Engineers Gate Manager LP Lowers Holdings in Dril-Quip, Inc. (DRQ)

Engineers Gate Manager LP lessened its stake in shares of Dril-Quip, Inc. (NYSE:DRQ) by 16.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 62,439 shares of the oil and gas company’s stock after selling 12,388 shares during the period. Engineers Gate Manager LP owned about 0.16% of Dril-Quip worth $2,757,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of Dril-Quip by 41.8% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,147,783 shares of the oil and gas company’s stock worth $138,975,000 after purchasing an additional 927,533 shares during the period. Dimensional Fund Advisors LP raised its position in Dril-Quip by 27.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,139,752 shares of the oil and gas company’s stock worth $153,221,000 after purchasing an additional 684,559 shares during the last quarter. BlackRock Inc. raised its position in Dril-Quip by 17.9% during the 2nd quarter. BlackRock Inc. now owns 4,221,751 shares of the oil and gas company’s stock worth $206,022,000 after purchasing an additional 640,319 shares during the last quarter. Northern Trust Corp raised its position in Dril-Quip by 119.7% during the 2nd quarter. Northern Trust Corp now owns 1,042,035 shares of the oil and gas company’s stock worth $50,851,000 after purchasing an additional 567,821 shares during the last quarter. Finally, Janus Henderson Group PLC raised its position in Dril-Quip by 269.0% during the 2nd quarter. Janus Henderson Group PLC now owns 637,160 shares of the oil and gas company’s stock worth $31,093,000 after purchasing an additional 464,501 shares during the last quarter.

Shares of Dril-Quip, Inc. (NYSE DRQ) traded down $0.10 during mid-day trading on Friday, reaching $47.70. 303,284 shares of the company traded hands, compared to its average volume of 424,864. Dril-Quip, Inc. has a 52 week low of $35.85 and a 52 week high of $67.95. The stock has a market capitalization of $1,810.00, a PE ratio of -64.46 and a beta of 0.73.

Dril-Quip (NYSE:DRQ) last issued its earnings results on Friday, October 27th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.06. Dril-Quip had a negative net margin of 6.14% and a positive return on equity of 1.19%. The company had revenue of $100.35 million for the quarter, compared to analysts’ expectations of $106.74 million. During the same quarter last year, the company posted $0.63 earnings per share. The firm’s quarterly revenue was down 18.8% on a year-over-year basis. equities research analysts expect that Dril-Quip, Inc. will post 0.21 EPS for the current fiscal year.

DRQ has been the subject of several research analyst reports. B. Riley reissued a “buy” rating on shares of Dril-Quip in a research report on Wednesday, November 1st. Zacks Investment Research upgraded shares of Dril-Quip from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research report on Wednesday, November 1st. FBR & Co raised shares of Dril-Quip from a “neutral” rating to a “buy” rating and upped their price objective for the company from $49.00 to $55.00 in a research note on Tuesday, October 10th. TheStreet downgraded shares of Dril-Quip from a “c” rating to a “d+” rating in a research note on Friday, October 27th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $38.00 price objective on shares of Dril-Quip in a research note on Friday, November 10th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $48.57.

In other news, insider Blake T. Deberry sold 10,000 shares of the firm’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $44.66, for a total transaction of $446,600.00. Following the sale, the insider now directly owns 126,208 shares in the company, valued at approximately $5,636,449.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jeffrey J. Bird sold 1,931 shares of the firm’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $41.49, for a total transaction of $80,117.19. Following the sale, the chief financial officer now owns 24,719 shares in the company, valued at $1,025,591.31. The disclosure for this sale can be found here. Insiders sold 47,662 shares of company stock worth $2,013,999 over the last quarter. Insiders own 0.87% of the company’s stock.

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About Dril-Quip

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.

Institutional Ownership by Quarter for Dril-Quip (NYSE:DRQ)

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