Dril-Quip (NYSE:DRQ) Reaches New 1-Year Low at $18.84

Shares of Dril-Quip, Inc. (NYSE:DRQ) reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $18.84 and last traded at $18.95, with a volume of 142662 shares trading hands. The stock had previously closed at $19.46.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on DRQ. Evercore ISI decreased their price target on shares of Dril-Quip from $44.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, February 28th. Barclays dropped their price target on shares of Dril-Quip from $23.00 to $22.00 and set an “underweight” rating for the company in a research report on Thursday, February 29th. Finally, StockNews.com raised shares of Dril-Quip from a “sell” rating to a “hold” rating in a report on Friday, March 15th.

Dril-Quip Price Performance

The business’s 50-day moving average price is $22.27 and its two-hundred day moving average price is $22.36. The company has a market capitalization of $685.30 million, a P/E ratio of 1,991.00 and a beta of 0.84.

Dril-Quip (NYSE:DRQ) last issued its quarterly earnings results on Monday, February 26th. The oil and gas company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.14). Dril-Quip had a net margin of 0.14% and a negative return on equity of 0.58%. The business had revenue of $126.34 million during the quarter, compared to analyst estimates of $118.58 million. During the same quarter in the previous year, the firm posted $0.06 earnings per share. The firm’s quarterly revenue was up 30.5% on a year-over-year basis. Research analysts expect that Dril-Quip, Inc. will post 0.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Dril-Quip news, VP James C. Webster sold 4,000 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $23.16, for a total value of $92,640.00. Following the completion of the sale, the vice president now owns 62,735 shares of the company’s stock, valued at approximately $1,452,942.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP James C. Webster sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $23.16, for a total transaction of $92,640.00. Following the completion of the transaction, the vice president now directly owns 62,735 shares in the company, valued at approximately $1,452,942.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jeffrey J. Bird sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $23.14, for a total transaction of $173,550.00. Following the transaction, the chief executive officer now owns 155,327 shares of the company’s stock, valued at $3,594,266.78. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Dril-Quip

Several institutional investors and hedge funds have recently added to or reduced their stakes in DRQ. Brandes Investment Partners LP increased its position in Dril-Quip by 36.8% in the 3rd quarter. Brandes Investment Partners LP now owns 2,206,515 shares of the oil and gas company’s stock valued at $62,158,000 after acquiring an additional 593,982 shares during the period. Ranger Investment Management L.P. boosted its stake in shares of Dril-Quip by 365.7% in the 3rd quarter. Ranger Investment Management L.P. now owns 697,659 shares of the oil and gas company’s stock valued at $19,653,000 after purchasing an additional 547,859 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Dril-Quip by 27.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,363,507 shares of the oil and gas company’s stock valued at $38,410,000 after purchasing an additional 292,521 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Dril-Quip by 521.2% in the 3rd quarter. Victory Capital Management Inc. now owns 182,682 shares of the oil and gas company’s stock valued at $5,146,000 after purchasing an additional 153,274 shares during the last quarter. Finally, Gamco Investors INC. ET AL boosted its stake in shares of Dril-Quip by 7.3% in the 4th quarter. Gamco Investors INC. ET AL now owns 2,116,859 shares of the oil and gas company’s stock valued at $49,259,000 after purchasing an additional 144,916 shares during the last quarter.

About Dril-Quip

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.