Dril-Quip (NYSE:DRQ) Stock Rating Upgraded by ValuEngine

Dril-Quip (NYSE:DRQ) was upgraded by stock analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, ValuEngine reports.

DRQ has been the topic of a number of other reports. Zacks Investment Research lowered shares of Dril-Quip from a “buy” rating to a “hold” rating and set a $55.00 price objective on the stock. in a research report on Monday, July 29th. TheStreet raised shares of Dril-Quip from a “d+” rating to a “c-” rating in a research report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $46.96.

Shares of NYSE DRQ traded down $0.50 during mid-day trading on Tuesday, hitting $51.39. 4,820 shares of the company’s stock traded hands, compared to its average volume of 443,088. The company’s 50-day moving average is $48.05 and its two-hundred day moving average is $44.80. The company has a market capitalization of $1.87 billion, a P/E ratio of -81.19 and a beta of 1.52. Dril-Quip has a 1 year low of $26.62 and a 1 year high of $54.51.

Dril-Quip (NYSE:DRQ) last posted its quarterly earnings data on Thursday, July 25th. The oil and gas company reported $0.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.01). Dril-Quip had a negative return on equity of 1.04% and a negative net margin of 23.06%. The firm had revenue of $104.00 million during the quarter, compared to analysts’ expectations of $97.19 million. During the same period last year, the company earned ($0.24) earnings per share. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. On average, equities analysts expect that Dril-Quip will post 0.2 EPS for the current fiscal year.

In other Dril-Quip news, insider Blake T. Deberry sold 10,000 shares of the company’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $51.63, for a total value of $516,300.00. Following the transaction, the insider now directly owns 149,242 shares in the company, valued at approximately $7,705,364.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.97% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. grew its stake in Dril-Quip by 0.6% in the 2nd quarter. BlackRock Inc. now owns 5,503,378 shares of the oil and gas company’s stock worth $264,161,000 after acquiring an additional 32,727 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Dril-Quip by 2.5% during the second quarter. Vanguard Group Inc. now owns 3,897,604 shares of the oil and gas company’s stock valued at $187,085,000 after purchasing an additional 95,017 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its stake in shares of Dril-Quip by 5.2% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,770,299 shares of the oil and gas company’s stock valued at $180,975,000 after purchasing an additional 187,762 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Dril-Quip by 1.9% during the second quarter. Northern Trust Corp now owns 975,508 shares of the oil and gas company’s stock valued at $46,823,000 after purchasing an additional 18,187 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Dril-Quip by 3.6% during the second quarter. Bank of New York Mellon Corp now owns 810,680 shares of the oil and gas company’s stock valued at $38,913,000 after purchasing an additional 28,071 shares in the last quarter.

Dril-Quip Company Profile

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.

Further Reading: What is diluted earnings per share (Diluted EPS)?

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Analyst Recommendations for Dril-Quip (NYSE:DRQ)

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