StockNews.com Initiates Coverage on Dril-Quip (NYSE:DRQ)

Stock analysts at StockNews.com began coverage on shares of Dril-Quip (NYSE:DRQ) in a research report issued on Wednesday. The firm set a “sell” rating on the oil and gas company’s stock.

Dril-Quip Stock Performance

The firm has a market cap of $530.41 million, a price-to-earnings ratio of -24.08 and a beta of 0.84. Dril-Quip has a 52 week low of $14.07 and a 52 week high of $30.93. The firm has a 50 day moving average of $16.14 and a 200-day moving average of $18.88.

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

Insider Buying and Selling

In other Dril-Quip news, VP James C. Webster sold 6,000 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $14.67, for a total value of $88,020.00. Following the completion of the sale, the vice president now owns 56,735 shares of the company’s stock, valued at approximately $832,302.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Dril-Quip

Institutional investors and hedge funds have recently bought and sold shares of the company. Sanctuary Advisors LLC bought a new position in Dril-Quip in the second quarter valued at approximately $575,000. Brandes Investment Partners LP increased its stake in shares of Dril-Quip by 29.6% in the 2nd 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. Creative Planning acquired a new position in shares of Dril-Quip during the 2nd quarter worth $308,000. Algert Global LLC lifted its position in shares of Dril-Quip by 177.4% during the 2nd quarter. Algert Global LLC now owns 118,004 shares of the oil and gas company’s stock worth $2,195,000 after buying an additional 75,464 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Dril-Quip by 6.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,619 shares of the oil and gas company’s stock worth $253,000 after buying an additional 841 shares during the last quarter.

Dril-Quip Company 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.