Dril-Quip (NYSE:DRQ) Coverage Initiated at StockNews.com

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

Dril-Quip Stock Performance

The company has a market cap of $530.41 million, a price-to-earnings ratio of -24.08 and a beta of 0.84. Dril-Quip has a 1-year low of $14.07 and a 1-year high of $30.93. The business has a fifty day simple moving average of $16.03 and a 200 day simple moving average of $18.82.

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

Insider Transactions at Dril-Quip

In related news, VP James C. Webster sold 6,000 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $14.67, for a total value of $88,020.00. Following the transaction, the vice president now owns 56,735 shares in the company, valued at approximately $832,302.45. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Dril-Quip

Hedge funds have recently bought and sold shares of the company. CWM LLC lifted its stake in Dril-Quip by 564.0% during the 2nd quarter. CWM LLC now owns 2,696 shares of the oil and gas company’s stock valued at $50,000 after acquiring an additional 2,290 shares during the period. Kings Path Partners LLC purchased a new position in shares of Dril-Quip in the 2nd quarter worth $52,000. Central Pacific Bank Trust Division purchased a new position in shares of Dril-Quip in the 1st quarter worth approximately $104,000. PNC Financial Services Group Inc. lifted its holdings in shares of 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 worth $221,000 after acquiring an additional 2,569 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD purchased a new position in Dril-Quip during the 1st quarter valued at $219,000.

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.