$104.44 Million in Sales Expected for Dril-Quip, Inc. (NYSE:DRQ) This Quarter

Wall Street analysts predict that Dril-Quip, Inc. (NYSE:DRQ) will announce sales of $104.44 million for the current quarter, according to Zacks. Four analysts have made estimates for Dril-Quip’s earnings, with the highest sales estimate coming in at $106.00 million and the lowest estimate coming in at $102.60 million. Dril-Quip posted sales of $97.34 million in the same quarter last year, which suggests a positive year over year growth rate of 7.3%. The company is expected to issue its next earnings results on Tuesday, February 25th.

On average, analysts expect that Dril-Quip will report full-year sales of $412.23 million for the current financial year, with estimates ranging from $408.90 million to $415.66 million. For the next fiscal year, analysts forecast that the business will report sales of $463.65 million, with estimates ranging from $445.00 million to $478.10 million. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Dril-Quip.

Dril-Quip (NYSE:DRQ) last issued its quarterly earnings data on Thursday, October 24th. The oil and gas company reported ($0.07) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.19). Dril-Quip had a negative return on equity of 0.58% and a negative net margin of 19.96%. The business had revenue of $108.23 million during the quarter, compared to the consensus estimate of $103.17 million. During the same quarter in the prior year, the business posted ($0.20) earnings per share. Dril-Quip’s quarterly revenue was up 16.1% compared to the same quarter last year.

Several analysts recently weighed in on the stock. Wolfe Research assumed coverage on shares of Dril-Quip in a report on Wednesday, November 27th. They issued an “underperform” rating and a $43.00 price target on the stock. ValuEngine downgraded shares of Dril-Quip from a “hold” rating to a “sell” rating in a research report on Wednesday, December 4th. Evercore ISI reaffirmed a “buy” rating and issued a $53.00 target price on shares of Dril-Quip in a research report on Monday, November 11th. Morgan Stanley dropped 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. Finally, B. Riley lifted their target price on shares of Dril-Quip from $48.00 to $51.00 and gave the company a “neutral” rating in a research note on Thursday, September 19th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $46.69.

In other news, CEO Blake T. Deberry sold 4,233 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $44.70, for a total transaction of $189,215.10. Following the sale, the chief executive officer now owns 191,024 shares of the company’s stock, valued at approximately $8,538,772.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director A P. Shukis sold 888 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $44.00, for a total transaction of $39,072.00. Following the sale, the director now directly owns 19,238 shares in the company, valued at approximately $846,472. The disclosure for this sale can be found here. Over the last three months, insiders sold 59,981 shares of company stock worth $2,669,275. Insiders own 0.97% of the company’s stock.

A number of institutional investors have recently modified their holdings of DRQ. Waddell & Reed Financial Inc. raised its stake in Dril-Quip by 122.5% during the 2nd quarter. Waddell & Reed Financial Inc. now owns 539,135 shares of the oil and gas company’s stock valued at $25,878,000 after buying an additional 296,859 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Dril-Quip by 59.4% in the second quarter. Van ECK Associates Corp now owns 525,242 shares of the oil and gas company’s stock worth $25,212,000 after acquiring an additional 195,825 shares during the period. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of Dril-Quip by 5.2% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,770,299 shares of the oil and gas company’s stock worth $180,975,000 after acquiring an additional 187,762 shares during the period. Nuveen Asset Management LLC purchased a new stake in Dril-Quip during the second quarter valued at $7,305,000. Finally, Morgan Stanley increased its position in Dril-Quip by 335.7% during the second quarter. Morgan Stanley now owns 169,642 shares of the oil and gas company’s stock valued at $8,144,000 after acquiring an additional 130,704 shares during the last quarter.

Shares of Dril-Quip stock opened at $44.08 on Tuesday. The company has a market cap of $1.62 billion, a PE ratio of -69.97 and a beta of 1.50. The business has a 50 day moving average of $44.17 and a 200 day moving average of $46.35. Dril-Quip has a 52 week low of $26.62 and a 52 week high of $56.71.

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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Earnings History and Estimates for Dril-Quip (NYSE:DRQ)

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