Dril-Quip Inc. (DRQ) Rating Reiterated by Cowen and Company
Dril-Quip Inc. (NYSE:DRQ)‘s stock had its “market perform” rating restated by stock analysts at Cowen and Company in a research note issued on Tuesday. They presently have a $60.00 price objective on the stock. Cowen and Company’s price target points to a potential upside of 10.19% from the company’s previous close.
Several other equities research analysts have also recently issued reports on DRQ. JPMorgan Chase & Co. started coverage on Dril-Quip in a report on Wednesday, June 22nd. They issued a “neutral” rating and a $53.00 price objective on the stock. Zacks Investment Research cut Dril-Quip from a “hold” rating to a “sell” rating in a report on Tuesday, June 28th. Howard Weil lowered their price objective on Dril-Quip from $72.00 to $67.00 and set a “sector perform” rating on the stock in a report on Friday, July 29th. Scotiabank reiterated a “sector perform” rating and issued a $67.00 price objective (down from $72.00) on shares of Dril-Quip in a report on Sunday, July 31st. Finally, Morgan Stanley reiterated a “hold” rating and issued a $73.00 price objective on shares of Dril-Quip in a report on Monday, August 1st. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $63.33.
Shares of Dril-Quip (NYSE:DRQ) traded down 2.11% during midday trading on Tuesday, reaching $53.30. The company’s stock had a trading volume of 503,518 shares. Dril-Quip has a one year low of $48.88 and a one year high of $66.91. The firm has a market cap of $2.00 billion, a price-to-earnings ratio of 11.78 and a beta of 0.77. The stock’s 50 day moving average price is $54.36 and its 200 day moving average price 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, beating the Zacks’ consensus estimate of $0.67 by $0.29. The business earned $142.40 million during the quarter, compared to analyst estimates of $149.33 million. Dril-Quip had a return on equity of 10.92% and a net margin of 24.16%. The company’s revenue was down 33.8% on a year-over-year basis. During the same quarter last year, the business posted $1.01 EPS. Analysts predict that Dril-Quip will post $2.17 earnings per share for the current year.
Hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp bought a new stake in Dril-Quip during the second quarter worth $19,539,000. Kayne Anderson Rudnick Investment Management LLC raised its stake in Dril-Quip by 23.8% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,615,949 shares of the company’s stock worth $94,420,000 after buying an additional 310,435 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Dril-Quip by 25.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,551,573 shares of the company’s stock worth $90,653,000 after buying an additional 309,955 shares in the last quarter. RS Investment Management Co. LLC bought a new stake in Dril-Quip during the second quarter worth $12,558,000. Finally, Renaissance Technologies LLC raised its stake in Dril-Quip by 649.1% in the first quarter. Renaissance Technologies LLC now owns 247,200 shares of the company’s stock worth $14,970,000 after buying an additional 214,200 shares in the last quarter.
Dril-Quip Company Profile
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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