Zacks: Brokerages Anticipate Dril-Quip, Inc. (NYSE:DRQ) Will Post Quarterly Sales of $102.05 Million
Equities analysts expect Dril-Quip, Inc. (NYSE:DRQ) to report sales of $102.05 million for the current quarter, according to Zacks. Two analysts have made estimates for Dril-Quip’s earnings, with the highest sales estimate coming in at $102.49 million and the lowest estimate coming in at $101.60 million. Dril-Quip reported sales of $142.44 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 28.4%. The firm is expected to issue its next earnings report on Friday, August 4th.
According to Zacks, analysts expect that Dril-Quip will report full year sales of $102.05 million for the current fiscal year, with estimates ranging from $433.20 million to $476.89 million. For the next year, analysts expect that the firm will post sales of $485.61 million per share, with estimates ranging from $449.68 million to $505.90 million. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Dril-Quip.
Dril-Quip (NYSE:DRQ) last announced its quarterly earnings data on Thursday, April 27th. The oil and gas company reported $0.05 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by $0.01. The firm had revenue of $119.23 million for the quarter, compared to the consensus estimate of $97.62 million. Dril-Quip had a net margin of 11.51% and a return on equity of 3.65%. The firm’s revenue for the quarter was down 28.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.97 earnings per share.
Several brokerages have commented on DRQ. BidaskClub upgraded shares of Dril-Quip from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Zacks Investment Research cut Dril-Quip from a “hold” rating to a “sell” rating in a research note on Tuesday, March 21st. Finally, Barclays PLC lowered Dril-Quip from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $77.00 to $57.00 in a research report on Monday, May 1st. Eight analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $63.29.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Tyers Asset Management LLC boosted its position in shares of Dril-Quip by 18.9% in the first quarter. Tyers Asset Management LLC now owns 1,936 shares of the oil and gas company’s stock worth $106,000 after buying an additional 308 shares during the last quarter. TrimTabs Asset Management LLC raised its position in shares of Dril-Quip by 89.1% in the first quarter. TrimTabs Asset Management LLC now owns 2,003 shares of the oil and gas company’s stock valued at $109,000 after buying an additional 944 shares in the last quarter. Flinton Capital Management LLC raised its position in shares of Dril-Quip by 18.9% in the first quarter. Flinton Capital Management LLC now owns 2,464 shares of the oil and gas company’s stock valued at $134,000 after buying an additional 392 shares in the last quarter. Neuburgh Advisers LLC raised its position in shares of Dril-Quip by 18.9% in the first quarter. Neuburgh Advisers LLC now owns 2,992 shares of the oil and gas company’s stock valued at $163,000 after buying an additional 476 shares in the last quarter. Finally, LS Investment Advisors LLC raised its position in shares of Dril-Quip by 17.6% in the second quarter. LS Investment Advisors LLC now owns 3,014 shares of the oil and gas company’s stock valued at $147,000 after buying an additional 450 shares in the last quarter.
Shares of Dril-Quip (NYSE DRQ) traded up 2.129% during mid-day trading on Wednesday, reaching $51.575. 121,372 shares of the company’s stock were exchanged. The stock has a market capitalization of $1.95 billion, a PE ratio of 34.406 and a beta of 0.65. The company’s 50 day moving average is $50.04 and its 200 day moving average is $55.13. Dril-Quip has a 1-year low of $46.60 and a 1-year high of $69.40.
Dril-Quip Company Profile
Dril-Quip, Inc (Dril-Quip) designs, manufactures, sells and services engineered drilling and production equipment. The Company’s operations are organized into three geographic segments: Western Hemisphere, including North and South America, headquartered in Houston, Texas; Eastern Hemisphere, including Europe and Africa, headquartered in Aberdeen, Scotland, and Asia-Pacific, including the Pacific Rim, Southeast Asia, Australia, India and the Middle East, headquartered in Singapore.
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