Cowen and Company Reiterates “$43.00” Price Target for Dril-Quip, Inc. (DRQ)
Dril-Quip, Inc. (NYSE:DRQ) has been given a $43.00 price target by analysts at Cowen and Company in a research report issued to clients and investors on Friday. The brokerage currently has a “hold” rating on the oil and gas company’s stock. Cowen and Company’s price objective would indicate a potential downside of 1.83% from the company’s previous close.
Several other equities analysts have also commented on the company. BidaskClub lowered Dril-Quip from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 10th. Scotiabank set a $61.00 target price on Dril-Quip and gave the company a “hold” rating in a research note on Monday, July 31st. Finally, Piper Jaffray Companies set a $43.00 target price on Dril-Quip and gave the company a “hold” rating in a research note on Saturday, July 29th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. Dril-Quip presently has a consensus rating of “Hold” and an average price target of $53.67.
Dril-Quip (NYSE DRQ) traded down 1.02% during trading on Friday, hitting $43.80. The stock had a trading volume of 431,466 shares. The stock’s 50-day moving average is $40.89 and its 200 day moving average is $47.81. The firm has a market cap of $1.66 billion, a price-to-earnings ratio of 81.41 and a beta of 0.70. Dril-Quip has a one year low of $35.85 and a one year high of $69.40.
Dril-Quip (NYSE:DRQ) last released its earnings results on Friday, July 28th. The oil and gas company reported $0.09 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.06. The firm had revenue of $127.90 million during the quarter, compared to analyst estimates of $112.12 million. Dril-Quip had a return on equity of 2.12% and a net margin of 4.28%. The business’s quarterly revenue was down 10.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.96 earnings per share. Equities analysts anticipate that Dril-Quip will post $0.11 earnings per share for the current year.
In other Dril-Quip news, VP James C. Webster sold 2,000 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $43.49, for a total transaction of $86,980.00. Following the completion of the sale, the vice president now owns 24,104 shares of the company’s stock, valued at $1,048,282.96. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.87% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the business. BlackRock Inc. grew its position in Dril-Quip by 8,615.2% during the first quarter. BlackRock Inc. now owns 3,581,432 shares of the oil and gas company’s stock valued at $195,368,000 after acquiring an additional 3,540,338 shares during the period. UBS Group AG grew its position in Dril-Quip by 2.7% during the first quarter. UBS Group AG now owns 38,635 shares of the oil and gas company’s stock valued at $2,108,000 after acquiring an additional 1,002 shares during the period. State Street Corp grew its position in Dril-Quip by 2.7% during the first quarter. State Street Corp now owns 1,180,848 shares of the oil and gas company’s stock valued at $64,416,000 after acquiring an additional 31,362 shares during the period. American Century Companies Inc. grew its position in Dril-Quip by 0.5% during the second quarter. American Century Companies Inc. now owns 879,376 shares of the oil and gas company’s stock valued at $42,914,000 after acquiring an additional 3,963 shares during the period. Finally, Heartland Advisors Inc. purchased a new stake in Dril-Quip during the second quarter valued at about $5,467,000.
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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