Gamco Investors INC. ET AL lowered its position in Dril-Quip, Inc. (NYSE:DRQ) by 7.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 575,878 shares of the oil and gas company’s stock after selling 47,950 shares during the period. Gamco Investors INC. ET AL’s holdings in Dril-Quip were worth $28,898,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in the company. Oregon Public Employees Retirement Fund raised its holdings in shares of Dril-Quip by 2.1% in the second quarter. Oregon Public Employees Retirement Fund now owns 14,300 shares of the oil and gas company’s stock valued at $686,000 after purchasing an additional 300 shares during the last quarter. Bank of Montreal Can grew its position in Dril-Quip by 1.2% during the second quarter. Bank of Montreal Can now owns 33,856 shares of the oil and gas company’s stock valued at $1,625,000 after buying an additional 402 shares during the period. Wrapmanager Inc. grew its position in Dril-Quip by 5.7% during the second quarter. Wrapmanager Inc. now owns 7,670 shares of the oil and gas company’s stock valued at $368,000 after buying an additional 411 shares during the period. M&T Bank Corp grew its position in Dril-Quip by 5.1% during the second quarter. M&T Bank Corp now owns 8,921 shares of the oil and gas company’s stock valued at $429,000 after buying an additional 430 shares during the period. Finally, Kavar Capital Partners LLC bought a new position in Dril-Quip during the second quarter valued at about $27,000.
A number of brokerages have weighed in on DRQ. Morgan Stanley cut their target price on shares of Dril-Quip from $45.00 to $42.00 and set an “underweight” rating for the company in a research report on Tuesday, October 8th. B. Riley increased their target price on shares of Dril-Quip from $48.00 to $51.00 and gave the stock a “neutral” rating in a research report on Thursday, September 19th. TheStreet upgraded shares of Dril-Quip from a “d+” rating to a “c-” rating in a research report on Tuesday, July 30th. ValuEngine lowered shares of Dril-Quip from a “buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Finally, Zacks Investment Research lowered shares of Dril-Quip from a “buy” rating to a “hold” rating and set a $55.00 target price for the company. in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. Dril-Quip has an average rating of “Hold” and a consensus price target of $46.17.
Dril-Quip (NYSE:DRQ) last released its quarterly earnings data on Thursday, October 24th. The oil and gas company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.19). Dril-Quip had a negative net margin of 19.96% and a negative return on equity of 0.58%. The firm had revenue of $108.23 million during the quarter, compared to the consensus estimate of $103.17 million. During the same quarter last year, the business posted ($0.20) earnings per share. Dril-Quip’s revenue was up 16.1% compared to the same quarter last year. As a group, equities analysts expect that Dril-Quip, Inc. will post 0.12 EPS for the current fiscal year.
In related news, CFO Jeffrey J. Bird sold 15,465 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $43.67, for a total value of $675,356.55. Following the sale, the chief financial officer now directly owns 47,160 shares of the company’s stock, valued at $2,059,477.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP James C. Webster sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $48.90, for a total transaction of $293,400.00. Following the completion of the sale, the vice president now directly owns 36,600 shares in the company, valued at $1,789,740. The disclosure for this sale can be found here. Insiders sold 55,258 shares of company stock valued at $2,458,134 over the last 90 days. 0.97% of the stock is owned by company insiders.
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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