Van ECK Associates Corp Decreases Stock Position in Dril-Quip, Inc. (NYSE:DRQ)

Van ECK Associates Corp reduced its position in Dril-Quip, Inc. (NYSE:DRQ) by 10.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 507,683 shares of the oil and gas company’s stock after selling 57,387 shares during the quarter. Van ECK Associates Corp owned about 1.47% of Dril-Quip worth $11,438,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. lifted its stake in shares of Dril-Quip by 252.6% in the third quarter. PNC Financial Services Group Inc. now owns 6,942 shares of the oil and gas company’s stock worth $196,000 after buying an additional 4,973 shares in the last quarter. CoreCommodity Management LLC purchased a new stake in Dril-Quip during the fourth quarter worth approximately $229,000. SageView Advisory Group LLC acquired a new position in Dril-Quip in the fourth quarter valued at approximately $317,000. Jump Financial LLC purchased a new position in Dril-Quip in the fourth quarter valued at approximately $370,000. Finally, Deutsche Bank AG raised its holdings in Dril-Quip by 9.8% during the third quarter. Deutsche Bank AG now owns 16,701 shares of the oil and gas company’s stock worth $470,000 after purchasing an additional 1,490 shares in the last quarter.

Dril-Quip Price Performance

Shares of DRQ traded down $0.86 during mid-day trading on Friday, reaching $17.73. 87,041 shares of the company’s stock were exchanged, compared to its average volume of 247,168. The business’s fifty day simple moving average is $18.48 and its 200-day simple moving average is $20.75. Dril-Quip, Inc. has a 52-week low of $16.64 and a 52-week high of $30.93. The stock has a market capitalization of $610.27 million, a PE ratio of -27.70 and a beta of 0.87.

Dril-Quip (NYSE:DRQ) last issued its quarterly earnings results on Thursday, May 2nd. The oil and gas company reported ($0.62) earnings per share (EPS) for the quarter. Dril-Quip had a negative net margin of 4.89% and a negative return on equity of 2.98%. The company had revenue of $110.30 million during the quarter. Equities research analysts predict that Dril-Quip, Inc. will post 0.45 earnings per share for the current year.

Analysts Set New Price Targets

DRQ has been the subject of several research analyst reports. Barclays dropped their target price on shares of Dril-Quip from $22.00 to $21.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 14th. StockNews.com raised Dril-Quip from a “sell” rating to a “hold” rating in a report on Friday, March 15th.

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.