Dril-Quip Inc. (DRQ) Earns “Market Perform” Rating from Cowen and Company
Dril-Quip Inc. (NYSE:DRQ)‘s stock had its “market perform” rating reiterated by equities researchers at Cowen and Company in a report issued on Tuesday. They currently have a $60.00 target price on the stock. Cowen and Company’s target price suggests a potential upside of 10.19% from the company’s current price.
Other analysts have also issued research reports about the stock. Morgan Stanley reiterated a “hold” rating and issued a $73.00 price objective on shares of Dril-Quip in a research note on Monday, August 1st. Zacks Investment Research raised shares of Dril-Quip from a “sell” rating to a “hold” rating in a report on Tuesday, July 5th. JPMorgan Chase & Co. started coverage on shares of Dril-Quip in a report on Wednesday, June 22nd. They set a “neutral” rating and a $53.00 price target on the stock. Scotiabank reissued a “sector perform” rating and set a $67.00 price target (down from $72.00) on shares of Dril-Quip in a report on Sunday, July 31st. Finally, Howard Weil lowered their price target on shares of Dril-Quip from $72.00 to $67.00 and set a “sector perform” rating on the stock in a report on Friday, July 29th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $63.33.
Dril-Quip (NYSE:DRQ) traded down 2.11% during mid-day trading on Tuesday, hitting $53.30. 472,319 shares of the stock were exchanged. The stock has a market cap of $2.00 billion, a PE ratio of 11.78 and a beta of 0.77. Dril-Quip has a 52-week low of $48.88 and a 52-week high of $66.91. The stock’s 50 day moving average is $54.36 and its 200 day moving average is $57.94.
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Dril-Quip (NYSE:DRQ) last released its quarterly earnings data on Friday, July 29th. The company reported $0.96 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.29. The firm had revenue of $142.40 million for the quarter, compared to analyst estimates of $149.33 million. Dril-Quip had a net margin of 24.16% and a return on equity of 10.92%. The business’s quarterly revenue was down 33.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.01 earnings per share. Analysts forecast that Dril-Quip will post $2.17 EPS for the current fiscal year.
Several large investors have recently made changes to their positions in the stock. LS Investment Advisors LLC boosted its stake in shares of Dril-Quip by 73.7% in the second quarter. LS Investment Advisors LLC now owns 2,281 shares of the company’s stock worth $133,000 after buying an additional 968 shares in the last quarter. Tower Research Capital LLC TRC bought a new stake in shares of Dril-Quip during the second quarter worth $153,000. Oakbrook Investments LLC bought a new stake in shares of Dril-Quip during the second quarter worth $202,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Dril-Quip during the second quarter worth $206,000. Finally, Bluestein R H & Co. bought a new stake in shares of Dril-Quip during the second quarter worth $234,000.
Dril-Quip, Inc (Dril-Quip) designs, manufactures, sells and services engineered offshore drilling and production equipment. The Company’s principal products consist of subsea and surface wellheads, subsea and surface production trees, subsea control systems and manifolds, mudline hanger systems, specialty connectors and associated pipe, drilling and production riser systems, liner hangers, wellhead connectors and diverters.
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