Insider Selling: Dril-Quip, Inc. (NYSE:DRQ) CFO Sells 370 Shares of Stock

Dril-Quip, Inc. (NYSE:DRQ) CFO Jeffrey J. Bird sold 370 shares of Dril-Quip stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $44.75, for a total value of $16,557.50. Following the transaction, the chief financial officer now directly owns 59,077 shares in the company, valued at approximately $2,643,695.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Shares of NYSE:DRQ traded up $0.35 during trading on Friday, reaching $45.23. The company had a trading volume of 212,351 shares, compared to its average volume of 430,073. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of -71.79 and a beta of 1.47. The stock’s fifty day moving average price is $48.08 and its 200 day moving average price is $46.22. Dril-Quip, Inc. has a fifty-two week low of $26.62 and a fifty-two week high of $56.71.

Dril-Quip (NYSE:DRQ) last released its earnings results on Thursday, October 24th. The oil and gas company reported ($0.07) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.19). The company had revenue of $108.23 million during the quarter, compared to analyst estimates of $103.17 million. Dril-Quip had a negative net margin of 19.96% and a negative return on equity of 0.58%. The company’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.20) EPS. On average, equities research analysts expect that Dril-Quip, Inc. will post 0.12 EPS for the current fiscal year.

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of Dril-Quip by 0.6% in the second quarter. BlackRock Inc. now owns 5,503,378 shares of the oil and gas company’s stock valued at $264,161,000 after purchasing an additional 32,727 shares during the period. Vanguard Group Inc. increased its holdings in shares of Dril-Quip by 2.5% in 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 during the period. Kayne Anderson Rudnick Investment Management LLC increased its holdings in shares of Dril-Quip by 5.2% in 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 during the period. Northern Trust Corp increased its holdings in shares of Dril-Quip by 1.9% in 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 during the period. Finally, Bank of New York Mellon Corp grew its holdings in 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 worth $38,913,000 after acquiring an additional 28,071 shares during the period.

Several research analysts have commented on DRQ shares. Zacks Investment Research lowered Dril-Quip from a “buy” rating to a “hold” rating and set a $55.00 price target on the stock. in a research report on Monday, July 29th. ValuEngine lowered Dril-Quip from a “buy” rating to a “hold” rating in a research report on Tuesday, October 1st. TheStreet raised Dril-Quip from a “d+” rating to a “c-” rating in a research report on Tuesday, July 30th. Morgan Stanley cut their price target on Dril-Quip from $45.00 to $42.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 8th. Finally, B. Riley lifted their price target on Dril-Quip from $48.00 to $51.00 and gave the stock a “neutral” rating in a research report on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $46.17.

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.

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