Virginia Retirement Systems ET AL Maintains Stake in Dril-Quip, Inc. (DRQ)
Virginia Retirement Systems ET AL maintained its position in Dril-Quip, Inc. (NYSE:DRQ) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,947 shares of the oil and gas company’s stock at the end of the second quarter. Virginia Retirement Systems ET AL’s holdings in Dril-Quip were worth $339,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the business. Marshall Wace North America L.P. purchased a new position in Dril-Quip in the 2nd quarter worth approximately $1,547,000. First Eagle Investment Management LLC purchased a new position in Dril-Quip in the 2nd quarter worth approximately $956,000. BNP Paribas Arbitrage SA grew its stake in Dril-Quip by 137.6% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 20,521 shares of the oil and gas company’s stock worth $1,001,000 after buying an additional 11,884 shares in the last quarter. Gamco Investors INC. ET AL purchased a new position in Dril-Quip in the 2nd quarter worth approximately $13,762,000. Finally, Legal & General Group Plc grew its stake in Dril-Quip by 26.6% in the 2nd quarter. Legal & General Group Plc now owns 30,200 shares of the oil and gas company’s stock worth $1,475,000 after buying an additional 6,350 shares in the last quarter.
Shares of Dril-Quip, Inc. (NYSE DRQ) opened at 40.30 on Monday. Dril-Quip, Inc. has a 52 week low of $35.85 and a 52 week high of $69.40. The stock has a 50 day moving average of $41.22 and a 200-day moving average of $49.79. The stock has a market cap of $1.52 billion, a PE ratio of 74.91 and a beta of 0.67.
Dril-Quip (NYSE:DRQ) last announced its quarterly earnings results on Friday, July 28th. The oil and gas company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.06. Dril-Quip had a net margin of 4.28% and a return on equity of 2.12%. The company had revenue of $127.90 million for the quarter, compared to analysts’ expectations of $112.12 million. During the same quarter in the previous year, the business posted $0.96 earnings per share. Dril-Quip’s quarterly revenue was down 10.2% on a year-over-year basis. Equities research analysts predict that Dril-Quip, Inc. will post $0.11 earnings per share for the current fiscal year.
A number of research firms have commented on DRQ. BidaskClub cut shares of Dril-Quip from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 10th. Cowen and Company cut their price target on shares of Dril-Quip from $55.00 to $43.00 and set a “market perform” rating for the company in a research note on Monday, July 31st. Scotiabank set a $61.00 price target on shares of Dril-Quip and gave the stock a “hold” rating in a research note on Monday, July 31st. Finally, Piper Jaffray Companies set a $43.00 price target on shares of Dril-Quip and gave the stock a “hold” rating in a research note on Saturday, July 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $56.00.
Dril-Quip, Inc (Dril-Quip) designs, manufactures, sells and services engineered drilling and production equipment. The Company’s operations are organized into three geographic segments: Western Hemisphere, including North and South America, headquartered in Houston, Texas; Eastern Hemisphere, including Europe and Africa, headquartered in Aberdeen, Scotland, and Asia-Pacific, including the Pacific Rim, Southeast Asia, Australia, India and the Middle East, headquartered in Singapore.
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