Dril-Quip, Inc. (NYSE:DRQ) Sees Significant Decline in Short Interest

Dril-Quip, Inc. (NYSE:DRQ) was the target of a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 3,238,800 shares, a drop of 7.6% from the July 31st total of 3,504,500 shares. Approximately 9.0% of the shares of the company are sold short. Based on an average trading volume of 330,200 shares, the short-interest ratio is presently 9.8 days.

A number of equities analysts have recently issued reports on DRQ shares. Zacks Investment Research lowered shares of Dril-Quip from a “buy” rating to a “hold” rating and set a $55.00 target price on the stock. in a research report on Monday, July 29th. ValuEngine upgraded shares of Dril-Quip from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. Finally, TheStreet upgraded shares of Dril-Quip from a “d+” rating to a “c-” rating in a research report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. Dril-Quip has a consensus rating of “Hold” and an average target price of $46.96.

Shares of DRQ traded up $0.15 during mid-day trading on Friday, reaching $51.99. 213,920 shares of the company’s stock were exchanged, compared to its average volume of 283,421. The business’s fifty day simple moving average is $48.09 and its 200-day simple moving average is $44.88. Dril-Quip has a 52-week low of $26.62 and a 52-week high of $54.51.



Dril-Quip (NYSE:DRQ) last announced its earnings results on Thursday, July 25th. The oil and gas company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). Dril-Quip had a negative return on equity of 1.04% and a negative net margin of 23.06%. The business had revenue of $104.00 million for the quarter, compared to analysts’ expectations of $97.19 million. During the same quarter last year, the business posted ($0.24) earnings per share. The business’s revenue was up 9.6% on a year-over-year basis. As a group, equities research analysts forecast that Dril-Quip will post 0.2 EPS for the current fiscal year.

In other news, insider Blake T. Deberry sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $51.63, for a total transaction of $516,300.00. Following the transaction, the insider now directly owns 149,242 shares in the company, valued at $7,705,364.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.97% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Kavar Capital Partners LLC acquired a new stake in Dril-Quip in the second quarter valued at $27,000. Parallel Advisors LLC acquired a new stake in Dril-Quip in the first quarter valued at $38,000. NumerixS Investment Technologies Inc lifted its holdings in Dril-Quip by 450.0% in the second quarter. NumerixS Investment Technologies Inc now owns 1,100 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 900 shares during the period. Point72 Asset Management L.P. acquired a new stake in Dril-Quip in the second quarter valued at $62,000. Finally, GYL Financial Synergies LLC acquired a new stake in Dril-Quip in the first quarter valued at $221,000.

Dril-Quip Company Profile

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services onshore and offshore drilling and production equipment for use in deepwater, harsh environment, and severe service applications worldwide. It operates through three segments: Western Hemisphere, Eastern Hemisphere, and Asia-Pacific.

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