California Public Employees Retirement System Acquires 6,198 Shares of Dril-Quip, Inc. (DRQ)

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California Public Employees Retirement System increased its holdings in shares of Dril-Quip, Inc. (NYSE:DRQ) by 5.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 127,545 shares of the oil and gas company’s stock after acquiring an additional 6,198 shares during the period. California Public Employees Retirement System’s holdings in Dril-Quip were worth $6,556,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. BlackRock Inc. boosted its position in shares of Dril-Quip by 4.8% during the 2nd quarter. BlackRock Inc. now owns 4,352,976 shares of the oil and gas company’s stock valued at $223,743,000 after acquiring an additional 200,893 shares in the last quarter. Fisher Asset Management LLC boosted its position in shares of Dril-Quip by 46.9% during the 2nd quarter. Fisher Asset Management LLC now owns 1,085,527 shares of the oil and gas company’s stock valued at $55,796,000 after acquiring an additional 346,745 shares in the last quarter. Voya Investment Management LLC boosted its position in shares of Dril-Quip by 26.4% during the 2nd quarter. Voya Investment Management LLC now owns 629,154 shares of the oil and gas company’s stock valued at $32,338,000 after acquiring an additional 131,386 shares in the last quarter. Gamco Investors INC. ET AL boosted its position in shares of Dril-Quip by 0.7% during the 2nd quarter. Gamco Investors INC. ET AL now owns 531,828 shares of the oil and gas company’s stock valued at $27,336,000 after acquiring an additional 3,900 shares in the last quarter. Finally, Investment Counselors of Maryland LLC boosted its position in shares of Dril-Quip by 9.7% during the 2nd quarter. Investment Counselors of Maryland LLC now owns 474,212 shares of the oil and gas company’s stock valued at $24,374,000 after acquiring an additional 42,091 shares in the last quarter.

In other Dril-Quip news, VP Jeffrey J. Bird sold 1,000 shares of the business’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $52.35, for a total value of $52,350.00. Following the completion of the transaction, the vice president now directly owns 20,788 shares of the company’s stock, valued at $1,088,251.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Blake T. Deberry sold 2,000 shares of the business’s stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $52.35, for a total transaction of $104,700.00. Following the completion of the transaction, the insider now directly owns 112,208 shares of the company’s stock, valued at $5,874,088.80. The disclosure for this sale can be found here. 1.10% of the stock is owned by insiders.

Several analysts have recently weighed in on DRQ shares. Barclays lowered shares of Dril-Quip from an “equal weight” rating to an “underweight” rating and set a $41.00 target price on the stock. in a research report on Tuesday, July 31st. Morgan Stanley started coverage on shares of Dril-Quip in a research report on Tuesday, September 18th. They issued an “underweight” rating and a $50.00 price target on the stock. Zacks Investment Research lowered shares of Dril-Quip from a “hold” rating to a “strong sell” rating in a research report on Wednesday, September 19th. ValuEngine upgraded shares of Dril-Quip from a “hold” rating to a “buy” rating in a research report on Wednesday, July 4th. Finally, B. Riley lowered shares of Dril-Quip from a “buy” rating to a “neutral” rating and boosted their price target for the company from $50.00 to $58.00 in a research report on Friday, July 20th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $49.63.

NYSE:DRQ opened at $46.32 on Friday. The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of 178.85 and a beta of 0.91. Dril-Quip, Inc. has a 12 month low of $37.35 and a 12 month high of $58.95.

Dril-Quip (NYSE:DRQ) last released its quarterly earnings results on Thursday, July 26th. The oil and gas company reported ($0.24) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.16). The firm had revenue of $94.86 million during the quarter, compared to analyst estimates of $94.76 million. Dril-Quip had a negative net margin of 27.63% and a negative return on equity of 1.19%. Dril-Quip’s quarterly revenue was down 25.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.09 earnings per share. Equities research analysts predict that Dril-Quip, Inc. will post -0.81 EPS for the current year.

Dril-Quip declared that its Board of Directors has authorized a share buyback program on Thursday, July 26th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 4.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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

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