Nikko Asset Management Americas Inc. Sells 6,256 Shares of Dril-Quip, Inc. (NYSE:DRQ)

Nikko Asset Management Americas Inc. cut its holdings in Dril-Quip, Inc. (NYSE:DRQ) by 12.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,764 shares of the oil and gas company’s stock after selling 6,256 shares during the period. Nikko Asset Management Americas Inc.’s holdings in Dril-Quip were worth $2,053,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Dril-Quip by 8.1% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,582,537 shares of the oil and gas company’s stock worth $164,260,000 after acquiring an additional 268,954 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Dril-Quip by 518.2% in the 1st quarter. JPMorgan Chase & Co. now owns 726,638 shares of the oil and gas company’s stock worth $33,317,000 after acquiring an additional 609,104 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Dril-Quip by 23.7% in the 1st quarter. Wells Fargo & Company MN now owns 639,604 shares of the oil and gas company’s stock worth $29,326,000 after acquiring an additional 122,529 shares in the last quarter. Gamco Investors INC. ET AL raised its position in shares of Dril-Quip by 1.1% in the 1st quarter. Gamco Investors INC. ET AL now owns 626,728 shares of the oil and gas company’s stock worth $28,735,000 after acquiring an additional 7,100 shares in the last quarter. Finally, Deutsche Bank AG increased its position in Dril-Quip by 87.3% in the 4th quarter. Deutsche Bank AG now owns 589,614 shares of the oil and gas company’s stock valued at $17,703,000 after buying an additional 274,836 shares in the last quarter.

A number of analysts recently commented on the company. Gabelli raised Dril-Quip from a “hold” rating to a “buy” rating in a research report on Monday, April 29th. ValuEngine raised Dril-Quip from a “hold” rating to a “buy” rating in a research report on Tuesday, July 23rd. Cowen reaffirmed a “market perform” rating and issued a $44.00 target price (up from $39.00) on shares of Dril-Quip in a research report on Tuesday, April 30th. TheStreet raised Dril-Quip from a “d+” rating to a “c-” rating in a research report on Tuesday, July 30th. Finally, Zacks Investment Research lowered Dril-Quip from a “buy” rating to a “hold” rating and set a $55.00 target price for the company. in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $46.96.

Dril-Quip stock traded down $1.30 during midday trading on Friday, reaching $47.46. The stock had a trading volume of 328,362 shares, compared to its average volume of 396,320. Dril-Quip, Inc. has a 12 month low of $26.62 and a 12 month high of $54.51. The company has a market cap of $1.73 billion, a P/E ratio of -75.33 and a beta of 1.47. The business has a fifty day moving average price of $47.47.

Dril-Quip (NYSE:DRQ) last issued its earnings results on Thursday, July 25th. The oil and gas company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). Dril-Quip had a negative net margin of 23.06% and a negative return on equity of 1.04%. The firm had revenue of $104.00 million during the quarter, compared to the consensus estimate of $97.19 million. During the same period in the previous year, the firm earned ($0.24) earnings per share. The business’s quarterly revenue was up 9.6% on a year-over-year basis. Sell-side analysts predict that Dril-Quip, Inc. will post 0.17 earnings per share for the current fiscal year.

In related news, insider Blake T. Deberry sold 10,000 shares of the business’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $51.63, for a total value of $516,300.00. Following the completion of the sale, the insider now directly owns 149,242 shares of the company’s stock, valued at approximately $7,705,364.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.97% of the company’s stock.

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.

Read More: What is quantitative easing?

Want to see what other hedge funds are holding DRQ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Dril-Quip, Inc. (NYSE:DRQ).

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

Receive News & Ratings for Dril-Quip Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Dril-Quip and related companies with MarketBeat.com's FREE daily email newsletter.