Dril-Quip (DRQ) Stock Rating Reaffirmed by Cowen

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Cowen reissued their market perform rating on shares of Dril-Quip (NYSE:DRQ) in a research report report published on Tuesday morning, Briefing.com Automated Import reports. Cowen currently has a $44.00 target price on the oil and gas company’s stock, up from their previous target price of $39.00.

A number of other research analysts have also recently commented on the company. Gabelli upgraded Dril-Quip from a hold rating to a buy rating in a research note on Monday. ValuEngine lowered Dril-Quip from a buy rating to a hold rating in a research report on Saturday, April 13th. Zacks Investment Research raised Dril-Quip from a hold rating to a buy rating and set a $49.00 target price for the company in a research report on Monday, March 18th. Barclays raised Dril-Quip from an underweight rating to an equal weight rating and set a $38.84 target price for the company in a research report on Wednesday, February 20th. Finally, JPMorgan Chase & Co. assumed coverage on Dril-Quip in a research report on Thursday, January 17th. They set a neutral rating for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $46.64.

Shares of DRQ stock traded up $0.52 during trading hours on Tuesday, reaching $43.15. The company’s stock had a trading volume of 504 shares, compared to its average volume of 566,567. The company has a market cap of $1.58 billion, a PE ratio of -68.95 and a beta of 1.46. Dril-Quip has a fifty-two week low of $26.62 and a fifty-two week high of $58.95.

Dril-Quip (NYSE:DRQ) last announced its quarterly earnings results on Thursday, April 25th. The oil and gas company reported ($0.12) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.06). Dril-Quip had a negative net margin of 24.85% and a negative return on equity of 1.88%. The firm had revenue of $94.30 million during the quarter, compared to the consensus estimate of $95.89 million. During the same quarter in the previous year, the company posted ($0.16) earnings per share. The firm’s revenue was down 4.9% on a year-over-year basis. Analysts expect that Dril-Quip will post -0.12 EPS for the current fiscal year.

In related news, VP James C. Webster sold 2,000 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $45.84, for a total transaction of $91,680.00. Following the completion of the transaction, the vice president now directly owns 39,834 shares of the company’s stock, valued at approximately $1,825,990.56. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.97% of the stock is owned by company insiders.

Several hedge funds have recently bought and sold shares of DRQ. Jane Street Group LLC bought a new position in shares of Dril-Quip in the 3rd quarter worth about $243,000. Vanguard Group Inc. raised its position in shares of Dril-Quip by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 3,454,189 shares of the oil and gas company’s stock worth $180,482,000 after acquiring an additional 20,778 shares in the last quarter. Great Lakes Advisors LLC raised its position in shares of Dril-Quip by 2.9% in the 3rd quarter. Great Lakes Advisors LLC now owns 129,964 shares of the oil and gas company’s stock worth $6,791,000 after acquiring an additional 3,695 shares in the last quarter. Vanguard Group Inc raised its position in shares of Dril-Quip by 0.6% in the 3rd quarter. Vanguard Group Inc now owns 3,454,189 shares of the oil and gas company’s stock worth $180,482,000 after acquiring an additional 20,778 shares in the last quarter. Finally, Legal & General Group Plc raised its position in shares of Dril-Quip by 1.9% in the 3rd quarter. Legal & General Group Plc now owns 46,555 shares of the oil and gas company’s stock worth $2,432,000 after acquiring an additional 871 shares in the last quarter.

About Dril-Quip

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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Analyst Recommendations for Dril-Quip (NYSE:DRQ)

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