Dril-Quip (NYSE:DRQ) Issues Earnings Results

Dril-Quip (NYSE:DRQ) issued its quarterly earnings data on Thursday. The oil and gas company reported ($0.62) earnings per share (EPS) for the quarter, reports. Dril-Quip had a negative net margin of 4.89% and a negative return on equity of 2.96%. The business had revenue of $110.30 million during the quarter.

Dril-Quip Price Performance

DRQ opened at $18.60 on Friday. The stock has a market cap of $640.21 million, a P/E ratio of -29.06 and a beta of 0.90. The stock’s 50 day moving average price is $22.01 and its 200 day moving average price is $22.08. Dril-Quip has a 12 month low of $17.80 and a 12 month high of $30.93.

Analysts Set New Price Targets

DRQ has been the subject of a number of recent analyst reports. StockNews.com upgraded Dril-Quip from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Evercore ISI dropped their target price on shares of Dril-Quip from $44.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, February 28th. Finally, Barclays dropped their price objective on shares of Dril-Quip from $23.00 to $22.00 and set an “underweight” rating on the stock in a research note on Thursday, February 29th.

Insider Activity at Dril-Quip

In other Dril-Quip news, CEO Jeffrey J. Bird sold 7,500 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $23.14, for a total transaction of $173,550.00. Following the completion of the sale, the chief executive officer now owns 155,327 shares in the company, valued at approximately $3,594,266.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Jeffrey J. Bird sold 7,500 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $23.14, for a total value of $173,550.00. Following the completion of the sale, the chief executive officer now directly owns 155,327 shares of the company’s stock, valued at approximately $3,594,266.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP James C. Webster sold 4,000 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $23.16, for a total transaction of $92,640.00. Following the completion of the transaction, the vice president now directly owns 62,735 shares in the company, valued at approximately $1,452,942.60. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Dril-Quip

Several large investors have recently added to or reduced their stakes in the stock. Foundry Partners LLC lifted its holdings in Dril-Quip by 0.3% during the third quarter. Foundry Partners LLC now owns 141,245 shares of the oil and gas company’s stock valued at $3,979,000 after purchasing an additional 480 shares in the last quarter. Swiss National Bank boosted its stake in shares of Dril-Quip by 1.0% during the 3rd quarter. Swiss National Bank now owns 71,400 shares of the oil and gas company’s stock worth $2,011,000 after acquiring an additional 700 shares in the last quarter. Deutsche Bank AG increased its position in Dril-Quip by 9.8% during the 3rd quarter. Deutsche Bank AG now owns 16,701 shares of the oil and gas company’s stock worth $470,000 after purchasing an additional 1,490 shares in the last quarter. Quadrature Capital Ltd increased its stake in shares of Dril-Quip by 7.1% during the 4th quarter. Quadrature Capital Ltd now owns 24,443 shares of the oil and gas company’s stock valued at $569,000 after acquiring an additional 1,612 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Dril-Quip by 59.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,733 shares of the oil and gas company’s stock worth $190,000 after acquiring an additional 2,514 shares during the period.

About Dril-Quip

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services engineered drilling and production equipment for offshore and onshore applications worldwide. The company's principal products include subsea and surface wellheads, specialty connectors and associated pipes, subsea production trees and systems, mudline hanger systems, production riser systems, dry tree systems, subsea manifolds, line hangers and expandable liner systems, multi-frac well connections, conventional wellheads, thermal wellheads, completion packers, and safety and kelly valves; and rig equipment comprises drilling riser systems, wellhead connectors, diverters, and cement manifolds.