First Mercantile Trust Co. decreased its position in shares of Dril-Quip Inc. (NYSE:DRQ) by 6.5% during the second quarter, Holdings Channel reports. The institutional investor owned 7,776 shares of the company’s stock after selling 542 shares during the period. First Mercantile Trust Co.’s holdings in Dril-Quip were worth $454,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in DRQ. Virginia Retirement Systems ET AL purchased a new position in shares of Dril-Quip during the second quarter valued at about $1,046,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Dril-Quip during the second quarter valued at about $206,000. Vanguard Group Inc. boosted its position in shares of Dril-Quip by 3.7% in the second quarter. Vanguard Group Inc. now owns 2,834,254 shares of the company’s stock valued at $165,606,000 after buying an additional 100,175 shares during the period. Principal Financial Group Inc. boosted its position in shares of Dril-Quip by 12.0% in the second quarter. Principal Financial Group Inc. now owns 144,797 shares of the company’s stock valued at $8,461,000 after buying an additional 15,544 shares during the period. Finally, Prudential Financial Inc. boosted its position in shares of Dril-Quip by 1.3% in the second quarter. Prudential Financial Inc. now owns 23,283 shares of the company’s stock valued at $1,360,000 after buying an additional 300 shares during the period.
Shares of Dril-Quip Inc. (NYSE:DRQ) opened at 51.36 on Monday. Dril-Quip Inc. has a one year low of $48.88 and a one year high of $68.69. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of 11.35 and a beta of 0.90. The stock’s 50 day moving average price is $55.41 and its 200 day moving average price is $58.45.
Dril-Quip (NYSE:DRQ) last released its quarterly earnings results on Friday, July 29th. The company reported $0.96 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.29. The firm had revenue of $142.40 million for the quarter, compared to analyst estimates of $149.33 million. Dril-Quip had a net margin of 24.16% and a return on equity of 10.92%. The business’s revenue for the quarter was down 33.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.01 EPS. Analysts forecast that Dril-Quip Inc. will post $2.17 earnings per share for the current year.
Several research analysts recently issued reports on DRQ shares. JPMorgan Chase & Co. started coverage on Dril-Quip in a research note on Wednesday, June 22nd. They issued a “neutral” rating and a $53.00 price objective on the stock. Zacks Investment Research cut Dril-Quip from a “hold” rating to a “sell” rating in a research note on Tuesday, June 28th. Howard Weil dropped their price objective on Dril-Quip from $72.00 to $67.00 and set a “sector perform” rating on the stock in a research note on Friday, July 29th. Scotiabank reissued a “sector perform” rating and issued a $67.00 price objective (down previously from $72.00) on shares of Dril-Quip in a research note on Sunday, July 31st. Finally, Morgan Stanley reissued a “hold” rating and issued a $73.00 price objective on shares of Dril-Quip in a research note on Monday, August 1st. 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 company. The company currently has a consensus rating of “Hold” and a consensus target price 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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