Dril-Quip, Inc. (NYSE:DRQ) – Piper Jaffray Companies lifted their FY2018 EPS estimates for Dril-Quip in a research report issued on Wednesday, November 7th. Piper Jaffray Companies analyst I. Macpherson now anticipates that the oil and gas company will earn ($0.85) per share for the year, up from their previous forecast of ($0.88). Piper Jaffray Companies currently has a “Hold” rating and a $40.00 target price on the stock. Piper Jaffray Companies also issued estimates for Dril-Quip’s Q4 2018 earnings at ($0.26) EPS, Q1 2019 earnings at ($0.20) EPS, Q2 2019 earnings at ($0.12) EPS, Q3 2019 earnings at ($0.07) EPS, Q4 2019 earnings at ($0.06) EPS and FY2019 earnings at ($0.44) EPS.

Dril-Quip (NYSE:DRQ) last released its quarterly earnings data on Thursday, October 25th. The oil and gas company reported ($0.20) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.21) by $0.01. Dril-Quip had a negative net margin of 23.34% and a negative return on equity of 1.95%. The company had revenue of $93.26 million during the quarter, compared to analyst estimates of $85.96 million.

Other analysts have also issued reports about the stock. Zacks Investment Research raised shares of Dril-Quip from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research note on Wednesday, July 25th. ValuEngine lowered shares of Dril-Quip from a “buy” rating to a “hold” rating in a research note on Thursday, November 1st. B. Riley lowered shares of Dril-Quip from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $50.00 to $58.00 in a research note on Friday, July 20th. Barclays lowered their price objective on shares of Dril-Quip from $41.00 to $39.00 and set a “sell” rating for the company in a research note on Monday, October 29th. Finally, Morgan Stanley assumed coverage on shares of Dril-Quip in a report on Tuesday, September 18th. They issued an “underweight” rating and a $50.00 target price for the company. Two research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $48.50.

NYSE:DRQ opened at $38.89 on Monday. Dril-Quip has a 1-year low of $38.40 and a 1-year high of $58.95. The stock has a market capitalization of $1.50 billion, a P/E ratio of 149.58 and a beta of 1.07.

Several institutional investors and hedge funds have recently bought and sold shares of DRQ. Guggenheim Capital LLC increased its holdings in shares of Dril-Quip by 11.3% during the first quarter. Guggenheim Capital LLC now owns 44,172 shares of the oil and gas company’s stock valued at $1,980,000 after acquiring an additional 4,479 shares in the last quarter. Legal & General Group Plc increased its holdings in Dril-Quip by 47.1% in the 1st quarter. Legal & General Group Plc now owns 58,331 shares of the oil and gas company’s stock worth $2,613,000 after buying an additional 18,685 shares during the period. Royal Bank of Canada increased its holdings in Dril-Quip by 9.8% in the 1st quarter. Royal Bank of Canada now owns 28,588 shares of the oil and gas company’s stock worth $1,281,000 after buying an additional 2,556 shares during the period. Unison Advisors LLC acquired a new position in Dril-Quip in the 2nd quarter worth approximately $229,000. Finally, First Mercantile Trust Co. increased its holdings in Dril-Quip by 95.9% in the 2nd quarter. First Mercantile Trust Co. now owns 5,080 shares of the oil and gas company’s stock worth $261,000 after buying an additional 2,487 shares during the period.

In other news, insider Blake T. Deberry sold 2,000 shares of the company’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $52.35, for a total transaction of $104,700.00. Following the transaction, the insider now owns 112,208 shares in the company, valued at $5,874,088.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO James A. Gariepy sold 14,431 shares of the company’s stock in a transaction dated Monday, October 29th. The shares were sold at an average price of $41.54, for a total transaction of $599,463.74. Following the transaction, the chief operating officer now owns 117,404 shares in the company, valued at approximately $4,876,962.16. The disclosure for this sale can be found here. Insiders sold 42,600 shares of company stock valued at $1,802,081 over the last quarter. 1.10% of the stock is currently owned by corporate insiders.

Dril-Quip declared that its Board of Directors has authorized a stock buyback program on Thursday, July 26th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the oil and gas company to buy up to 4.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Dril-Quip Company Profile

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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Earnings History and Estimates for Dril-Quip (NYSE:DRQ)

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