Citadel Advisors LLC purchased a new position in shares of Dril-Quip, Inc. (NYSE:DRQ) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 4,936 shares of the oil and gas company’s stock, valued at approximately $241,000.
A number of other hedge funds have also modified their holdings of DRQ. Riverhead Capital Management LLC boosted its position in Dril-Quip by 66.4% during the second quarter. Riverhead Capital Management LLC now owns 2,663 shares of the oil and gas company’s stock worth $130,000 after purchasing an additional 1,063 shares in the last quarter. LS Investment Advisors LLC boosted its position in Dril-Quip by 17.6% during the second quarter. LS Investment Advisors LLC now owns 3,014 shares of the oil and gas company’s stock worth $147,000 after purchasing an additional 450 shares in the last quarter. ING Groep NV purchased a new position in shares of Dril-Quip in the second quarter valued at approximately $225,000. Commerce Bank lifted its position in shares of Dril-Quip by 3.1% in the second quarter. Commerce Bank now owns 5,125 shares of the oil and gas company’s stock valued at $250,000 after acquiring an additional 155 shares in the last quarter. Finally, Advantus Capital Management Inc lifted its position in shares of Dril-Quip by 3.6% in the first quarter. Advantus Capital Management Inc now owns 4,840 shares of the oil and gas company’s stock valued at $264,000 after acquiring an additional 170 shares in the last quarter.
Dril-Quip (NYSE:DRQ) last announced its quarterly earnings results on Friday, July 28th. The oil and gas company reported $0.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.06. The business had revenue of $127.90 million for the quarter, compared to analyst estimates of $112.12 million. Dril-Quip had a return on equity of 2.12% and a net margin of 4.28%. The company’s quarterly revenue was down 10.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.96 EPS.
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In other news, VP James C. Webster sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $43.49, for a total transaction of $86,980.00. Following the sale, the vice president now owns 24,104 shares of the company’s stock, valued at approximately $1,048,282.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.87% of the stock is owned by insiders.
DRQ has been the topic of several research reports. FBR & Co upgraded Dril-Quip from a “neutral” rating to a “buy” rating and raised their target price for the company from $49.00 to $55.00 in a research report on Tuesday. Cowen and Company set a $43.00 target price on Dril-Quip and gave the company a “hold” rating in a research report on Friday, October 6th. Piper Jaffray Companies set a $43.00 target price on Dril-Quip and gave the company a “hold” rating in a research report on Saturday, July 29th. Scotiabank set a $61.00 target price on Dril-Quip and gave the company a “hold” rating in a research report on Monday, July 31st. Finally, BidaskClub downgraded Dril-Quip from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $53.86.
Dril-Quip, Inc (Dril-Quip) designs, manufactures, sells and services engineered drilling and production equipment. The Company’s operations are organized into three geographic segments: Western Hemisphere, including North and South America, headquartered in Houston, Texas; Eastern Hemisphere, including Europe and Africa, headquartered in Aberdeen, Scotland, and Asia-Pacific, including the Pacific Rim, Southeast Asia, Australia, India and the Middle East, headquartered in Singapore.
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