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Dril-Quip (NYSE:DRQ)‘s stock had its “neutral” rating restated by Zacks in a research note issued to investors on Wednesday. They currently have a $111.00 price objective on the stock. Zacks‘s target price would suggest a potential upside of 5.04% from the stock’s previous close.

Zacks’ analyst wrote, “Dril-Quip Inc. manufactures highly engineered offshore drilling and production equipment. The company reported lukewarm first quarter numbers which was overshadowed by delivery issues to one of its major customer. Dril-Quip’s results are heavily levered with continued strength in the global deepwater drilling markets. However, the company remains exposed to highly volatile oil and gas sector fundamentals. We also remain concerned about company-specific risks, which include new product growth challenges and potential backlog losses. Additionally, any delay in the execution of contracts might also hinder the growth prospect of Dril-Quip. This is reflected in our Neutral recommendation on the stock with a target price of $111.00.”

Shares of Dril-Quip (NYSE:DRQ) traded up 0.89% on Wednesday, hitting $106.61. 92,896 shares of the company’s stock traded hands. Dril-Quip has a 1-year low of $88.16 and a 1-year high of $121.07. The stock’s 50-day moving average is $104.2 and its 200-day moving average is $105.9. The company has a market cap of $4.353 billion and a price-to-earnings ratio of 25.04. Dril-Quip also was the target of a significant growth in short interest in the month of May. As of May 30th, there was short interest totalling 1,037,911 shares, a growth of 44.9% from the May 15th total of 716,405 shares. Approximately 2.6% of the shares of the company are sold short. Based on an average daily volume of 409,918 shares, the short-interest ratio is currently 2.5 days.

Dril-Quip (NYSE:DRQ) last issued its quarterly earnings data on Friday, May 9th. The company reported $1.04 earnings per share for the quarter, missing the analysts’ 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 last year, the company posted $0.98 earnings per share. Dril-Quip’s revenue was up 5.6% compared to the same quarter last year. Analysts expect that Dril-Quip will post $4.96 EPS for the current fiscal year.

DRQ has been the subject of a number of other recent research reports. Analysts at Guggenheim reiterated a “neutral” rating on shares of Dril-Quip in a research note on Wednesday, May 14th. They now have a $110.00 price target on the stock, down previously from $120.00. Separately, analysts at Sterne Agee reiterated a “neutral” rating on shares of Dril-Quip in a research note on Tuesday, May 13th. They now have a $115.00 price target on the stock, down previously from $117.00. Finally, analysts at Capital One Financial Corp. cut their price target on shares of Dril-Quip from $120.00 to $116.00 in a research note on Monday, May 12th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $120.00.

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.

To view Zacks’ full report, visit Zacks’ official website.

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