Dril-Quip (NYSE:DRQ) Sets New 12-Month Low at $18.47

Dril-Quip, Inc. (NYSE:DRQ)’s share price hit a new 52-week low on Tuesday . The company traded as low as $18.47 and last traded at $18.63, with a volume of 101355 shares. The stock had previously closed at $19.52.

Wall Street Analysts Forecast Growth

DRQ has been the topic of a number of research reports. Barclays dropped their price target on Dril-Quip from $23.00 to $22.00 and set an “underweight” rating on the stock in a research report on Thursday, February 29th. Evercore ISI dropped their price target on 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 Dril-Quip from a “sell” rating to a “hold” rating in a report on Friday, March 15th.

Dril-Quip Stock Performance

The firm has a market capitalization of $625.76 million, a P/E ratio of 1,818.00 and a beta of 0.84. The business has a fifty day moving average of $22.23 and a 200-day moving average of $22.27.

Dril-Quip (NYSE:DRQ) last issued its quarterly earnings results on Monday, February 26th. The oil and gas company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). The firm 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 business’s revenue for the quarter was up 30.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.06 earnings per share. On average, equities research analysts forecast that Dril-Quip, Inc. will post 0.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Dril-Quip

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

Institutional Trading of Dril-Quip

Several hedge funds and other institutional investors have recently modified their holdings of the business. Brandes Investment Partners LP boosted its position in Dril-Quip by 36.8% during the third quarter. Brandes Investment Partners LP now owns 2,206,515 shares of the oil and gas company’s stock valued at $62,158,000 after purchasing an additional 593,982 shares during the last quarter. Ranger Investment Management L.P. boosted its position in Dril-Quip by 365.7% during the third quarter. Ranger Investment Management L.P. now owns 697,659 shares of the oil and gas company’s stock valued at $19,653,000 after purchasing an additional 547,859 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Dril-Quip by 27.3% during the third quarter. Bank of New York Mellon Corp now owns 1,363,507 shares of the oil and gas company’s stock valued at $38,410,000 after purchasing an additional 292,521 shares during the last quarter. Victory Capital Management Inc. boosted its position in Dril-Quip by 521.2% during the third quarter. Victory Capital Management Inc. now owns 182,682 shares of the oil and gas company’s stock valued at $5,146,000 after purchasing an additional 153,274 shares during the last quarter. Finally, Gamco Investors INC. ET AL boosted its position in Dril-Quip by 7.3% during the fourth quarter. Gamco Investors INC. ET AL now owns 2,116,859 shares of the oil and gas company’s stock valued at $49,259,000 after purchasing an additional 144,916 shares during 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.