Van ECK Associates Corp trimmed its position in shares of Dril-Quip, Inc. (NYSE:DRQ) by 14.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 404,348 shares of the oil and gas company’s stock after selling 66,902 shares during the period. Van ECK Associates Corp owned approximately 1.07% of Dril-Quip worth $17,852,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in DRQ. Kayne Anderson Rudnick Investment Management LLC grew its holdings in Dril-Quip by 41.8% during the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,147,783 shares of the oil and gas company’s stock valued at $138,975,000 after purchasing an additional 927,533 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Dril-Quip by 27.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,139,752 shares of the oil and gas company’s stock valued at $153,221,000 after acquiring an additional 684,559 shares during the last quarter. BlackRock Inc. boosted its stake in Dril-Quip by 17.9% during the 2nd quarter. BlackRock Inc. now owns 4,221,751 shares of the oil and gas company’s stock valued at $206,022,000 after acquiring an additional 640,319 shares during the last quarter. Northern Trust Corp boosted its stake in Dril-Quip by 119.7% during the 2nd quarter. Northern Trust Corp now owns 1,042,035 shares of the oil and gas company’s stock valued at $50,851,000 after acquiring an additional 567,821 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its stake in Dril-Quip by 269.0% during the 2nd quarter. Janus Henderson Group PLC now owns 637,160 shares of the oil and gas company’s stock valued at $31,093,000 after acquiring an additional 464,501 shares during the last quarter.
A number of research analysts have commented on the stock. Piper Jaffray Companies reiterated a “hold” rating and set a $38.00 price objective on shares of Dril-Quip in a research note on Friday, November 10th. Zacks Investment Research downgraded shares of Dril-Quip from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. B. Riley restated a “buy” rating on shares of Dril-Quip in a research report on Wednesday, November 1st. Wolfe Research upgraded shares of Dril-Quip from an “underperform” rating to a “market perform” rating in a research report on Tuesday, October 31st. Finally, TheStreet downgraded shares of Dril-Quip from a “c” rating to a “d+” rating in a research report on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. Dril-Quip currently has an average rating of “Hold” and a consensus price target of $48.57.
Shares of Dril-Quip, Inc. (DRQ) opened at $45.60 on Friday. Dril-Quip, Inc. has a twelve month low of $35.85 and a twelve month high of $69.40. The firm has a market cap of $1,726.46, a PE ratio of 108.57 and a beta of 0.68.
Dril-Quip (NYSE:DRQ) last released its quarterly earnings data on Friday, October 27th. The oil and gas company reported $0.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.06. Dril-Quip had a negative net margin of 6.14% and a positive return on equity of 1.19%. The business had revenue of $100.35 million for the quarter, compared to analysts’ expectations of $106.74 million. During the same quarter last year, the company earned $0.63 EPS. The company’s revenue for the quarter was down 18.8% compared to the same quarter last year. research analysts predict that Dril-Quip, Inc. will post 0.18 earnings per share for the current year.
In other Dril-Quip 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 transaction of $202,886.10. Following the transaction, the vice president now owns 34,947 shares of the company’s stock, valued at approximately $1,449,951.03. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Blake T. Deberry sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $44.66, for a total transaction of $446,600.00. Following the transaction, the insider now directly owns 126,208 shares in the company, valued at approximately $5,636,449.28. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,662 shares of company stock worth $2,013,999. 0.87% of the stock is owned by corporate insiders.
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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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