Fisher Asset Management LLC Buys 70,344 Shares of Dril-Quip, Inc. (NYSE:DRQ)

Fisher Asset Management LLC boosted its stake in Dril-Quip, Inc. (NYSE:DRQ) by 32.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 289,806 shares of the oil and gas company’s stock after acquiring an additional 70,344 shares during the period. Fisher Asset Management LLC owned 0.85% of Dril-Quip worth $6,744,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Dril-Quip by 59.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,733 shares of the oil and gas company’s stock valued at $190,000 after purchasing an additional 2,514 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Dril-Quip by 252.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 6,942 shares of the oil and gas company’s stock valued at $196,000 after buying an additional 4,973 shares during the last quarter. NJ State Employees Deferred Compensation Plan bought a new position in shares of Dril-Quip during the 3rd quarter worth $225,000. Profund Advisors LLC purchased a new stake in Dril-Quip in the 3rd quarter worth about $259,000. Finally, Southport Management L.L.C. bought a new stake in Dril-Quip in the 3rd quarter valued at about $282,000.

Dril-Quip Stock Up 1.0 %

Shares of DRQ opened at $18.80 on Tuesday. The business’s 50-day moving average price is $21.96 and its 200-day moving average price is $21.99. Dril-Quip, Inc. has a twelve month low of $17.80 and a twelve month high of $30.93. The stock has a market cap of $646.92 million, a PE ratio of -29.37 and a beta of 0.90.

Dril-Quip (NYSE:DRQ) last posted its earnings results on Thursday, May 2nd. The oil and gas company reported ($0.62) earnings per share (EPS) for the quarter. The firm had revenue of $110.30 million during the quarter. Dril-Quip had a negative return on equity of 2.98% and a negative net margin of 4.89%. Analysts expect that Dril-Quip, Inc. will post 0.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Barclays cut their target price on shares of Dril-Quip from $23.00 to $22.00 and set an “underweight” rating for the company in a research report on Thursday, February 29th. Evercore ISI reduced their price objective on shares of Dril-Quip from $44.00 to $40.00 and set an “outperform” rating for the company in a research note on Wednesday, February 28th. Finally, StockNews.com upgraded Dril-Quip from a “sell” rating to a “hold” rating in a research report on Friday, March 15th.

Insider Buying and Selling

In other Dril-Quip news, VP James C. Webster sold 4,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $23.16, for a total value of $92,640.00. Following the sale, the vice president now owns 62,735 shares of the company’s stock, valued at approximately $1,452,942.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Jeffrey J. Bird sold 7,500 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $23.14, for a total value of $173,550.00. Following the completion of the transaction, the chief executive officer now directly owns 155,327 shares in the company, valued at $3,594,266.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP James C. Webster sold 4,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $23.16, for a total value of $92,640.00. Following the sale, the vice president now owns 62,735 shares in the company, valued at approximately $1,452,942.60. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.

About Dril-Quip

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services engineered drilling and production equipment for offshore and onshore applications worldwide. The company's principal products include subsea and surface wellheads, specialty connectors and associated pipes, subsea production trees and systems, mudline hanger systems, production riser systems, dry tree systems, subsea manifolds, line hangers and expandable liner systems, multi-frac well connections, conventional wellheads, thermal wellheads, completion packers, and safety and kelly valves; and rig equipment comprises drilling riser systems, wellhead connectors, diverters, and cement manifolds.