Principal Financial Group Inc. boosted its position in Dril-Quip Inc. (NYSE:DRQ) by 12.0% during the second quarter, Holdings Channel reports. The institutional investor owned 144,797 shares of the company’s stock after buying an additional 15,544 shares during the period. Principal Financial Group Inc. owned 0.39% of Dril-Quip worth $8,461,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of the company. LS Investment Advisors LLC raised its position in shares of Dril-Quip by 73.7% in the second quarter. LS Investment Advisors LLC now owns 2,281 shares of the company’s stock worth $133,000 after buying an additional 968 shares in the last quarter. Oakbrook Investments LLC purchased a new position in shares of Dril-Quip during the second quarter worth approximately $202,000. BlueMountain Capital Management LLC purchased a new position in shares of Dril-Quip during the first quarter worth approximately $284,000. Commerce Bank raised its position in shares of Dril-Quip by 0.5% in the second quarter. Commerce Bank now owns 5,135 shares of the company’s stock worth $300,000 after buying an additional 25 shares in the last quarter. Finally, TLP Group LLC purchased a new position in shares of Dril-Quip during the second quarter worth approximately $303,000.
Dril-Quip Inc. (NYSE:DRQ) opened at 53.30 on Wednesday. The company has a market cap of $2.00 billion, a PE ratio of 11.78 and a beta of 0.77. Dril-Quip Inc. has a 52-week low of $48.88 and a 52-week high of $66.73. The firm has a 50-day moving average of $54.25 and a 200 day moving average of $57.88.
Dril-Quip (NYSE:DRQ) last issued its quarterly earnings results on Friday, July 29th. The company reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.29. Dril-Quip had a net margin of 24.16% and a return on equity of 10.92%. The firm earned $142.40 million during the quarter, compared to the consensus estimate of $149.33 million. During the same period in the prior year, the firm earned $1.01 EPS. The business’s revenue was down 33.8% on a year-over-year basis. Equities research analysts expect that Dril-Quip Inc. will post $2.17 earnings per share for the current fiscal year.
A number of equities analysts have commented on DRQ shares. Morgan Stanley reiterated a “hold” rating and issued a $73.00 price objective on shares of Dril-Quip in a report on Monday, August 1st. Zacks Investment Research upgraded shares of Dril-Quip from a “sell” rating to a “hold” rating in a report on Tuesday, July 5th. Cowen and Company reiterated a “market perform” rating and issued a $60.00 price objective on shares of Dril-Quip in a report on Tuesday. JPMorgan Chase & Co. began coverage on shares of Dril-Quip in a report on Wednesday, June 22nd. They issued a “neutral” rating and a $53.00 price objective on the stock. Finally, Scotiabank restated a “sector perform” rating and issued a $67.00 target price (down previously from $72.00) on shares of Dril-Quip in a research note on Sunday, July 31st. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $63.33.
Dril-Quip Company Profile
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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