Dril-Quip, Inc. (NYSE:DRQ) Short Interest Down 5.8% in March

Dril-Quip, Inc. (NYSE:DRQGet Free Report) saw a large decrease in short interest during the month of March. As of March 15th, there was short interest totalling 1,610,000 shares, a decrease of 5.8% from the February 29th total of 1,710,000 shares. Currently, 4.8% of the company’s stock are sold short. Based on an average trading volume of 216,900 shares, the short-interest ratio is presently 7.4 days.

Dril-Quip Stock Up 0.5 %

Dril-Quip stock opened at $23.50 on Wednesday. The firm has a 50 day moving average price of $22.10 and a 200-day moving average price of $23.07. The company has a market capitalization of $808.87 million, a P/E ratio of 2,334.00 and a beta of 0.84. Dril-Quip has a twelve month low of $18.93 and a twelve month high of $30.93.

Dril-Quip (NYSE:DRQGet Free Report) last released its quarterly earnings data on Monday, February 26th. The oil and gas company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.14). The business had revenue of $126.34 million during the quarter, compared to the consensus estimate of $118.58 million. Dril-Quip had a negative return on equity of 0.58% and a net margin of 0.14%. The firm’s quarterly revenue was up 30.5% on a year-over-year basis. During the same period last year, the business posted $0.06 earnings per share. Equities analysts expect that Dril-Quip will post 0.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. StockNews.com raised shares of Dril-Quip from a “sell” rating to a “hold” rating in a research report on Friday, March 15th. Evercore ISI reduced their target price on shares of Dril-Quip from $44.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday, February 28th. Finally, Barclays reduced their target price on shares of Dril-Quip from $23.00 to $22.00 and set an “underweight” rating for the company in a research report on Thursday, February 29th.

Get Our Latest Report on DRQ

Insider Buying and Selling

In related news, CEO Jeffrey J. Bird sold 7,500 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $23.14, for a total value of $173,550.00. Following the sale, the chief executive officer now owns 155,327 shares in the company, valued at approximately $3,594,266.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Dril-Quip news, CEO Jeffrey J. Bird sold 7,500 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $23.14, for a total value of $173,550.00. Following the completion of the sale, the chief executive officer now owns 155,327 shares in the company, valued at approximately $3,594,266.78. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP James C. Webster sold 4,000 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $23.16, for a total transaction of $92,640.00. Following the completion of the sale, the vice president now owns 62,735 shares of the company’s stock, valued at approximately $1,452,942.60. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of DRQ. Brandes Investment Partners LP boosted its holdings in Dril-Quip by 36.8% in the 3rd quarter. Brandes Investment Partners LP now owns 2,206,515 shares of the oil and gas company’s stock worth $62,158,000 after buying an additional 593,982 shares during the period. Ranger Investment Management L.P. boosted its holdings in Dril-Quip by 365.7% in the 3rd quarter. Ranger Investment Management L.P. now owns 697,659 shares of the oil and gas company’s stock worth $19,653,000 after buying an additional 547,859 shares during the period. Gamco Investors INC. ET AL boosted its holdings in Dril-Quip by 29.5% in the 1st quarter. Gamco Investors INC. ET AL now owns 1,517,794 shares of the oil and gas company’s stock worth $56,690,000 after buying an additional 345,344 shares during the period. Bank of New York Mellon Corp boosted its holdings in Dril-Quip by 27.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,363,507 shares of the oil and gas company’s stock valued at $38,410,000 after purchasing an additional 292,521 shares during the period. Finally, Royce & Associates LP bought a new position in Dril-Quip in the 1st quarter valued at $8,170,000.

Dril-Quip Company Profile

(Get Free Report)

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services engineered drilling and production equipment for offshore and onshore applications worldwide. The company's principal products include subsea and surface wellheads, specialty connectors and associated pipes, subsea production trees and systems, mudline hanger systems, production riser systems, dry tree systems, subsea manifolds, line hangers and expandable liner systems, multi-frac well connections, conventional wellheads, thermal wellheads, completion packers, and safety and kelly valves; and rig equipment comprises drilling riser systems, wellhead connectors, diverters, and cement manifolds.

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