Dril-Quip (NYSE:DRQ) Cut to Sell at StockNews.com

StockNews.com lowered shares of Dril-Quip (NYSE:DRQ) from a hold rating to a sell rating in a research note published on Thursday morning.

Separately, Barclays dropped their price objective on Dril-Quip from $22.00 to $21.00 and set an underweight rating on the stock in a report on Tuesday, May 14th.

Dril-Quip Stock Up 1.8 %

Shares of DRQ opened at $16.46 on Thursday. The company has a market capitalization of $566.55 million, a price-to-earnings ratio of -25.72 and a beta of 0.87. Dril-Quip has a 52-week low of $14.07 and a 52-week high of $30.93. The stock has a 50 day moving average price of $16.62 and a 200 day moving average price of $19.22.

Dril-Quip (NYSE:DRQ) last released its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.07). The company had revenue of $120.34 million for the quarter, compared to analysts’ expectations of $118.85 million. Dril-Quip had a negative return on equity of 2.48% and a negative net margin of 5.69%. Dril-Quip’s revenue for the quarter was up 34.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.03) EPS. On average, equities analysts anticipate that Dril-Quip will post 0.45 EPS for the current fiscal year.

Insider Buying and Selling

In other news, VP James C. Webster sold 6,000 shares of Dril-Quip stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $14.67, for a total transaction of $88,020.00. Following the completion of the sale, the vice president now directly owns 56,735 shares in the company, valued at approximately $832,302.45. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Dril-Quip

Several hedge funds have recently bought and sold shares of DRQ. Brandes Investment Partners LP grew its holdings in Dril-Quip by 29.6% in the second quarter. Brandes Investment Partners LP now owns 3,732,716 shares of the oil and gas company’s stock valued at $69,408,000 after purchasing an additional 852,035 shares during the last quarter. Ranger Investment Management L.P. grew its stake in Dril-Quip by 58.5% in the 4th quarter. Ranger Investment Management L.P. now owns 1,105,735 shares of the oil and gas company’s stock valued at $25,730,000 after acquiring an additional 408,076 shares during the last quarter. Gamco Investors INC. ET AL grew its stake in Dril-Quip by 7.3% in the 4th quarter. Gamco Investors INC. ET AL now owns 2,116,859 shares of the oil and gas company’s stock valued at $49,259,000 after acquiring an additional 144,916 shares during the last quarter. William Blair Investment Management LLC increased its holdings in Dril-Quip by 9.8% during the 2nd quarter. William Blair Investment Management LLC now owns 1,360,291 shares of the oil and gas company’s stock valued at $25,301,000 after acquiring an additional 121,681 shares in the last quarter. Finally, Gabelli Funds LLC raised 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 worth $12,254,000 after acquiring an additional 97,800 shares during the last quarter.

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.