Dril-Quip, Inc. (NYSE:DRQ) Shares Down 4.4% After Analyst Downgrade

Dril-Quip, Inc. (NYSE:DRQ) shares fell 4.4% during trading on Monday after BidaskClub downgraded the stock from a sell rating to a strong sell rating. The company traded as low as $45.35 and last traded at $43.40, with a volume of 498,215 shares trading hands. The stock had previously closed at $45.40.

Other research analysts have also recently issued research reports about the company. Piper Jaffray Companies set a $43.00 target price on Dril-Quip and gave the company a “hold” rating in a research note on Saturday, July 29th. Zacks Investment Research raised Dril-Quip from a “sell” rating to a “hold” rating in a research note on Tuesday, May 2nd. Scotiabank set a $61.00 price objective on Dril-Quip and gave the stock a “hold” rating in a research note on Monday, July 31st. Barclays PLC cut Dril-Quip from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $77.00 to $57.00 in a research note on Monday, May 1st. Finally, Cowen and Company dropped their price objective on Dril-Quip from $55.00 to $43.00 and set a “market perform” rating on the stock in a research note on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $56.00.

Hedge funds have recently modified their holdings of the stock. Oregon Public Employees Retirement Fund raised its stake in shares of Dril-Quip by 1.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 13,267 shares of the oil and gas company’s stock valued at $724,000 after buying an additional 200 shares in the last quarter. Nikko Asset Management Americas Inc. raised its stake in shares of Dril-Quip by 6.2% in the first quarter. Nikko Asset Management Americas Inc. now owns 109,449 shares of the oil and gas company’s stock valued at $5,970,000 after buying an additional 6,400 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in shares of Dril-Quip by 60.3% in the first quarter. Janney Montgomery Scott LLC now owns 19,957 shares of the oil and gas company’s stock valued at $1,089,000 after buying an additional 7,508 shares in the last quarter. First Quadrant L P CA raised its stake in shares of Dril-Quip by 2.3% in the first quarter. First Quadrant L P CA now owns 474,734 shares of the oil and gas company’s stock valued at $25,897,000 after buying an additional 10,462 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in shares of Dril-Quip during the first quarter valued at approximately $483,000.

The company’s 50 day moving average is $47.46 and its 200 day moving average is $53.17. The firm has a market capitalization of $1.52 billion, a PE ratio of 74.63 and a beta of 0.63.

Dril-Quip (NYSE:DRQ) last issued its quarterly earnings data on Friday, July 28th. The oil and gas company reported $0.09 earnings per share for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $127.90 million for the quarter, compared to the consensus estimate of $112.12 million. During the same period last year, the firm posted $0.96 EPS. Dril-Quip’s quarterly revenue was down 10.2% compared to the same quarter last year. Equities research analysts expect that Dril-Quip, Inc. will post $0.10 earnings per share for the current year.

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About Dril-Quip

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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