Dril-Quip, Inc. (NYSE:DRQ) Given a $61.00 Price Target at Scotiabank

Dril-Quip, Inc. (NYSE:DRQ) has been given a $61.00 price target by stock analysts at Scotiabank in a research note issued to investors on Monday, July 31st. The firm presently has a “hold” rating on the oil and gas company’s stock. Scotiabank’s price objective would suggest a potential upside of 62.67% from the stock’s current price.

Other analysts also recently issued research reports about the company. BidaskClub upgraded Dril-Quip from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Zacks Investment Research upgraded Dril-Quip from a “sell” rating to a “hold” rating in a research report on Tuesday, May 2nd. 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. Barclays PLC lowered Dril-Quip from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $77.00 to $57.00 in a research report on Monday, May 1st. Finally, Cowen and Company reduced their price target on Dril-Quip from $55.00 to $43.00 and set a “market perform” rating on the stock in a research report on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. Dril-Quip has a consensus rating of “Hold” and an average target price of $56.00.

Dril-Quip (NYSE:DRQ) opened at 37.50 on Monday. The stock has a 50 day moving average price of $45.98 and a 200 day moving average price of $52.30. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 69.70 and a beta of 0.63. Dril-Quip has a 1-year low of $36.75 and a 1-year high of $69.40.

Dril-Quip (NYSE:DRQ) last announced its earnings results on Friday, July 28th. The oil and gas company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.06. Dril-Quip had a return on equity of 2.12% and a net margin of 4.28%. The firm had revenue of $127.90 million during the quarter, compared to the consensus estimate of $112.12 million. During the same quarter in the prior year, the company earned $0.96 EPS. The firm’s revenue for the quarter was down 10.2% compared to the same quarter last year. Analysts predict that Dril-Quip will post $0.12 EPS for the current year.

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Several large investors have recently modified their holdings of the stock. FMR LLC boosted its stake in shares of Dril-Quip by 0.6% in the first quarter. FMR LLC now owns 5,073,126 shares of the oil and gas company’s stock valued at $276,739,000 after buying an additional 30,340 shares during the period. BlackRock Inc. boosted its stake in Dril-Quip by 17.9% in the second quarter. BlackRock Inc. now owns 4,221,751 shares of the oil and gas company’s stock valued at $206,022,000 after buying an additional 640,319 shares during the last quarter. Vanguard Group Inc. boosted its stake in Dril-Quip by 3.8% in the second quarter. Vanguard Group Inc. now owns 3,226,409 shares of the oil and gas company’s stock valued at $157,449,000 after buying an additional 118,295 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Dril-Quip by 27.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,139,752 shares of the oil and gas company’s stock valued at $153,221,000 after buying an additional 684,559 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its stake in Dril-Quip by 8.2% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,216,122 shares of the oil and gas company’s stock valued at $120,889,000 after buying an additional 167,173 shares during the last quarter.

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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