$95.02 Million in Sales Expected for Dril-Quip, Inc. (DRQ) This Quarter

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Wall Street analysts predict that Dril-Quip, Inc. (NYSE:DRQ) will post $95.02 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Dril-Quip’s earnings. The highest sales estimate is $95.60 million and the lowest is $94.00 million. Dril-Quip reported sales of $127.92 million in the same quarter last year, which would indicate a negative year over year growth rate of 25.7%. The company is scheduled to report its next quarterly earnings results on Friday, July 27th.

On average, analysts expect that Dril-Quip will report full year sales of $387.61 million for the current financial year, with estimates ranging from $382.00 million to $392.50 million. For the next fiscal year, analysts anticipate that the firm will report sales of $466.58 million per share, with estimates ranging from $438.00 million to $490.00 million. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that follow Dril-Quip.

Dril-Quip (NYSE:DRQ) last released its quarterly earnings data on Thursday, April 26th. The oil and gas company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.14). Dril-Quip had a negative return on equity of 0.26% and a negative net margin of 24.83%. The firm had revenue of $99.20 million for the quarter, compared to the consensus estimate of $96.84 million. Dril-Quip’s revenue for the quarter was down 16.8% on a year-over-year basis.

Several research analysts recently weighed in on the stock. ValuEngine lowered shares of Dril-Quip from a “hold” rating to a “sell” rating in a research note on Thursday, March 1st. TheStreet lowered shares of Dril-Quip from a “c-” rating to a “d+” rating in a research note on Tuesday, May 15th. Cowen set a $40.00 price objective on shares of Dril-Quip and gave the stock a “hold” rating in a research note on Friday, April 13th. Barclays reduced their price objective on shares of Dril-Quip from $49.00 to $41.00 and set a “hold” rating on the stock in a research note on Monday, April 30th. Finally, B. Riley set a $50.00 price objective on shares of Dril-Quip and gave the stock a “buy” rating in a research note on Tuesday, May 1st. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. Dril-Quip presently has a consensus rating of “Hold” and a consensus price target of $47.13.

In other Dril-Quip news, VP James C. Webster sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, April 2nd. The shares were sold at an average price of $43.99, for a total transaction of $87,980.00. Following the sale, the vice president now directly owns 33,994 shares in the company, valued at approximately $1,495,396.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jeffrey J. Bird sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, April 2nd. The stock was sold at an average price of $43.99, for a total transaction of $43,990.00. Following the sale, the chief financial officer now owns 21,878 shares in the company, valued at $962,413.22. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.

A number of hedge funds have recently made changes to their positions in DRQ. Schwab Charles Investment Management Inc. raised its holdings in Dril-Quip by 10.0% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 309,986 shares of the oil and gas company’s stock worth $14,787,000 after buying an additional 28,104 shares during the period. Teacher Retirement System of Texas acquired a new stake in shares of Dril-Quip in the fourth quarter valued at approximately $600,000. California Public Employees Retirement System raised its holdings in shares of Dril-Quip by 9.3% in the fourth quarter. California Public Employees Retirement System now owns 121,853 shares of the oil and gas company’s stock valued at $5,812,000 after purchasing an additional 10,406 shares during the last quarter. New Mexico Educational Retirement Board acquired a new stake in shares of Dril-Quip in the fourth quarter valued at approximately $448,000. Finally, Sei Investments Co. raised its holdings in shares of Dril-Quip by 36.0% in the fourth quarter. Sei Investments Co. now owns 76,308 shares of the oil and gas company’s stock valued at $3,639,000 after purchasing an additional 20,196 shares during the last quarter.

Dril-Quip stock traded up $0.75 during midday trading on Friday, hitting $51.40. 431,300 shares of the stock were exchanged, compared to its average volume of 520,682. Dril-Quip has a 52 week low of $35.85 and a 52 week high of $56.55. The firm has a market capitalization of $1.92 billion, a price-to-earnings ratio of 194.81 and a beta of 0.80.

Dril-Quip Company Profile

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services onshore and offshore drilling and production equipment for use in deepwater, harsh environment, and severe service applications worldwide. It operates through three segments: Western Hemisphere, Eastern Hemisphere, and Asia-Pacific.

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Earnings History and Estimates for Dril-Quip (NYSE:DRQ)

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