Dril-Quip, Inc. (DRQ) Expected to Post Quarterly Sales of $88.92 Million

Equities research analysts expect Dril-Quip, Inc. (NYSE:DRQ) to report $88.92 million in sales for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Dril-Quip’s earnings, with the lowest sales estimate coming in at $84.00 million and the highest estimate coming in at $97.80 million. Dril-Quip posted sales of $100.35 million during the same quarter last year, which suggests a negative year over year growth rate of 11.4%. The business is expected to report its next earnings report on Friday, October 26th.

On average, analysts expect that Dril-Quip will report full-year sales of $373.10 million for the current fiscal year, with estimates ranging from $362.00 million to $386.30 million. For the next year, analysts forecast that the firm will report sales of $449.67 million per share, with estimates ranging from $382.10 million to $539.90 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover Dril-Quip.

Dril-Quip (NYSE:DRQ) last posted its quarterly earnings data on Thursday, July 26th. The oil and gas company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.16). The firm had revenue of $94.86 million for the quarter, compared to analyst estimates of $94.76 million. Dril-Quip had a negative return on equity of 1.19% and a negative net margin of 27.63%. The firm’s quarterly revenue was down 25.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.09 earnings per share.

A number of brokerages recently commented on DRQ. Barclays lowered Dril-Quip from an “equal weight” rating to an “underweight” rating and set a $41.00 target price for the company. in a research report on Tuesday. Piper Jaffray Companies set a $40.00 price objective on Dril-Quip and gave the company a “hold” rating in a research note on Friday, July 27th. Zacks Investment Research cut shares of Dril-Quip from a “buy” rating to a “hold” rating in a report on Thursday, July 26th. B. Riley lowered shares of Dril-Quip from a “buy” rating to a “neutral” rating and upped their target price for the stock from $50.00 to $58.00 in a research report on Friday, July 20th. Finally, ValuEngine upgraded shares of Dril-Quip from a “hold” rating to a “buy” rating in a research report on Wednesday, July 4th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $50.25.

Shares of DRQ stock traded up $0.40 during trading hours on Friday, reaching $51.10. The company’s stock had a trading volume of 374,900 shares, compared to its average volume of 517,141. Dril-Quip has a fifty-two week low of $35.85 and a fifty-two week high of $58.95. The company has a market cap of $1.94 billion, a PE ratio of 197.88 and a beta of 0.81.

Dril-Quip announced that its Board of Directors has approved a stock buyback plan on Thursday, July 26th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the oil and gas company to repurchase up to 4.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Several hedge funds have recently made changes to their positions in DRQ. Renaissance Technologies LLC increased its holdings in Dril-Quip by 161.5% in the 4th quarter. Renaissance Technologies LLC now owns 190,800 shares of the oil and gas company’s stock valued at $9,101,000 after acquiring an additional 117,828 shares during the last quarter. Jane Street Group LLC bought a new stake in Dril-Quip in the 4th quarter valued at $275,000. MetLife Investment Advisors LLC bought a new stake in Dril-Quip in the 4th quarter valued at $2,007,000. Elkfork Partners LLC bought a new stake in Dril-Quip in the 4th quarter valued at $196,000. Finally, Wells Fargo & Company MN increased its holdings in Dril-Quip by 10.1% in the 1st quarter. Wells Fargo & Company MN now owns 871,154 shares of the oil and gas company’s stock valued at $39,028,000 after acquiring an additional 79,730 shares during 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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Earnings History and Estimates for Dril-Quip (NYSE:DRQ)

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