Fisher Asset Management LLC Purchases 70,344 Shares of Dril-Quip, Inc. (NYSE:DRQ)

Fisher Asset Management LLC raised its stake in Dril-Quip, Inc. (NYSE:DRQ) by 32.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 289,806 shares of the oil and gas company’s stock after buying an additional 70,344 shares during the period. Fisher Asset Management LLC’s holdings in Dril-Quip were worth $6,744,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. PNC Financial Services Group Inc. increased its holdings in shares of Dril-Quip by 252.6% in the third quarter. PNC Financial Services Group Inc. now owns 6,942 shares of the oil and gas company’s stock valued at $196,000 after purchasing an additional 4,973 shares during the last quarter. CoreCommodity Management LLC acquired a new stake in Dril-Quip during the fourth quarter worth about $229,000. Profund Advisors LLC acquired a new stake in Dril-Quip during the third quarter worth about $259,000. Southport Management L.L.C. acquired a new stake in Dril-Quip during the third quarter worth about $282,000. Finally, SageView Advisory Group LLC bought a new position in shares of Dril-Quip in the fourth quarter worth about $317,000.

Insider Transactions at Dril-Quip

In other Dril-Quip news, CEO Jeffrey J. Bird sold 7,500 shares of Dril-Quip stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $23.14, for a total transaction of $173,550.00. Following the completion of the transaction, the chief executive officer now owns 155,327 shares of the company’s stock, valued at approximately $3,594,266.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Dril-Quip news, VP James C. Webster sold 4,000 shares of Dril-Quip stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $23.16, for a total transaction of $92,640.00. Following the completion of the transaction, the vice president now owns 62,735 shares of the company’s stock, valued at approximately $1,452,942.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jeffrey J. Bird sold 7,500 shares of Dril-Quip stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $23.14, for a total value of $173,550.00. Following the transaction, the chief executive officer now directly owns 155,327 shares of the company’s stock, valued at approximately $3,594,266.78. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

Dril-Quip Trading Up 0.1 %

NYSE DRQ opened at $17.73 on Thursday. The company has a fifty day simple moving average of $18.89 and a 200 day simple moving average of $20.99. Dril-Quip, Inc. has a 12-month low of $16.64 and a 12-month high of $30.93. The company has a market cap of $610.27 million, a P/E ratio of -27.70 and a beta of 0.91.

Dril-Quip (NYSE:DRQ) last posted its quarterly earnings results on Thursday, May 2nd. The oil and gas company reported ($0.62) earnings per share (EPS) for the quarter. Dril-Quip had a negative net margin of 4.89% and a negative return on equity of 2.98%. The business had revenue of $110.30 million during the quarter. Sell-side analysts predict that Dril-Quip, Inc. will post 0.45 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on DRQ. StockNews.com upgraded shares of Dril-Quip from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Barclays decreased their target price on shares of Dril-Quip from $22.00 to $21.00 and set an “underweight” rating for the company in a research report on Tuesday, May 14th. Finally, Evercore ISI decreased their target price on shares of Dril-Quip from $44.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday, February 28th.

About Dril-Quip

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services engineered drilling and production equipment for offshore and onshore applications worldwide. The company's principal products include subsea and surface wellheads, specialty connectors and associated pipes, subsea production trees and systems, mudline hanger systems, production riser systems, dry tree systems, subsea manifolds, line hangers and expandable liner systems, multi-frac well connections, conventional wellheads, thermal wellheads, completion packers, and safety and kelly valves; and rig equipment comprises drilling riser systems, wellhead connectors, diverters, and cement manifolds.