Metropolitan Life Insurance Co. NY Acquires 1,037 Shares of Dril-Quip, Inc. (DRQ)
Metropolitan Life Insurance Co. NY boosted its holdings in Dril-Quip, Inc. (NYSE:DRQ) by 4.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 22,386 shares of the oil and gas company’s stock after purchasing an additional 1,037 shares during the quarter. Metropolitan Life Insurance Co. NY owned about 0.06% of Dril-Quip worth $1,151,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Advisors Preferred LLC purchased a new stake in shares of Dril-Quip during the second quarter valued at approximately $135,000. Crossmark Global Holdings Inc. purchased a new stake in shares of Dril-Quip during the second quarter valued at approximately $226,000. Unison Advisors LLC purchased a new stake in shares of Dril-Quip during the second quarter valued at approximately $229,000. Tower Research Capital LLC TRC grew its holdings in shares of Dril-Quip by 148.7% during the second quarter. Tower Research Capital LLC TRC now owns 4,529 shares of the oil and gas company’s stock valued at $233,000 after buying an additional 2,708 shares during the last quarter. Finally, First Mercantile Trust Co. grew its holdings in shares of Dril-Quip by 95.9% during the second quarter. First Mercantile Trust Co. now owns 5,080 shares of the oil and gas company’s stock valued at $261,000 after buying an additional 2,487 shares during the last quarter.
DRQ has been the topic of a number of recent analyst reports. Barclays cut shares of Dril-Quip from an “equal weight” rating to an “underweight” rating and set a $41.00 price target on the stock. in a report on Tuesday, July 31st. Morgan Stanley initiated coverage on shares of Dril-Quip in a report on Tuesday, September 18th. They set an “underweight” rating and a $50.00 price target on the stock. Zacks Investment Research cut shares of Dril-Quip from a “hold” rating to a “strong sell” rating in a report on Wednesday. ValuEngine upgraded shares of Dril-Quip from a “hold” rating to a “buy” rating in a report on Wednesday, July 4th. Finally, B. Riley cut shares of Dril-Quip from a “buy” rating to a “neutral” rating and increased their price target for the company from $50.00 to $58.00 in a report on Friday, July 20th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. Dril-Quip has a consensus rating of “Hold” and a consensus target price of $50.22.
Dril-Quip (NYSE:DRQ) last issued its quarterly earnings data on Thursday, July 26th. The oil and gas company reported ($0.24) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.16). The company had revenue of $94.86 million for the quarter, compared to the consensus estimate of $94.76 million. Dril-Quip had a negative net margin of 27.63% and a negative return on equity of 1.19%. The firm’s revenue for the quarter was down 25.8% on a year-over-year basis. During the same quarter last year, the company earned $0.09 EPS. analysts expect that Dril-Quip, Inc. will post -0.81 earnings per share for the current year.
Dril-Quip declared that its Board of Directors has authorized a share buyback plan on Thursday, July 26th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the oil and gas company to buy up to 4.7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.
Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services onshore and offshore drilling and production equipment for use in deepwater, harsh environment, and severe service applications worldwide. It operates through three segments: Western Hemisphere, Eastern Hemisphere, and Asia-Pacific.
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