Dril-Quip, Inc. (NYSE:DRQ) – Research analysts at FBR & Co lowered their Q3 2018 earnings per share estimates for shares of Dril-Quip in a research report issued to clients and investors on Monday. FBR & Co analyst T. Curran now expects that the oil and gas company will post earnings per share of $0.14 for the quarter, down from their prior estimate of $0.18. FBR & Co has a “Buy” rating on the stock. FBR & Co also issued estimates for Dril-Quip’s Q4 2018 earnings at $0.17 EPS, FY2018 earnings at $0.45 EPS, Q1 2019 earnings at $0.21 EPS, Q2 2019 earnings at $0.29 EPS, Q3 2019 earnings at $0.37 EPS and FY2019 earnings at $1.30 EPS.
Several other brokerages have also commented on DRQ. BidaskClub lowered Dril-Quip from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Cowen and Company decreased their price target 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. Piper Jaffray Companies set a $43.00 price target on Dril-Quip and gave the company a “hold” rating in a research note on Saturday, July 29th. Scotiabank set a $61.00 price target on Dril-Quip and gave the company a “hold” rating in a research note on Monday, July 31st. Finally, Zacks Investment Research raised Dril-Quip from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. Dril-Quip has an average rating of “Hold” and a consensus target price of $50.50.
Dril-Quip (NYSE:DRQ) last announced its quarterly earnings results on Friday, October 27th. The oil and gas company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.06. The firm had revenue of $100.35 million for the quarter, compared to analyst estimates of $106.74 million. Dril-Quip had a positive return on equity of 1.19% and a negative net margin of 6.14%. The business’s revenue for the quarter was down 18.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.63 earnings per share.
Several hedge funds and other institutional investors have recently made changes to their positions in DRQ. BlackRock Inc. boosted its position in shares of Dril-Quip by 8,615.2% in the 1st quarter. BlackRock Inc. now owns 3,581,432 shares of the oil and gas company’s stock valued at $195,368,000 after purchasing an additional 3,540,338 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Dril-Quip by 27.9% in the 2nd 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 purchasing an additional 684,559 shares during the period. Northern Trust Corp boosted its position in shares of Dril-Quip by 119.7% in the 2nd quarter. Northern Trust Corp now owns 1,042,035 shares of the oil and gas company’s stock valued at $50,851,000 after purchasing an additional 567,821 shares during the period. Janus Henderson Group PLC boosted its position in shares of Dril-Quip by 269.0% in the 2nd quarter. Janus Henderson Group PLC now owns 637,160 shares of the oil and gas company’s stock valued at $31,093,000 after purchasing an additional 464,501 shares during the period. Finally, Alliancebernstein L.P. boosted its position in shares of Dril-Quip by 1,074.1% in the 2nd quarter. Alliancebernstein L.P. now owns 329,283 shares of the oil and gas company’s stock valued at $16,069,000 after purchasing an additional 301,237 shares during the period.
In related news, VP James C. Webster sold 2,000 shares of the company’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $43.49, for a total value of $86,980.00. Following the completion of the sale, the vice president now directly owns 24,104 shares of the company’s stock, valued at approximately $1,048,282.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Jeffrey J. Bird sold 1,931 shares of the company’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $41.49, for a total value of $80,117.19. Following the completion of the sale, the chief financial officer now directly owns 24,719 shares of the company’s stock, valued at $1,025,591.31. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,662 shares of company stock valued at $1,567,399. Insiders own 0.87% of the company’s stock.
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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