Wallace Capital Management Inc. Decreases Stock Holdings in Dril-Quip, Inc. (NYSE:DRQ)

Wallace Capital Management Inc. trimmed its position in shares of Dril-Quip, Inc. (NYSE:DRQ) by 2.5% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 124,923 shares of the oil and gas company’s stock after selling 3,215 shares during the quarter. Dril-Quip makes up 0.3% of Wallace Capital Management Inc.’s holdings, making the stock its 28th largest holding. Wallace Capital Management Inc.’s holdings in Dril-Quip were worth $2,324,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Stifel Financial Corp boosted its position in Dril-Quip by 13.5% in the fourth quarter. Stifel Financial Corp now owns 672,614 shares of the oil and gas company’s stock worth $15,652,000 after purchasing an additional 79,885 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of Dril-Quip in the first quarter worth approximately $905,000. Gabelli Funds LLC grew its position in Dril-Quip by 21.9% during the first quarter. Gabelli Funds LLC now owns 543,880 shares of the oil and gas company’s stock valued at $12,254,000 after buying an additional 97,800 shares during the period. Russell Investments Group Ltd. increased its holdings in Dril-Quip by 32.4% during the first quarter. Russell Investments Group Ltd. now owns 320,895 shares of the oil and gas company’s stock valued at $7,230,000 after buying an additional 78,437 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Dril-Quip by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 3,867,476 shares of the oil and gas company’s stock worth $89,996,000 after acquiring an additional 45,964 shares during the period.

Dril-Quip Stock Down 3.5 %

DRQ stock opened at $15.41 on Monday. The business’s 50-day moving average price is $16.03 and its 200-day moving average price is $18.82. The stock has a market cap of $530.41 million, a P/E ratio of -24.08 and a beta of 0.84. Dril-Quip, Inc. has a twelve month low of $14.07 and a twelve month high of $30.93.

Dril-Quip (NYSE:DRQ) last posted its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.07). The business had revenue of $120.34 million for the quarter, compared to the consensus estimate of $118.85 million. Dril-Quip had a negative net margin of 5.69% and a negative return on equity of 2.49%. Dril-Quip’s revenue was up 34.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.03) earnings per share. On average, equities research analysts expect that Dril-Quip, Inc. will post 0.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Dril-Quip

In related news, VP James C. Webster sold 6,000 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $14.67, for a total value of $88,020.00. Following the sale, the vice president now owns 56,735 shares in the company, valued at $832,302.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com began coverage on Dril-Quip in a research note on Thursday. They issued a “sell” rating for the company.

Dril-Quip Profile

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.