Dril-Quip Shares Down 6.7% After Earnings Miss (DRQ)
Shares of Dril-Quip (NYSE:DRQ) were down 6.7% during trading on Friday following a weaker than expected earnings announcement, StockRatingsNetwork.com reports. The company traded as low as $99.00 and last traded at $104.25, with a volume of 1,058,365 shares changing hands. The stock had previously closed at $111.79.
The company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by $0.16. The company had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $241.70 million. During the same quarter in the previous year, the company posted $0.98 earnings per share. The company’s revenue for the quarter was up 5.6% on a year-over-year basis.
DRQ has been the subject of a number of recent research reports. Analysts at Zacks downgraded shares of Dril-Quip from an “outperform” rating to a “neutral” rating in a research note on Tuesday, March 25th. They now have a $112.00 price target on the stock. Analysts at Cowen and Company initiated coverage on shares of Dril-Quip in a research note on Monday, February 10th. They set a “market perform” rating and a $109.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $122.44.
The stock has a 50-day moving average of $111.5 and a 200-day moving average of $108.3. The company has a market cap of $4.194 billion and a P/E ratio of 26.87.
Dril-Quip, Inc (NYSE:DRQ), designs, manufactures, sells and services offshore drilling and production equipment for use in deepwater, harsh environment and severe service applications.
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