BlackRock Advisors LLC increased its stake in Dril-Quip Inc. (NYSE:DRQ) by 18.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 234,106 shares of the company’s stock after buying an additional 36,942 shares during the period. BlackRock Advisors LLC owned about 0.62% of Dril-Quip worth $13,679,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Glenmede Trust Co. NA boosted its stake in Dril-Quip by 32.5% in the first quarter. Glenmede Trust Co. NA now owns 6,325 shares of the company’s stock valued at $382,000 after buying an additional 1,553 shares during the last quarter. Virginia Retirement System acquired a new stake in Dril-Quip during the first quarter valued at about $1,084,000. Mckinley Capital Management LLC Delaware acquired a new stake in Dril-Quip during the first quarter valued at about $6,302,000. Franklin Resources Inc. boosted its stake in Dril-Quip by 3.8% in the first quarter. Franklin Resources Inc. now owns 118,560 shares of the company’s stock valued at $7,180,000 after buying an additional 4,300 shares during the last quarter. Finally, BlackRock Inc. boosted its stake in Dril-Quip by 125.3% in the first quarter. BlackRock Inc. now owns 90,740 shares of the company’s stock valued at $5,496,000 after buying an additional 50,473 shares during the last quarter.
Dril-Quip Inc. (NYSE:DRQ) opened at 55.82 on Tuesday. The company has a 50-day moving average of $54.89 and a 200-day moving average of $58.20. Dril-Quip Inc. has a one year low of $48.88 and a one year high of $68.69. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of 12.34 and a beta of 0.77.
Dril-Quip (NYSE:DRQ) last issued its earnings results on Friday, July 29th. The company reported $0.96 EPS for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.29. The business had revenue of $142.40 million for the quarter, compared to analyst estimates of $149.33 million. Dril-Quip had a net margin of 24.16% and a return on equity of 10.92%. The company’s quarterly revenue was down 33.8% compared to the same quarter last year. During the same period last year, the company posted $1.01 earnings per share. On average, equities analysts forecast that Dril-Quip Inc. will post $2.17 EPS for the current fiscal year.
Several analysts have weighed in on DRQ shares. JPMorgan Chase & Co. started coverage on Dril-Quip in a research report on Wednesday, June 22nd. They set a “neutral” rating and a $53.00 price objective on the stock. Zacks Investment Research cut Dril-Quip from a “hold” rating to a “sell” rating in a research report on Tuesday, June 28th. Howard Weil cut their price objective on Dril-Quip from $72.00 to $67.00 and set a “sector perform” rating on the stock in a research report on Friday, July 29th. Scotiabank reaffirmed a “sector perform” rating and set a $67.00 price objective (down from $72.00) on shares of Dril-Quip in a research report on Sunday, July 31st. Finally, Morgan Stanley reaffirmed a “hold” rating and set a $73.00 price objective on shares of Dril-Quip in a research report on Monday, August 1st. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $63.33.
Dril-Quip, Inc (Dril-Quip) designs, manufactures, sells and services engineered offshore drilling and production equipment. The Company’s principal products consist of subsea and surface wellheads, subsea and surface production trees, subsea control systems and manifolds, mudline hanger systems, specialty connectors and associated pipe, drilling and production riser systems, liner hangers, wellhead connectors and diverters.
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