Alliancebernstein L.P. cut its holdings in shares of Dril-Quip, Inc. (NYSE:DRQ) by 24.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 424,354 shares of the oil and gas company’s stock after selling 137,407 shares during the period. Alliancebernstein L.P.’s holdings in Dril-Quip were worth $20,242,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in DRQ. Sei Investments Co. lifted its stake in Dril-Quip by 16.0% during the third quarter. Sei Investments Co. now owns 56,112 shares of the oil and gas company’s stock worth $2,477,000 after purchasing an additional 7,730 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Dril-Quip by 6.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,187,983 shares of the oil and gas company’s stock valued at $52,450,000 after acquiring an additional 71,792 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of Dril-Quip in the 3rd quarter valued at $136,000. Ameriprise Financial Inc. lifted its stake in shares of Dril-Quip by 1.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 176,635 shares of the oil and gas company’s stock valued at $7,798,000 after acquiring an additional 1,871 shares during the last quarter. Finally, Macquarie Group Ltd. lifted its stake in shares of Dril-Quip by 23.3% in the 3rd quarter. Macquarie Group Ltd. now owns 668,391 shares of the oil and gas company’s stock valued at $29,509,000 after acquiring an additional 126,216 shares during the last quarter.
A number of research analysts have recently commented on the company. Capital One Financial reiterated an “equal weight” rating on shares of Dril-Quip in a research note on Thursday, February 22nd. Piper Jaffray Companies set a $40.00 price target on Dril-Quip and gave the company a “hold” rating in a research note on Thursday, March 8th. TheStreet upgraded Dril-Quip from a “d+” rating to a “c-” rating in a research note on Friday, January 26th. B. Riley set a $55.00 price target on Dril-Quip and gave the company a “buy” rating in a research note on Friday, February 23rd. Finally, Zacks Investment Research upgraded Dril-Quip from a “sell” rating to a “hold” rating in a research note on Monday, February 26th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $49.38.
DRQ stock opened at $46.35 on Wednesday. The company has a market capitalization of $1,800.03, a price-to-earnings ratio of -17.29 and a beta of 0.81. Dril-Quip, Inc. has a 12 month low of $35.85 and a 12 month high of $56.55.
Dril-Quip (NYSE:DRQ) last posted its quarterly earnings data on Tuesday, February 27th. The oil and gas company reported $0.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.02). The company had revenue of $107.97 million during the quarter, compared to analyst estimates of $99.73 million. Dril-Quip had a negative net margin of 22.10% and a positive return on equity of 0.56%. The business’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.23 earnings per share. equities analysts expect that Dril-Quip, Inc. will post 0.08 EPS for the current year.
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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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