FBR & Co upgraded shares of Dril-Quip, Inc. (NYSE:DRQ) from a neutral rating to a buy rating in a report published on Tuesday, Marketbeat.com reports. The brokerage currently has $55.00 price objective on the oil and gas company’s stock, up from their previous price objective of $49.00. FBR & Co also issued estimates for Dril-Quip’s Q3 2017 earnings at ($0.08) EPS, Q4 2017 earnings at $0.05 EPS, FY2017 earnings at $0.14 EPS, Q1 2018 earnings at $0.03 EPS, Q2 2018 earnings at $0.09 EPS, Q3 2018 earnings at $0.18 EPS, Q4 2018 earnings at $0.25 EPS, FY2018 earnings at $0.55 EPS and FY2019 earnings at $1.20 EPS.
Several other research analysts have also issued reports on DRQ. Cowen and Company set a $43.00 target price on Dril-Quip and gave the company a hold rating in a research report on Friday, October 6th. BidaskClub lowered Dril-Quip from a sell rating to a strong sell rating in a research report on Thursday, August 10th. Scotiabank set a $61.00 target price on Dril-Quip and gave the company a hold rating in a research report on Monday, July 31st. Finally, Piper Jaffray Companies set a $43.00 target price on Dril-Quip and gave the company a hold rating in a research report on Saturday, July 29th. One analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $53.86.
Dril-Quip (NYSE DRQ) opened at 42.80 on Tuesday. The company has a market cap of $1.62 billion, a price-to-earnings ratio of 79.55 and a beta of 0.70. The firm’s 50-day moving average price is $41.80 and its 200-day moving average price is $47.50. Dril-Quip has a 52-week low of $35.85 and a 52-week high of $69.40.
Dril-Quip (NYSE:DRQ) last announced its earnings results on Friday, July 28th. The oil and gas company reported $0.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.06. Dril-Quip had a return on equity of 2.12% and a net margin of 4.28%. The business had revenue of $127.90 million during the quarter, compared to analyst estimates of $112.12 million. During the same quarter in the previous year, the business earned $0.96 earnings per share. The company’s revenue for the quarter was down 10.2% compared to the same quarter last year. On average, equities analysts anticipate that Dril-Quip will post $0.11 EPS for the current year.
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In related news, VP James C. Webster sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $43.49, for a total value of $86,980.00. Following the completion of the sale, the vice president now owns 24,104 shares in the company, valued at $1,048,282.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.87% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. QS Investors LLC boosted its holdings in shares of Dril-Quip by 0.5% in the second quarter. QS Investors LLC now owns 2,813 shares of the oil and gas company’s stock valued at $137,000 after purchasing an additional 13 shares during the period. Northwestern Mutual Investment Management Company LLC boosted its holdings in shares of Dril-Quip by 0.5% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 6,548 shares of the oil and gas company’s stock valued at $383,000 after purchasing an additional 33 shares during the period. Metropolitan Life Insurance Co. NY boosted its holdings in shares of Dril-Quip by 0.3% in the first quarter. Metropolitan Life Insurance Co. NY now owns 35,235 shares of the oil and gas company’s stock valued at $1,922,000 after purchasing an additional 114 shares during the period. Commerce Bank boosted its holdings in shares of Dril-Quip by 3.1% in the second quarter. Commerce Bank now owns 5,125 shares of the oil and gas company’s stock valued at $250,000 after purchasing an additional 155 shares during the period. Finally, Advantus Capital Management Inc boosted its holdings in shares of Dril-Quip by 3.6% in the first quarter. Advantus Capital Management Inc now owns 4,840 shares of the oil and gas company’s stock valued at $264,000 after purchasing an additional 170 shares during the period.
Dril-Quip Company Profile
Dril-Quip, Inc (Dril-Quip) designs, manufactures, sells and services engineered drilling and production equipment. The Company’s operations are organized into three geographic segments: Western Hemisphere, including North and South America, headquartered in Houston, Texas; Eastern Hemisphere, including Europe and Africa, headquartered in Aberdeen, Scotland, and Asia-Pacific, including the Pacific Rim, Southeast Asia, Australia, India and the Middle East, headquartered in Singapore.
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