Dril-Quip Inc. (DRQ) Now Covered by Evercore ISI
Equities research analysts at Evercore ISI started coverage on shares of Dril-Quip Inc. (NYSE:DRQ) in a research note issued to investors on Thursday. The brokerage set a “buy” rating and a $59.00 price target on the stock. Evercore ISI’s price target suggests a potential upside of 9.67% from the company’s current price.
Several other equities research analysts have also recently issued reports on DRQ. Howard Weil reduced their price objective on shares of Dril-Quip from $72.00 to $67.00 and set a “sector perform” rating on the stock in a research report on Friday, July 29th. Morgan Stanley reiterated a “hold” rating and set a $73.00 price objective on shares of Dril-Quip in a research report on Monday, August 1st. Zacks Investment Research upgraded shares of Dril-Quip from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 19th. Scotiabank reiterated a “sector perform” rating and set a $67.00 price objective (down previously from $72.00) on shares of Dril-Quip in a research report on Sunday, July 31st. Finally, Cowen and Company restated a “market perform” rating and issued a $60.00 price target on shares of Dril-Quip in a research report on Tuesday, October 18th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $60.73.
Shares of Dril-Quip (NYSE:DRQ) opened at 53.80 on Thursday. Dril-Quip has a 12 month low of $46.90 and a 12 month high of $66.73. The firm’s 50-day moving average is $52.43 and its 200 day moving average is $56.68. The stock has a market cap of $2.02 billion, a PE ratio of 14.46 and a beta of 0.60.
Dril-Quip (NYSE:DRQ) last issued its quarterly earnings results on Thursday, October 27th. The company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.12. The business had revenue of $123.60 million for the quarter, compared to the consensus estimate of $120.30 million. Dril-Quip had a net margin of 22.12% and a return on equity of 8.51%. The company’s revenue for the quarter was down 38.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.32 earnings per share. On average, equities analysts predict that Dril-Quip will post $2.16 EPS for the current year.
In other news, insider Blake T. Deberry sold 9,101 shares of the business’s stock in a transaction on Monday, October 31st. The shares were sold at an average price of $47.59, for a total transaction of $433,116.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Jerry M. Brooks sold 3,169 shares of the business’s stock in a transaction on Monday, October 31st. The shares were sold at an average price of $47.59, for a total transaction of $150,812.71. Following the sale, the vice president now directly owns 33,044 shares of the company’s stock, valued at $1,572,563.96. The disclosure for this sale can be found here. Insiders own 13.60% of the company’s stock.
Several hedge funds have recently modified their holdings of DRQ. Credit Agricole S A bought a new stake in shares of Dril-Quip during the first quarter worth about $307,000. State Street Corp raised its stake in Dril-Quip by 2.6% in the first quarter. State Street Corp now owns 1,117,702 shares of the company’s stock worth $67,680,000 after buying an additional 28,689 shares during the period. Geode Capital Management LLC raised its stake in Dril-Quip by 9.6% in the first quarter. Geode Capital Management LLC now owns 594,299 shares of the company’s stock worth $35,990,000 after buying an additional 52,278 shares during the period. Renaissance Technologies LLC raised its stake in Dril-Quip by 649.1% in the first quarter. Renaissance Technologies LLC now owns 247,200 shares of the company’s stock worth $14,970,000 after buying an additional 214,200 shares during the period. Finally, Envestnet Asset Management Inc. raised its stake in Dril-Quip by 18.1% in the first quarter. Envestnet Asset Management Inc. now owns 15,271 shares of the company’s stock worth $925,000 after buying an additional 2,341 shares during the period.
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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