Dril-Quip, Inc. (DRQ) Rating Increased to Buy at Zacks Investment Research
Dril-Quip, Inc. (NYSE:DRQ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage presently has a $47.00 price objective on the oil and gas company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 11.64% from the stock’s current price.
According to Zacks, “We view Dril-Quip as an attractive long-term investment based on its highly engineered offshore drilling and production equipment for deepwater severe-service applications and harsh environmental conditions. Dril-Quip reported third-quarter 2017 adjusted earnings of 5 cents per share that surpassed the Zacks Consensus Estimate of a loss of 2 cents. The outperformance was mainly due to the company’s cost-savings initiatives. Also, the equipment supplier is also in excellent financial health with a sustainable free cash flow. Dril-Quip’s technically differentiated products and best-in-class margins make it an attractive investment.”
DRQ has been the subject of a number of other reports. Cowen and Company set a $43.00 target price on Dril-Quip and gave the company a “hold” rating in a research report on Friday, October 6th. Gabelli started coverage on Dril-Quip in a research report on Friday, October 20th. They issued a “hold” rating and a $43.00 target price for the company. Scotiabank set a $61.00 target price on Dril-Quip and gave the company a “hold” rating in a research report on Friday, October 27th. FBR & Co reaffirmed a “buy” rating on shares of Dril-Quip in a research report on Friday, October 27th. Finally, BidaskClub lowered Dril-Quip from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $50.50.
Shares of Dril-Quip (NYSE:DRQ) traded up 3.147% on Wednesday, reaching $43.425. The company had a trading volume of 435,071 shares. The stock has a 50-day moving average price of $42.72 and a 200-day moving average price of $46.30. Dril-Quip has a 12 month low of $35.85 and a 12 month high of $69.40. The stock has a market cap of $1.64 billion, a PE ratio of 80.716 and a beta of 0.70.
Dril-Quip (NYSE:DRQ) last issued its earnings results on Friday, October 27th. The oil and gas company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.06. Dril-Quip had a positive return on equity of 1.19% and a negative net margin of 6.14%. The business had revenue of $100.35 million during the quarter, compared to analyst estimates of $106.74 million. During the same period in the previous year, the company posted $0.63 EPS. The firm’s revenue was down 18.8% compared to the same quarter last year. Analysts predict that Dril-Quip will post $0.09 earnings per share for the current fiscal year.
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In other news, VP James C. Webster sold 4,890 shares of the business’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $41.49, for a total value of $202,886.10. Following the transaction, the vice president now owns 34,947 shares in the company, valued at approximately $1,449,951.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Blake T. Deberry sold 14,819 shares of the business’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $41.49, for a total value of $614,840.31. Following the completion of the transaction, the insider now owns 113,175 shares in the company, valued at approximately $4,695,630.75. The disclosure for this sale can be found here. Insiders sold a total of 37,662 shares of company stock worth $1,567,399 in the last 90 days. Company insiders own 0.87% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Riverhead Capital Management LLC boosted its stake in shares of Dril-Quip by 66.4% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,663 shares of the oil and gas company’s stock worth $130,000 after buying an additional 1,063 shares during the last quarter. QS Investors LLC boosted its stake in shares of Dril-Quip by 0.5% in the 2nd quarter. QS Investors LLC now owns 2,813 shares of the oil and gas company’s stock worth $137,000 after buying an additional 13 shares during the last quarter. LS Investment Advisors LLC boosted its stake in shares of Dril-Quip by 17.6% in the 2nd quarter. LS Investment Advisors LLC now owns 3,014 shares of the oil and gas company’s stock worth $147,000 after buying an additional 450 shares during the last quarter. Flinton Capital Management LLC boosted its stake in shares of Dril-Quip by 64.8% in the 2nd quarter. Flinton Capital Management LLC now owns 4,060 shares of the oil and gas company’s stock worth $198,000 after buying an additional 1,596 shares during the last quarter. Finally, ING Groep NV purchased a new position in shares of Dril-Quip in the 2nd quarter worth approximately $225,000.
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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