Gabelli Funds LLC decreased its holdings in Dril-Quip, Inc. (NYSE:DRQ) by 37.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 66,000 shares of the oil and gas company’s stock after selling 39,000 shares during the quarter. Gabelli Funds LLC owned approximately 0.18% of Dril-Quip worth $3,312,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the stock. ARP Americas LP bought a new stake in shares of Dril-Quip in the third quarter worth $271,000. Russell Investments Group Ltd. bought a new stake in shares of Dril-Quip in the third quarter worth $113,000. California Public Employees Retirement System grew its stake in shares of Dril-Quip by 16.2% in the third quarter. California Public Employees Retirement System now owns 142,687 shares of the oil and gas company’s stock worth $7,160,000 after purchasing an additional 19,900 shares during the last quarter. State of Tennessee Treasury Department grew its stake in shares of Dril-Quip by 28.2% in the third quarter. State of Tennessee Treasury Department now owns 53,440 shares of the oil and gas company’s stock worth $2,681,000 after purchasing an additional 11,758 shares during the last quarter. Finally, Wakefield Asset Management LLLP bought a new stake in shares of Dril-Quip in the third quarter worth $545,000.
In other news, Director A P. Shukis sold 888 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $44.00, for a total transaction of $39,072.00. Following the transaction, the director now owns 19,238 shares in the company, valued at $846,472. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jeffrey J. Bird sold 3,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $48.91, for a total transaction of $146,730.00. Following the transaction, the chief financial officer now owns 33,826 shares in the company, valued at approximately $1,654,429.66. The disclosure for this sale can be found here. Insiders have sold 59,981 shares of company stock worth $2,669,275 in the last ninety days. Insiders own 0.97% of the company’s stock.
DRQ has been the topic of several analyst reports. ValuEngine cut shares of Dril-Quip from a “buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Morgan Stanley reduced their price objective on shares of Dril-Quip from $45.00 to $42.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 8th. Zacks Investment Research cut shares of Dril-Quip from a “buy” rating to a “hold” rating and set a $55.00 price objective on the stock. in a research note on Monday, July 29th. TheStreet raised shares of Dril-Quip from a “d+” rating to a “c-” rating in a research note on Tuesday, July 30th. Finally, B. Riley upped their price target on shares of Dril-Quip from $48.00 to $51.00 and gave the company a “neutral” rating in a research report on Thursday, September 19th. One equities 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’s stock. Dril-Quip currently has a consensus rating of “Hold” and a consensus target price of $46.17.
DRQ traded up $0.35 during trading on Friday, reaching $45.23. 212,351 shares of the stock traded hands, compared to its average volume of 430,073. The stock has a market capitalization of $1.63 billion, a PE ratio of -71.79 and a beta of 1.47. The stock’s 50-day moving average is $48.08 and its 200 day moving average is $46.22. Dril-Quip, Inc. has a 12 month low of $26.62 and a 12 month high of $56.71.
Dril-Quip (NYSE:DRQ) last issued its quarterly earnings results on Thursday, October 24th. The oil and gas company reported ($0.07) EPS for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.19). The firm had revenue of $108.23 million for the quarter, compared to the consensus estimate of $103.17 million. Dril-Quip had a negative net margin of 19.96% and a negative return on equity of 0.58%. The business’s revenue was up 16.1% compared to the same quarter last year. During the same period last year, the company posted ($0.20) EPS. Equities research analysts anticipate that Dril-Quip, Inc. will post 0.12 EPS for the current fiscal year.
Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services onshore and offshore drilling and production equipment for use in deepwater, harsh environment, and severe service applications worldwide. It operates through three segments: Western Hemisphere, Eastern Hemisphere, and Asia-Pacific.
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