Dimensional Fund Advisors LP increased its position in Dril-Quip Inc. (NYSE:DRQ) by 25.0% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 1,551,573 shares of the company’s stock after buying an additional 309,955 shares during the period. Dimensional Fund Advisors LP owned about 4.13% of Dril-Quip worth $90,653,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Dril-Quip during the fourth quarter worth $18,405,000. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Dril-Quip by 23.8% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,615,949 shares of the company’s stock worth $94,420,000 after buying an additional 310,435 shares during the last quarter. RS Investment Management Co. LLC purchased a new position in shares of Dril-Quip during the second quarter worth $12,558,000. Renaissance Technologies LLC raised its position in shares of Dril-Quip by 649.1% in the first quarter. Renaissance Technologies LLC now owns 247,200 shares of the company’s stock worth $14,970,000 after buying an additional 214,200 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Dril-Quip by 27.4% in the first quarter. JPMorgan Chase & Co. now owns 552,489 shares of the company’s stock worth $33,459,000 after buying an additional 118,811 shares during the last quarter.
Shares of Dril-Quip Inc. (NYSE:DRQ) traded down 0.44% on Friday, reaching $52.36. 85,289 shares of the company traded hands. The company has a 50-day moving average of $55.51 and a 200-day moving average of $58.51. The stock has a market capitalization of $1.97 billion, a price-to-earnings ratio of 11.57 and a beta of 0.90. Dril-Quip Inc. has a 1-year low of $48.88 and a 1-year high of $68.69.
Dril-Quip (NYSE:DRQ) last announced its earnings results on Friday, July 29th. The company reported $0.96 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.29. The company earned $142.40 million during the quarter, compared to the consensus estimate of $149.33 million. Dril-Quip had a net margin of 24.16% and a return on equity of 10.92%. Dril-Quip’s revenue was down 33.8% compared to the same quarter last year. During the same period last year, the firm earned $1.01 earnings per share. Analysts anticipate that Dril-Quip Inc. will post $2.17 earnings per share for the current fiscal year.
DRQ has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. initiated coverage on shares of Dril-Quip in a report on Wednesday, June 22nd. They issued a “neutral” rating and a $53.00 price objective for the company. Zacks Investment Research upgraded shares of Dril-Quip from a “hold” rating to a “strong-buy” rating and set a $67.00 price objective for the company in a report on Wednesday, July 20th. Scotiabank restated a “sector perform” rating and issued a $67.00 price objective (down from $72.00) on shares of Dril-Quip in a report on Sunday, July 31st. Morgan Stanley restated a “hold” rating and issued a $73.00 price objective on shares of Dril-Quip in a report on Monday, August 1st. Finally, Howard Weil decreased their price objective on shares of Dril-Quip from $72.00 to $67.00 and set a “sector perform” rating for the company in a report on Friday, July 29th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $63.33.
Dril-Quip Company Profile
Dril-Quip, Inc (Dril-Quip) designs, manufactures, sells and services engineered offshore drilling and production equipment. The Company’s principal products consist of subsea and surface wellheads, subsea and surface production trees, subsea control systems and manifolds, mudline hanger systems, specialty connectors and associated pipe, drilling and production riser systems, liner hangers, wellhead connectors and diverters.
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