Morgan Stanley Increases Dril-Quip (NYSE:DRQ) Price Target to $45.00

Dril-Quip (NYSE:DRQ) had its price objective increased by research analysts at Morgan Stanley from $42.00 to $45.00 in a research note issued to investors on Tuesday, AnalystRatings.com reports. The brokerage currently has an “underweight” rating on the oil and gas company’s stock. Morgan Stanley’s price target suggests a potential downside of 3.76% from the company’s previous close.

A number of other research firms have also commented on DRQ. Wolfe Research started coverage on Dril-Quip in a research report on Wednesday, November 27th. They set an “underperform” rating and a $43.00 price target on the stock. Capital One Financial reissued a “hold” rating and issued a $47.00 target price on shares of Dril-Quip in a research report on Friday, January 10th. Evercore ISI reissued a “buy” rating and issued a $53.00 target price on shares of Dril-Quip in a research report on Monday, November 11th. B. Riley lifted their target price on Dril-Quip from $48.00 to $51.00 and gave the company a “neutral” rating in a research report on Thursday, September 19th. Finally, ValuEngine raised Dril-Quip from a “sell” rating to a “hold” rating in a research report on Tuesday, January 7th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $47.11.

NYSE:DRQ traded up $0.82 during trading hours on Tuesday, reaching $46.76. The company had a trading volume of 1,463 shares, compared to its average volume of 184,670. The stock has a 50-day moving average of $45.86 and a two-hundred day moving average of $47.18. Dril-Quip has a one year low of $34.99 and a one year high of $56.71. The firm has a market capitalization of $1.68 billion, a PE ratio of -74.21 and a beta of 1.52.

Dril-Quip (NYSE:DRQ) last released its earnings results on Thursday, October 24th. The oil and gas company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.19). The company had revenue of $108.23 million during the quarter, compared to analyst estimates of $103.17 million. Dril-Quip had a negative net margin of 19.96% and a negative return on equity of 0.58%. The company’s quarterly revenue was up 16.1% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.20) EPS. As a group, equities research analysts predict that Dril-Quip will post 0.06 earnings per share for the current year.

In other Dril-Quip news, CEO Blake T. Deberry sold 4,233 shares of Dril-Quip stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $44.70, for a total value of $189,215.10. Following the completion of the transaction, the chief executive officer now directly 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 Securities & Exchange Commission, which is available through this hyperlink. Also, VP Raj Kumar sold 819 shares of Dril-Quip stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $43.61, for a total value of $35,716.59. Following the completion of the transaction, the vice president now directly owns 11,774 shares of the company’s stock, valued at $513,464.14. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,981 shares of company stock valued at $2,229,145. Corporate insiders own 0.97% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. raised its position in Dril-Quip by 0.6% during the second quarter. BlackRock Inc. now owns 5,503,378 shares of the oil and gas company’s stock valued at $264,161,000 after purchasing an additional 32,727 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Dril-Quip by 2.5% during the second quarter. Vanguard Group Inc. now owns 3,897,604 shares of the oil and gas company’s stock valued at $187,085,000 after purchasing an additional 95,017 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of Dril-Quip by 5.2% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,770,299 shares of the oil and gas company’s stock valued at $180,975,000 after purchasing an additional 187,762 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Dril-Quip by 1.9% during the second quarter. Northern Trust Corp now owns 975,508 shares of the oil and gas company’s stock valued at $46,823,000 after purchasing an additional 18,187 shares during the last quarter. Finally, Macquarie Group Ltd. lifted its holdings in shares of Dril-Quip by 7.5% during the second quarter. Macquarie Group Ltd. now owns 754,283 shares of the oil and gas company’s stock valued at $36,206,000 after purchasing an additional 52,898 shares during the last quarter.

About Dril-Quip

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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