Dril-Quip (NYSE:DRQ) Research Coverage Started at StockNews.com

Posted by Terry King on Mar 19th, 2023

StockNews.com began coverage on shares of Dril-Quip (NYSE:DRQ – Get Rating) in a research report sent to investors on Thursday morning. The firm issued a hold rating on the oil and gas company’s stock.

Other equities research analysts have also recently issued reports about the company. Barclays upped their target price on Dril-Quip from $23.00 to $27.00 and gave the stock an underweight rating in a research note on Thursday, March 2nd. TheStreet upgraded shares of Dril-Quip from a d+ rating to a c- rating in a report on Tuesday, January 31st.

Dril-Quip Price Performance

NYSE DRQ opened at $27.02 on Thursday. The business has a fifty day moving average price of $30.21 and a two-hundred day moving average price of $25.79. Dril-Quip has a fifty-two week low of $19.10 and a fifty-two week high of $38.99. The stock has a market capitalization of $923.27 million, a PE ratio of 2,702.00 and a beta of 1.09.

Dril-Quip (NYSE:DRQ – Get Rating) last released its earnings results on Monday, February 27th. The oil and gas company reported $0.06 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.11. Dril-Quip had a negative return on equity of 1.06% and a net margin of 0.12%. The firm had revenue of $96.81 million during the quarter, compared to analysts’ expectations of $88.50 million. During the same period in the prior year, the company earned ($0.46) earnings per share. The company’s quarterly revenue was up 24.3% on a year-over-year basis. As a group, sell-side analysts expect that Dril-Quip will post -0.07 earnings per share for the current year.

Insider Transactions at Dril-Quip

In other news, CFO Kyle Mcclure sold 2,500 shares of the company’s stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $26.23, for a total transaction of $65,575.00. Following the completion of the transaction, the chief financial officer now directly owns 62,845 shares in the company, valued at $1,648,424.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP James C. Webster sold 2,000 shares of the company’s stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $26.22, for a total transaction of $52,440.00. Following the completion of the transaction, the vice president now directly owns 58,795 shares in the company, valued at $1,541,604.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kyle Mcclure sold 2,500 shares of the stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $26.23, for a total value of $65,575.00. Following the completion of the sale, the chief financial officer now owns 62,845 shares of the company’s stock, valued at $1,648,424.35. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,436 shares of company stock worth $601,374. Corporate insiders own 2.02% of the company’s stock.

Institutional Trading of Dril-Quip

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Rockefeller Capital Management L.P. increased its holdings in Dril-Quip by 790.8% in the fourth quarter. Rockefeller Capital Management L.P. now owns 2,227 shares of the oil and gas company’s stock valued at $60,000 after purchasing an additional 1,977 shares during the period. Linden Thomas Advisory Services LLC acquired a new stake in Dril-Quip in the fourth quarter valued at $1,302,000. Steward Partners Investment Advisory LLC increased its holdings in Dril-Quip by 181.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,323 shares of the oil and gas company’s stock valued at $117,000 after purchasing an additional 2,786 shares during the period. Jane Street Group LLC increased its holdings in Dril-Quip by 8.7% in the fourth quarter. Jane Street Group LLC now owns 39,067 shares of the oil and gas company’s stock valued at $1,061,000 after purchasing an additional 3,135 shares during the period. Finally, Gamco Investors INC. ET AL increased its holdings in Dril-Quip by 3.0% in the fourth quarter. Gamco Investors INC. ET AL now owns 1,826,612 shares of the oil and gas company’s stock valued at $49,629,000 after purchasing an additional 52,653 shares during the period.

Dril-Quip Company Profile

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Dril-Quip, Inc designs, manufactures, sells and services engineered offshore drilling and production equipment. It operates through the following geographical segments: Western Hemisphere, Eastern Hemisphere, and Asia-Pacific. Its products include specialty casing connectors, mudline suspension equipment, downhole tools, capital drilling equipment, control systems, and dry tree systems.