Capital Fund Management S.A. purchased a new position in shares of Dril-Quip Inc. (NYSE:DRQ) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 14,100 shares of the company’s stock, valued at approximately $824,000.
A number of other hedge funds also recently made changes to their positions in DRQ. Speece Thorson Capital Group Inc. increased its stake in shares of Dril-Quip by 9.5% in the second quarter. Speece Thorson Capital Group Inc. now owns 209,087 shares of the company’s stock worth $12,217,000 after buying an additional 18,071 shares in the last quarter. Moody Aldrich Partners LLC increased its stake in shares of Dril-Quip by 204.7% in the second quarter. Moody Aldrich Partners LLC now owns 20,535 shares of the company’s stock worth $1,200,000 after buying an additional 13,795 shares in the last quarter. Boston Advisors LLC increased its stake in shares of Dril-Quip by 15.4% in the second quarter. Boston Advisors LLC now owns 67,910 shares of the company’s stock worth $3,968,000 after buying an additional 9,060 shares in the last quarter. RS Investment Management Co. LLC bought a new stake in shares of Dril-Quip during the second quarter worth about $12,558,000. Finally, Bank of Montreal Can bought a new stake in shares of Dril-Quip during the second quarter worth about $881,000.
Dril-Quip Inc. (NYSE:DRQ) traded up 1.32% during midday trading on Monday, reaching $56.90. 427,674 shares of the company’s stock traded hands. Dril-Quip Inc. has a 1-year low of $48.88 and a 1-year high of $67.95. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of 12.57 and a beta of 0.77. The firm’s 50-day moving average is $54.71 and its 200-day moving average is $58.12.
Dril-Quip (NYSE:DRQ) last issued its earnings results on Friday, July 29th. The company reported $0.96 EPS for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.29. The business earned $142.40 million during the quarter, compared to analysts’ expectations 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 in the prior year, the business earned $1.01 earnings per share. Analysts forecast that Dril-Quip Inc. will post $2.17 earnings per share for the current year.
A number of analysts have issued reports on the stock. Zacks Investment Research downgraded shares of Dril-Quip from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 2nd. Morgan Stanley restated a “hold” rating and issued a $73.00 target price on shares of Dril-Quip in a report on Monday, August 1st. Scotiabank restated a “sector perform” rating and issued a $67.00 target price (down from $72.00) on shares of Dril-Quip in a report on Sunday, July 31st. Howard Weil reduced their target price on shares of Dril-Quip from $72.00 to $67.00 and set a “sector perform” rating on the stock in a report on Friday, July 29th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Dril-Quip in a report on Wednesday, June 22nd. They issued a “neutral” rating and a $53.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, eleven have assigned 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 $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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