Equities Analysts Offer Predictions for Dril-Quip, Inc.’s FY2019 Earnings (DRQ)
Dril-Quip, Inc. (NYSE:DRQ) – Stock analysts at Gabelli lifted their FY2019 earnings estimates for Dril-Quip in a note issued to investors on Tuesday. Gabelli analyst S. Wong now expects that the oil and gas company will post earnings of $0.80 per share for the year, up from their prior forecast of $0.70. Gabelli has a “Hold” rating and a $43.00 price objective on the stock. Gabelli also issued estimates for Dril-Quip’s FY2020 earnings at $1.60 EPS.
Dril-Quip (NYSE:DRQ) last issued its earnings results on Friday, October 27th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.06. The business had revenue of $100.35 million for the quarter, compared to analysts’ expectations of $106.74 million. Dril-Quip had a positive return on equity of 1.19% and a negative net margin of 6.14%. The company’s quarterly revenue was down 18.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.63 EPS.
DRQ has been the topic of a number of other research reports. Cowen and Company set a $43.00 price target on Dril-Quip and gave the company a “hold” rating in a research note on Friday, October 6th. Scotiabank set a $61.00 price target on Dril-Quip and gave the company a “hold” rating in a research note on Monday, July 31st. BidaskClub downgraded Dril-Quip from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. FBR & Co reissued a “buy” rating on shares of Dril-Quip in a research note on Friday, October 27th. Finally, Piper Jaffray Companies set a $43.00 price target on Dril-Quip and gave the company a “hold” rating in a research note on Saturday, July 29th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $50.50.
Large investors have recently modified their holdings of the stock. BlackRock Inc. lifted its stake in Dril-Quip by 8,615.2% in the 1st quarter. BlackRock Inc. now owns 3,581,432 shares of the oil and gas company’s stock valued at $195,368,000 after purchasing an additional 3,540,338 shares during the last quarter. UBS Group AG lifted its stake in Dril-Quip by 2.7% in the 1st quarter. UBS Group AG now owns 38,635 shares of the oil and gas company’s stock valued at $2,108,000 after purchasing an additional 1,002 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in Dril-Quip in the 2nd quarter valued at about $3,652,000. State Street Corp lifted its stake in Dril-Quip by 2.7% in the 1st quarter. State Street Corp now owns 1,180,848 shares of the oil and gas company’s stock valued at $64,416,000 after purchasing an additional 31,362 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in Dril-Quip by 0.5% in the 2nd quarter. American Century Companies Inc. now owns 879,376 shares of the oil and gas company’s stock valued at $42,914,000 after purchasing an additional 3,963 shares during the last quarter.
In related news, VP James C. Webster sold 4,890 shares of the firm’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $41.49, for a total value of $202,886.10. Following the completion of the sale, the vice president now directly owns 34,947 shares in the company, valued at approximately $1,449,951.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP James C. Webster sold 2,000 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were 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 disclosure for this sale can be found here. Insiders sold a total of 37,662 shares of company stock valued at $1,567,399 over the last quarter. 0.87% of the stock is currently owned by company insiders.
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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