56.75. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of 13.33 and a beta of 0.60.
Several institutional investors have recently bought and sold shares of the company. Denali Advisors LLC bought a new position in Dril-Quip during the second quarter worth $3,056,000. Quotient Investors LLC bought a new position in Dril-Quip during the second quarter worth $351,000. BNP Paribas Arbitrage SA increased its position in Dril-Quip by 2,109.8% in the second quarter. BNP Paribas Arbitrage SA now owns 16,441 shares of the company’s stock worth $961,000 after buying an additional 15,697 shares during the period. BlueMountain Capital Management LLC bought a new position in Dril-Quip during the first quarter worth $284,000. Finally, First Republic Investment Management Inc. increased its position in Dril-Quip by 74.8% in the first quarter. First Republic Investment Management Inc. now owns 15,229 shares of the company’s stock worth $922,000 after buying an additional 6,515 shares during the period.
In other news, insider Blake T. Deberry sold 9,101 shares of the company’s stock in a transaction on Monday, October 31st. The shares were sold at an average price of $47.59, for a total value of $433,116.59. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO James A. Gariepy sold 8,676 shares of the company’s stock in a transaction on Monday, October 31st. The stock was sold at an average price of $47.59, for a total transaction of $412,890.84. Following the completion of the transaction, the chief operating officer now directly owns 78,306 shares in the company, valued at $3,726,582.54. The disclosure for this sale can be found here. 13.60% of the stock is currently owned by insiders.
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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