FIL Ltd Has $9.37 Million Position in Dril-Quip, Inc. (NYSE:DRQ)

FIL Ltd reduced its holdings in Dril-Quip, Inc. (NYSE:DRQ) by 2.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 204,288 shares of the oil and gas company’s stock after selling 4,508 shares during the period. FIL Ltd’s holdings in Dril-Quip were worth $9,367,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. BlackRock Inc. increased its stake in Dril-Quip by 28.3% in the first quarter. BlackRock Inc. now owns 5,470,651 shares of the oil and gas company’s stock valued at $250,829,000 after purchasing an additional 1,208,175 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Dril-Quip by 518.2% in the first quarter. JPMorgan Chase & Co. now owns 726,638 shares of the oil and gas company’s stock valued at $33,317,000 after purchasing an additional 609,104 shares in the last quarter. Macquarie Group Ltd. increased its stake in Dril-Quip by 1.3% in the fourth quarter. Macquarie Group Ltd. now owns 693,576 shares of the oil and gas company’s stock valued at $20,828,000 after purchasing an additional 9,000 shares in the last quarter. Wells Fargo & Company MN increased its stake in Dril-Quip by 23.7% in the first quarter. Wells Fargo & Company MN now owns 639,604 shares of the oil and gas company’s stock valued at $29,326,000 after purchasing an additional 122,529 shares in the last quarter. Finally, Gamco Investors INC. ET AL increased its stake in Dril-Quip by 1.1% in the first quarter. Gamco Investors INC. ET AL now owns 626,728 shares of the oil and gas company’s stock valued at $28,735,000 after purchasing an additional 7,100 shares in the last quarter.

Shares of DRQ stock opened at $40.72 on Thursday. Dril-Quip, Inc. has a 12-month low of $26.62 and a 12-month high of $58.95.

Dril-Quip (NYSE:DRQ) last issued its quarterly earnings data on Thursday, April 25th. The oil and gas company reported ($0.12) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.06). Dril-Quip had a negative return on equity of 1.88% and a negative net margin of 24.85%. The company had revenue of $94.30 million for the quarter, compared to the consensus estimate of $95.89 million. During the same period in the prior year, the company earned ($0.16) EPS. The firm’s revenue was down 4.9% on a year-over-year basis. Analysts forecast that Dril-Quip, Inc. will post 0.02 earnings per share for the current fiscal year.

In other news, VP James C. Webster sold 2,000 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $45.84, for a total transaction of $91,680.00. Following the completion of the sale, the vice president now owns 39,834 shares of the company’s stock, valued at $1,825,990.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.97% of the stock is owned by corporate insiders.

Several brokerages have commented on DRQ. Zacks Investment Research downgraded shares of Dril-Quip from a “hold” rating to a “sell” rating in a research note on Thursday, February 21st. Barclays raised shares of Dril-Quip from an “underweight” rating to an “equal weight” rating and set a $38.84 price objective for the company in a research report on Wednesday, February 20th. ValuEngine raised shares of Dril-Quip from a “hold” rating to a “buy” rating in a research report on Friday, March 29th. Cowen reissued a “market perform” rating and set a $44.00 price objective (up previously from $39.00) on shares of Dril-Quip in a research report on Tuesday, April 30th. Finally, Gabelli raised shares of Dril-Quip from a “hold” rating to a “buy” rating in a research report on Monday, April 29th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. Dril-Quip currently has a consensus rating of “Hold” and a consensus price target of $46.64.

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Dril-Quip Profile

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services onshore and offshore drilling and production equipment for use in deepwater, harsh environment, and severe service applications worldwide. It operates through three segments: Western Hemisphere, Eastern Hemisphere, and Asia-Pacific.

Further Reading: What is a Leveraged Buyout (LBO)?

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Institutional Ownership by Quarter for Dril-Quip (NYSE:DRQ)

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