Comerica Bank cut its holdings in shares of Dril-Quip, Inc. (NYSE:DRQ) by 3.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 55,132 shares of the oil and gas company’s stock after selling 1,931 shares during the quarter. Comerica Bank owned 0.15% of Dril-Quip worth $2,497,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in DRQ. Norges Bank purchased a new position in shares of Dril-Quip during the fourth quarter valued at about $10,029,000. Brinker Capital Inc. purchased a new position in shares of Dril-Quip during the first quarter valued at about $286,000. Oppenheimer Asset Management Inc. grew its position in shares of Dril-Quip by 11.1% during the first quarter. Oppenheimer Asset Management Inc. now owns 5,229 shares of the oil and gas company’s stock valued at $240,000 after purchasing an additional 523 shares in the last quarter. Virginia Retirement Systems ET AL purchased a new position in shares of Dril-Quip during the first quarter valued at about $601,000. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of Dril-Quip during the first quarter valued at about $238,000.
A number of research analysts have recently weighed in on DRQ shares. Cowen restated a “market perform” rating and set a $44.00 price objective (up previously from $39.00) on shares of Dril-Quip in a research report on Tuesday, April 30th. ValuEngine upgraded Dril-Quip from a “hold” rating to a “buy” rating in a research report on Tuesday, July 23rd. Zacks Investment Research lowered Dril-Quip from a “buy” rating to a “hold” rating and set a $55.00 price objective for the company. in a research report on Monday, July 29th. Finally, TheStreet upgraded Dril-Quip from a “d+” rating to a “c-” rating in a research report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $46.96.
In related news, insider Blake T. Deberry sold 10,000 shares of Dril-Quip 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 transaction, the insider now owns 149,242 shares in the company, valued at $7,705,364.46. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.97% of the company’s stock.
Shares of Dril-Quip stock opened at $44.65 on Wednesday. Dril-Quip, Inc. has a twelve month low of $26.62 and a twelve month high of $54.51. The business has a 50-day moving average price of $47.83 and a 200-day moving average price of $44.07.
Dril-Quip (NYSE:DRQ) last released its quarterly earnings results on Thursday, July 25th. The oil and gas company reported $0.03 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.01). The company had revenue of $104.00 million during the quarter, compared to analysts’ expectations of $97.19 million. Dril-Quip had a negative return on equity of 1.04% and a negative net margin of 23.06%. The company’s revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.24) EPS. Analysts anticipate that Dril-Quip, Inc. will post 0.17 earnings per share for the current fiscal year.
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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