Wall Street brokerages expect Dril-Quip, Inc. (NYSE:DRQ) to announce earnings of ($0.05) per share for the current quarter, Zacks reports. Four analysts have made estimates for Dril-Quip’s earnings. The highest EPS estimate is $0.17 and the lowest is ($0.24). Dril-Quip reported earnings of $0.03 per share during the same quarter last year, which would indicate a negative year-over-year growth rate of 266.7%. The business is scheduled to report its next quarterly earnings report on Thursday, July 23rd.
According to Zacks, analysts expect that Dril-Quip will report full year earnings of ($0.62) per share for the current year, with EPS estimates ranging from ($1.17) to ($0.27). For the next financial year, analysts forecast that the company will post earnings of ($0.12) per share, with EPS estimates ranging from ($0.67) to $0.20. Zacks’ earnings per share averages are an average based on a survey of sell-side analysts that cover Dril-Quip.
Dril-Quip (NYSE:DRQ) last released its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.56). The company had revenue of $96.00 million for the quarter, compared to analysts’ expectations of $99.83 million. Dril-Quip had a positive return on equity of 0.61% and a negative net margin of 2.86%. The business’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.12) EPS.
A number of analysts have recently issued reports on DRQ shares. Cowen dropped their target price on Dril-Quip from $32.00 to $29.00 and set a “market perform” rating on the stock in a research report on Friday, May 8th. Gabelli downgraded Dril-Quip from a “buy” rating to a “hold” rating and set a $27.00 price objective for the company. in a research report on Tuesday, May 12th. JPMorgan Chase & Co. upgraded Dril-Quip from a “neutral” rating to an “overweight” rating and reduced their price objective for the stock from $48.00 to $39.00 in a research report on Tuesday, March 10th. Barclays restated a “hold” rating and issued a $30.00 target price on shares of Dril-Quip in a research report on Friday, March 20th. Finally, B. Riley dropped their price target on Dril-Quip from $45.00 to $33.00 and set a “neutral” rating on the stock in a report on Wednesday, May 27th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. Dril-Quip currently has a consensus rating of “Hold” and a consensus target price of $39.10.
Several hedge funds have recently made changes to their positions in the stock. Norges Bank bought a new stake in Dril-Quip in the 4th quarter valued at about $16,764,000. Ensign Peak Advisors Inc increased its position in Dril-Quip by 48.3% during the 1st quarter. Ensign Peak Advisors Inc now owns 53,433 shares of the oil and gas company’s stock worth $1,630,000 after purchasing an additional 17,400 shares in the last quarter. Victory Capital Management Inc. increased its position in Dril-Quip by 5.2% during the 4th quarter. Victory Capital Management Inc. now owns 80,526 shares of the oil and gas company’s stock worth $3,777,000 after purchasing an additional 4,011 shares in the last quarter. Geode Capital Management LLC increased its position in Dril-Quip by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 471,702 shares of the oil and gas company’s stock worth $22,127,000 after purchasing an additional 9,229 shares in the last quarter. Finally, Blueshift Asset Management LLC bought a new stake in Dril-Quip during the 4th quarter worth approximately $1,303,000.
Dril-Quip stock traded down $3.28 during midday trading on Monday, reaching $32.03. The stock had a trading volume of 11,976 shares, compared to its average volume of 383,973. Dril-Quip has a twelve month low of $23.91 and a twelve month high of $56.71. The stock has a market capitalization of $1.26 billion, a PE ratio of -107.00 and a beta of 1.35. The stock’s 50-day simple moving average is $30.15 and its 200 day simple moving average is $37.60.
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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