Dril-Quip (DRQ) Stock Price Down 5.5%

Dril-Quip, Inc. (NYSE:DRQ) dropped 5.5% during mid-day trading on Tuesday . The company traded as low as $46.00 and last traded at $46.05. Approximately 649,776 shares changed hands during trading, an increase of 15% from the average daily volume of 564,034 shares. The stock had previously closed at $48.75.

A number of research analysts recently weighed in on DRQ shares. Cowen set a $43.00 target price on shares of Dril-Quip and gave the company a “hold” rating in a report on Friday, October 6th. Gabelli started coverage on shares of Dril-Quip in a report on Friday, October 20th. They issued a “hold” rating and a $43.00 target price for the company. Zacks Investment Research lowered shares of Dril-Quip from a “buy” rating to a “hold” rating in a report on Friday, November 10th. Piper Jaffray Companies reissued a “hold” rating and issued a $38.00 target price on shares of Dril-Quip in a report on Friday, November 10th. Finally, FBR & Co reissued a “buy” rating on shares of Dril-Quip in a report on Friday, October 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. Dril-Quip presently has an average rating of “Hold” and a consensus price target of $48.57.

The company has a market capitalization of $1,750.00, a price-to-earnings ratio of 116.55 and a beta of 0.73.

Dril-Quip (NYSE:DRQ) last posted its earnings results on Friday, October 27th. The oil and gas company reported $0.05 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $106.74 million. During the same period last year, the firm posted $0.63 earnings per share. Dril-Quip’s revenue for the quarter was down 18.8% compared to the same quarter last year. research analysts anticipate that Dril-Quip, Inc. will post 0.18 EPS for the current fiscal year.

In related news, Director A P. Shukis sold 613 shares of the firm’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $42.80, for a total value of $26,236.40. Following the completion of the sale, the director now directly owns 12,282 shares in the company, valued at $525,669.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Blake T. Deberry sold 10,000 shares of the firm’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $44.66, for a total value of $446,600.00. Following the completion of the sale, the insider now owns 126,208 shares of the company’s stock, valued at $5,636,449.28. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 47,662 shares of company stock valued at $2,013,999. 0.87% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Engineers Gate Manager LP bought a new stake in Dril-Quip in the second quarter worth $3,652,000. American Century Companies Inc. lifted its position in shares of Dril-Quip by 0.5% during the second quarter. American Century Companies Inc. now owns 879,376 shares of the oil and gas company’s stock worth $42,914,000 after purchasing an additional 3,963 shares during the last quarter. Heartland Advisors Inc. bought a new stake in shares of Dril-Quip during the second quarter worth $5,467,000. Shell Asset Management Co. bought a new stake in shares of Dril-Quip during the third quarter worth $1,742,000. Finally, Marshall Wace North America L.P. bought a new stake in shares of Dril-Quip during the second quarter worth $1,547,000.

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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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