Dril-Quip, Inc. (NYSE:DRQ) Short Interest Up 7.4% in June

Dril-Quip, Inc. (NYSE:DRQ) was the recipient of a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 1,160,000 shares, a growth of 7.4% from the May 31st total of 1,080,000 shares. Based on an average trading volume of 272,400 shares, the short-interest ratio is currently 4.3 days. Approximately 3.4% of the company’s shares are sold short.

Institutional Investors Weigh In On Dril-Quip

A number of institutional investors have recently added to or reduced their stakes in DRQ. Partnership Wealth Management LLC lifted its position in shares of Dril-Quip by 6.8% during the 2nd quarter. Partnership Wealth Management LLC now owns 21,381 shares of the oil and gas company’s stock worth $398,000 after buying an additional 1,360 shares in the last quarter. Price T Rowe Associates Inc. MD purchased a new position in Dril-Quip in the first quarter worth $219,000. Gabelli Funds LLC grew its stake in Dril-Quip by 21.9% in the 1st quarter. Gabelli Funds LLC now owns 543,880 shares of the oil and gas company’s stock valued at $12,254,000 after purchasing an additional 97,800 shares during the period. Gamco Investors INC. ET AL increased its position in shares of Dril-Quip by 4.4% during the 1st quarter. Gamco Investors INC. ET AL now owns 2,209,616 shares of the oil and gas company’s stock valued at $49,783,000 after purchasing an additional 92,757 shares during the last quarter. Finally, MQS Management LLC bought a new stake in shares of Dril-Quip during the 1st quarter worth $252,000.

Dril-Quip Stock Up 1.8 %

Shares of DRQ stock traded up $0.32 during trading hours on Wednesday, reaching $18.59. The company had a trading volume of 78,078 shares, compared to its average volume of 248,430. The business has a fifty day simple moving average of $18.50 and a 200-day simple moving average of $20.78. Dril-Quip has a 12 month low of $16.64 and a 12 month high of $30.93.

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

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. StockNews.com upgraded Dril-Quip from a “sell” rating to a “hold” rating in a research note on Friday, March 15th. Barclays cut their target price on Dril-Quip from $22.00 to $21.00 and set an “underweight” rating on the stock in a report on Tuesday, May 14th.

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.