Dril-Quip (NYSE:DRQ) Reaches New 52-Week Low on Disappointing Earnings

Dril-Quip, Inc. (NYSE:DRQ)’s share price hit a new 52-week low during mid-day trading on Friday following a weaker than expected earnings announcement. The company traded as low as $15.47 and last traded at $15.82, with a volume of 22036 shares traded. The stock had previously closed at $16.21.

The oil and gas company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.07). Dril-Quip had a negative net margin of 4.89% and a negative return on equity of 2.98%. The business had revenue of $120.34 million for the quarter, compared to analyst estimates of $118.85 million. During the same period last year, the firm earned ($0.03) earnings per share. The company’s quarterly revenue was up 34.3% on a year-over-year basis.

Wall Street Analyst Weigh In

Separately, Barclays reduced their price objective on Dril-Quip from $22.00 to $21.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 14th.

Institutional Investors Weigh In On Dril-Quip

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DRQ. CWM LLC increased its stake in Dril-Quip by 564.0% during the second quarter. CWM LLC now owns 2,696 shares of the oil and gas company’s stock valued at $50,000 after purchasing an additional 2,290 shares during the last quarter. Kings Path Partners LLC acquired a new stake in Dril-Quip in the 2nd quarter valued at approximately $52,000. Central Pacific Bank Trust Division acquired a new position in shares of Dril-Quip during the first quarter valued at $104,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Dril-Quip during the 1st quarter worth about $219,000. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Dril-Quip by 37.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 9,511 shares of the oil and gas company’s stock worth $221,000 after acquiring an additional 2,569 shares during the period.

Dril-Quip Price Performance

The firm has a market capitalization of $544.52 million, a P/E ratio of -25.31 and a beta of 0.87. The firm’s fifty day moving average price is $17.69 and its 200-day moving average price is $19.99.

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.