Dril-Quip, Inc. (NYSE:DRQ) Expected to Post Quarterly Sales of $88.25 Million - Defense World - Financial Daily News Site

Dril-Quip, Inc. (NYSE:DRQ) Expected to Post Quarterly Sales of $88.25 Million – Defense World


Wall Street analysts expect Dril-Quip, Inc. (NYSE:DRQ – Get Rating) to report $88.25 million in sales for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Dril-Quip’s earnings. The lowest sales estimate is $87.00 million and the highest is $89.50 million. Dril-Quip reported sales of $80.80 million during the same quarter last year, which indicates a positive year-over-year growth rate of 9.2%. The firm is expected to issue its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Dril-Quip will report full year sales of $364.35 million for the current year, with estimates ranging from $363.60 million to $365.10 million. For the next financial year, analysts anticipate that the company will report sales of $439.15 million, with estimates ranging from $421.90 million to $456.40 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Dril-Quip.

Dril-Quip (NYSE:DRQ – Get Rating) last issued its earnings results on Thursday, April 28th. The oil and gas company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.08). Dril-Quip had a negative net margin of 31.58% and a negative return on equity of 6.14%. The company had revenue of $83.14 million during the quarter, compared to analysts’ expectations of $85.36 million. During the same quarter in the previous year, the company earned ($0.47) earnings per share. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year.

Several equities analysts have recently commented on DRQ shares. Tudor, Pickering, Holt & Co. lowered Dril-Quip from a “buy” rating to a “hold” rating and decreased their price target for the company from $38.00 to $35.00 in a research note on Monday, March 14th. Tudor Pickering lowered Dril-Quip from a “buy” rating to a “hold” rating and decreased their price target for the company from $38.00 to $35.00 in a research note on Monday, March 14th. Finally, StockNews.com initiated coverage on Dril-Quip in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Dril-Quip currently has an average rating of “Hold” and a consensus price target of $30.71.

Shares of Dril-Quip stock opened at $31.83 on Friday. Dril-Quip has a 52 week low of $18.17 and a 52 week high of $41.23. The business’s fifty day simple moving average is $32.73 and its 200-day simple moving average is $27.32. The firm has a market cap of $1.10 billion, a PE ratio of -10.90 and a beta of 1.19.

Dril-Quip declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 23rd that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the oil and gas company to buy up to 11.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

In related news, VP Donald M. Underwood sold 3,513 shares of Dril-Quip stock in a transaction that occurred on Tuesday, March 22nd. The shares were sold at an average price of $34.70, for a total value of $121,901.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP James C. Webster sold 5,000 shares of Dril-Quip stock in a transaction that occurred on Friday, April 1st. The stock was sold at an average price of $36.95, for a total transaction of $184,750.00. Following the completion of the transaction, the vice president now owns 101,498 shares of the company’s stock, valued at approximately $3,750,351.10. The disclosure for this sale can be found here. Insiders own 2.02% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Profund Advisors LLC lifted its position in shares of Dril-Quip by 3.1% during the 1st quarter. Profund Advisors LLC now owns 12,950 shares of the oil and gas company’s stock worth $484,000 after buying an additional 389 shares during the last quarter. Millennium Management LLC lifted its position in shares of Dril-Quip by 1.9% during the 4th quarter. Millennium Management LLC now owns 24,515 shares of the oil and gas company’s stock worth $482,000 after buying an additional 448 shares during the last quarter. US Bancorp DE lifted its position in shares of Dril-Quip by 172.1% during the 1st quarter. US Bancorp DE now owns 1,034 shares of the oil and gas company’s stock worth $39,000 after buying an additional 654 shares during the last quarter. Bridge City Capital LLC lifted its position in shares of Dril-Quip by 2.3% during the 4th quarter. Bridge City Capital LLC now owns 34,076 shares of the oil and gas company’s stock worth $671,000 after buying an additional 769 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its position in shares of Dril-Quip by 100.1% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 1,537 shares of the oil and gas company’s stock worth $57,000 after buying an additional 769 shares during the last quarter. Institutional investors own 99.64% of the company’s stock.

Dril-Quip Company Profile (Get Rating)

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services engineered drilling and production equipment for use in deepwater, harsh environment, and severe service applications worldwide. The company’s principal products include subsea and surface wellheads, subsea and surface production trees, mudline hanger systems, specialty connectors and associated pipes, drilling and production riser systems, liner hangers, wellhead connectors, diverters, and safety valves, as well as downhole tools.

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



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