Wall Street analysts predict that Dril-Quip, Inc. (NYSE:DRQ) will announce ($0.23) earnings per share for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Dril-Quip’s earnings, with estimates ranging from ($0.32) to ($0.10). Dril-Quip posted earnings of $0.05 per share during the same quarter last year, which would suggest a negative year over year growth rate of 560%. The company is expected to announce its next earnings report on Friday, October 26th.
According to Zacks, analysts expect that Dril-Quip will report full year earnings of ($0.84) per share for the current fiscal year, with EPS estimates ranging from ($1.04) to ($0.58). For the next financial year, analysts anticipate that the business will post earnings of ($0.21) per share, with EPS estimates ranging from ($0.42) to ($0.05). Zacks Investment Research’s EPS calculations are an average based on a survey of analysts that that provide coverage for Dril-Quip.
Dril-Quip (NYSE:DRQ) last issued its earnings results on Thursday, July 26th. The oil and gas company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.16). Dril-Quip had a negative net margin of 27.63% and a negative return on equity of 1.19%. The company had revenue of $94.86 million during the quarter, compared to analyst estimates of $94.76 million. During the same quarter in the previous year, the company posted $0.09 EPS. The company’s quarterly revenue was down 25.8% on a year-over-year basis.
DRQ has been the subject of several research reports. ValuEngine upgraded shares of Dril-Quip from a “hold” rating to a “buy” rating in a research report on Wednesday, July 4th. Zacks Investment Research upgraded shares of Dril-Quip from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a research report on Wednesday, July 25th. Piper Jaffray Companies set a $40.00 price target on shares of Dril-Quip and gave the company a “hold” rating in a research report on Friday, July 27th. B. Riley downgraded shares of Dril-Quip from a “buy” rating to a “neutral” rating and upped their price target for the company from $50.00 to $58.00 in a research report on Friday, July 20th. Finally, Morgan Stanley initiated coverage on shares of Dril-Quip in a research report on Tuesday, September 18th. They issued an “underweight” rating and a $50.00 price target for the company. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $49.63.
In other Dril-Quip news, insider Blake T. Deberry sold 2,000 shares of the company’s stock in a transaction on Monday, October 1st. The shares were sold at an average price of $52.35, for a total transaction of $104,700.00. Following the completion of the transaction, the insider now owns 112,208 shares in the company, valued at approximately $5,874,088.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Jeffrey J. Bird sold 1,000 shares of the company’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $52.35, for a total transaction of $52,350.00. Following the transaction, the vice president now owns 20,788 shares of the company’s stock, valued at approximately $1,088,251.80. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the business. Advisors Preferred LLC acquired a new position in shares of Dril-Quip during the 2nd quarter worth $135,000. Crossmark Global Holdings Inc. acquired a new position in shares of Dril-Quip during the 2nd quarter worth $226,000. Unison Advisors LLC acquired a new position in shares of Dril-Quip during the 2nd quarter worth $229,000. Tower Research Capital LLC TRC grew its stake in shares of Dril-Quip by 148.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,529 shares of the oil and gas company’s stock worth $233,000 after purchasing an additional 2,708 shares during the period. Finally, First Mercantile Trust Co. grew its stake in shares of Dril-Quip by 95.9% during the 2nd quarter. First Mercantile Trust Co. now owns 5,080 shares of the oil and gas company’s stock worth $261,000 after purchasing an additional 2,487 shares during the period.
DRQ stock traded up $0.01 on Friday, hitting $45.67. The company’s stock had a trading volume of 408,200 shares, compared to its average volume of 478,000. Dril-Quip has a 1 year low of $37.35 and a 1 year high of $58.95. The company has a market cap of $1.76 billion, a price-to-earnings ratio of 175.65 and a beta of 0.91.
Dril-Quip declared that its Board of Directors has approved a share buyback program on Thursday, July 26th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the oil and gas company to buy up to 4.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.
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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