Lesa Sroufe & Co Invests $2.05 Million in Dril-Quip, Inc. (NYSE:DRQ)

Lesa Sroufe & Co purchased a new position in shares of Dril-Quip, Inc. (NYSE:DRQ) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 87,946 shares of the oil and gas company’s stock, valued at approximately $2,047,000. Dril-Quip accounts for about 2.1% of Lesa Sroufe & Co’s portfolio, making the stock its 21st largest position. Lesa Sroufe & Co owned approximately 0.26% of Dril-Quip as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in DRQ. Brandes Investment Partners LP lifted its holdings in shares of Dril-Quip by 36.8% during the 3rd quarter. Brandes Investment Partners LP now owns 2,206,515 shares of the oil and gas company’s stock worth $62,158,000 after acquiring an additional 593,982 shares during the period. Ranger Investment Management L.P. lifted its holdings in shares of Dril-Quip by 365.7% during the 3rd quarter. Ranger Investment Management L.P. now owns 697,659 shares of the oil and gas company’s stock worth $19,653,000 after acquiring an additional 547,859 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Dril-Quip by 27.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,363,507 shares of the oil and gas company’s stock worth $38,410,000 after acquiring an additional 292,521 shares during the period. Victory Capital Management Inc. increased its position in Dril-Quip by 521.2% during the 3rd quarter. Victory Capital Management Inc. now owns 182,682 shares of the oil and gas company’s stock worth $5,146,000 after purchasing an additional 153,274 shares in the last quarter. Finally, Heartland Advisors Inc. increased its position in Dril-Quip by 17.5% during the 3rd quarter. Heartland Advisors Inc. now owns 872,949 shares of the oil and gas company’s stock worth $26,434,000 after purchasing an additional 130,085 shares in the last quarter.

Analyst Upgrades and Downgrades

DRQ has been the subject of a number of research analyst reports. StockNews.com upgraded shares of Dril-Quip from a “sell” rating to a “hold” rating in a research report on Friday, March 15th. Evercore ISI lowered 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 report on Wednesday, February 28th. Finally, Barclays lowered their price objective 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.

Insider Transactions at Dril-Quip

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

Dril-Quip Stock Performance

Shares of NYSE DRQ opened at $19.47 on Wednesday. Dril-Quip, Inc. has a 52-week low of $18.93 and a 52-week high of $30.93. The firm has a 50 day moving average price of $22.36 and a two-hundred day moving average price of $22.44. The stock has a market cap of $670.16 million, a P/E ratio of 1,947.00 and a beta of 0.84.

Dril-Quip (NYSE:DRQ) last posted its quarterly earnings data on Monday, February 26th. The oil and gas company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.14). Dril-Quip had a negative return on equity of 0.58% and a net margin of 0.14%. The firm had revenue of $126.34 million for the quarter, compared to analyst estimates of $118.58 million. During the same quarter last year, the company earned $0.06 earnings per share. The company’s quarterly revenue was up 30.5% compared to the same quarter last year. Analysts predict that Dril-Quip, Inc. will post 0.45 earnings per share for the current fiscal year.

Dril-Quip 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.