Palisade Capital Management LLC NJ lifted its holdings in Dril-Quip, Inc. (NYSE:DRQ) by 19.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 136,969 shares of the oil and gas company’s stock after acquiring an additional 21,963 shares during the period. Palisade Capital Management LLC NJ owned approximately 0.36% of Dril-Quip worth $6,047,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. grew its stake in shares of 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 acquiring an additional 640,319 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of 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 acquiring an additional 118,295 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of 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 acquiring an additional 684,559 shares in the last quarter. State Street Corp grew its stake in shares of Dril-Quip by 22.0% in the second quarter. State Street Corp now owns 1,441,200 shares of the oil and gas company’s stock valued at $70,327,000 after acquiring an additional 260,352 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Dril-Quip by 2.6% in the second quarter. Bank of New York Mellon Corp now owns 1,116,191 shares of the oil and gas company’s stock valued at $54,471,000 after acquiring an additional 28,114 shares in the last quarter.
Shares of Dril-Quip, Inc. (DRQ) opened at $44.15 on Friday. The company has a market capitalization of $1,671.56, a PE ratio of 105.12 and a beta of 0.68.
Dril-Quip (NYSE:DRQ) last announced its quarterly earnings data on Friday, October 27th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.06. Dril-Quip had a negative net margin of 6.14% and a positive return on equity of 1.19%. The firm had revenue of $100.35 million for the quarter, compared to the consensus estimate of $106.74 million. During the same period in the prior year, the company posted $0.63 earnings per share. The business’s revenue for the quarter was down 18.8% on a year-over-year basis. equities research analysts forecast that Dril-Quip, Inc. will post 0.19 earnings per share for the current fiscal year.
Several research firms recently commented on DRQ. Cowen and Company restated a “market perform” rating and issued a $39.00 price target (down from $43.00) on shares of Dril-Quip in a research note on Monday, October 30th. Wolfe Research upgraded shares of Dril-Quip from an “underperform” rating to a “market perform” rating in a research note on Tuesday, October 31st. BidaskClub downgraded shares of Dril-Quip from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 10th. Piper Jaffray Companies set a $43.00 price objective on shares of Dril-Quip and gave the stock a “hold” rating in a research note on Saturday, July 29th. Finally, TheStreet downgraded shares of Dril-Quip from a “c” rating to a “d+” rating in a research note on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $50.50.
In other news, insider Blake T. Deberry sold 14,819 shares of the firm’s stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $41.49, for a total value of $614,840.31. Following the sale, the insider now directly owns 113,175 shares in the company, valued at approximately $4,695,630.75. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Jeffrey J. Bird sold 1,931 shares of the firm’s stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $41.49, for a total transaction of $80,117.19. Following the completion of the sale, the chief financial officer now owns 24,719 shares in the company, valued at $1,025,591.31. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,662 shares of company stock worth $1,567,399. 0.87% of the stock is currently owned by corporate insiders.
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Dril-Quip Company Profile
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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