Dril-Quip (NYSE:DRQ) Shares Down 3.5%

Dril-Quip, Inc. (NYSE:DRQ) shares dropped 3.5% during mid-day trading on Tuesday . The company traded as low as $23.96 and last traded at $24.03. Approximately 62,418 shares traded hands during trading, a decline of 71% from the average daily volume of 217,748 shares. The stock had previously closed at $24.90.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Barclays reduced their target price on Dril-Quip from $23.00 to $22.00 and set an “underweight” rating on the stock in a report on Thursday, February 29th. Evercore ISI decreased their target price on shares of Dril-Quip from $44.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 28th. Finally, StockNews.com raised shares of Dril-Quip from a “sell” rating to a “hold” rating in a report on Friday, March 15th.

Dril-Quip Price Performance

The stock’s 50-day simple moving average is $21.96 and its two-hundred day simple moving average is $23.30. The firm has a market cap of $775.48 million, a P/E ratio of 2,276.00 and a beta of 0.85.

Dril-Quip (NYSE:DRQ) last released its earnings results on Monday, February 26th. The oil and gas company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). The business had revenue of $126.34 million for the quarter, compared to the consensus estimate of $118.58 million. Dril-Quip had a net margin of 0.14% and a negative return on equity of 0.58%. The company’s quarterly revenue was up 30.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.06 EPS. As a group, sell-side analysts expect that Dril-Quip, Inc. will post 0.45 earnings per share for the current year.

Insider Activity at Dril-Quip

In related news, Director Terence Bartlett Jupp sold 1,414 shares of the business’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $22.90, for a total value of $32,380.60. Following the completion of the sale, the director now owns 59,615 shares in the company, valued at $1,365,183.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Dril-Quip

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Dril-Quip by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 3,867,476 shares of the oil and gas company’s stock worth $89,996,000 after buying an additional 45,964 shares during the period. Brandes Investment Partners LP lifted its position in shares of Dril-Quip by 16.0% during the fourth quarter. Brandes Investment Partners LP now owns 2,559,568 shares of the oil and gas company’s stock valued at $59,561,000 after buying an additional 353,053 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Dril-Quip by 2.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,150,385 shares of the oil and gas company’s stock valued at $50,040,000 after buying an additional 43,434 shares in the last quarter. Gamco Investors INC. ET AL grew its position in shares of Dril-Quip by 7.3% in the 4th quarter. Gamco Investors INC. ET AL now owns 2,116,859 shares of the oil and gas company’s stock worth $49,259,000 after buying an additional 144,916 shares during the last quarter. Finally, State Street Corp raised its stake in shares of Dril-Quip by 16.9% during the 1st quarter. State Street Corp now owns 1,627,383 shares of the oil and gas company’s stock worth $60,783,000 after acquiring an additional 235,177 shares in the last quarter.

Dril-Quip Company Profile

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.