StockNews.com Begins Coverage on Dril-Quip (NYSE:DRQ)

StockNews.com began coverage on shares of Dril-Quip (NYSE:DRQ) in a research note issued to investors on Wednesday. The brokerage issued a sell rating on the oil and gas company’s stock.

Dril-Quip Stock Performance

The firm’s 50-day moving average price is $16.14 and its 200 day moving average price is $18.88. Dril-Quip has a 52-week low of $14.07 and a 52-week high of $30.93. The firm has a market cap of $530.41 million, a price-to-earnings ratio of -24.08 and a beta of 0.84.

Dril-Quip (NYSE:DRQ) last issued its earnings results on Thursday, August 1st. The oil and gas company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.07). Dril-Quip had a negative return on equity of 2.49% and a negative net margin of 5.69%. The business had revenue of $120.34 million for the quarter, compared to analyst estimates of $118.85 million. During the same period last year, the company posted ($0.03) earnings per share. The firm’s revenue for the quarter was up 34.3% on a year-over-year basis. On average, equities research analysts forecast that Dril-Quip will post 0.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP James C. Webster sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $14.67, for a total transaction of $88,020.00. Following the completion of the transaction, the vice president now directly owns 56,735 shares of the company’s stock, valued at $832,302.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CWM LLC lifted its stake in Dril-Quip by 564.0% in the second quarter. CWM LLC now owns 2,696 shares of the oil and gas company’s stock valued at $50,000 after buying an additional 2,290 shares during the last quarter. Kings Path Partners LLC acquired a new stake in shares of Dril-Quip in the 2nd quarter worth about $52,000. Central Pacific Bank Trust Division acquired a new stake in shares of Dril-Quip in the 1st quarter worth about $104,000. PNC Financial Services Group Inc. lifted its position in Dril-Quip by 37.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 9,511 shares of the oil and gas company’s stock valued at $221,000 after purchasing an additional 2,569 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD acquired a new position in Dril-Quip during the 1st quarter valued at about $219,000.

Dril-Quip Company Profile

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.