Citigroup Inc. Buys 10,659 Shares of Dril-Quip, Inc. (DRQ)

Citigroup Inc. grew its position in shares of Dril-Quip, Inc. (NYSE:DRQ) by 115.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 19,875 shares of the oil and gas company’s stock after acquiring an additional 10,659 shares during the quarter. Citigroup Inc. owned about 0.06% of Dril-Quip worth $597,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of DRQ. BTIM Corp. boosted its position in shares of Dril-Quip by 19.9% during the 4th quarter. BTIM Corp. now owns 485,904 shares of the oil and gas company’s stock valued at $14,591,000 after acquiring an additional 80,783 shares during the last quarter. TVR Capital Management LP bought a new position in shares of Dril-Quip during the 3rd quarter valued at approximately $2,340,000. Gabelli Funds LLC boosted its position in shares of Dril-Quip by 72.1% during the 4th quarter. Gabelli Funds LLC now owns 105,000 shares of the oil and gas company’s stock valued at $3,153,000 after acquiring an additional 44,000 shares during the last quarter. Gamco Investors INC. ET AL boosted its position in shares of Dril-Quip by 7.6% during the 4th quarter. Gamco Investors INC. ET AL now owns 619,628 shares of the oil and gas company’s stock valued at $18,607,000 after acquiring an additional 44,000 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Dril-Quip by 57.7% during the 4th quarter. Rhumbline Advisers now owns 113,218 shares of the oil and gas company’s stock valued at $3,400,000 after acquiring an additional 41,439 shares during the last quarter.

DRQ traded down $0.13 during trading on Monday, reaching $45.17. The company had a trading volume of 259,400 shares, compared to its average volume of 606,267. The company has a market cap of $1.68 billion, a PE ratio of -71.70 and a beta of 1.50. Dril-Quip, Inc. has a 52 week low of $26.62 and a 52 week high of $58.95.

Dril-Quip (NYSE:DRQ) last issued its quarterly earnings results on Tuesday, February 26th. The oil and gas company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.19. Dril-Quip had a negative return on equity of 2.17% and a negative net margin of 24.88%. The company had revenue of $97.30 million during the quarter, compared to the consensus estimate of $87.05 million. During the same period last year, the company earned $0.01 earnings per share. Dril-Quip’s revenue was down 9.9% on a year-over-year basis. On average, sell-side analysts anticipate that Dril-Quip, Inc. will post -0.12 EPS for the current year.

In other Dril-Quip news, VP James C. Webster sold 2,000 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $45.84, for a total value of $91,680.00. Following the sale, the vice president now owns 39,834 shares in the company, valued at $1,825,990.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.97% of the company’s stock.

A number of brokerages recently issued reports on DRQ. ValuEngine downgraded Dril-Quip from a “buy” rating to a “hold” rating in a research report on Saturday. Zacks Investment Research upgraded Dril-Quip from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a research report on Monday, March 18th. Barclays upgraded Dril-Quip from an “underweight” rating to an “equal weight” rating and set a $38.84 price target for the company in a research report on Wednesday, February 20th. Finally, JPMorgan Chase & Co. began coverage on Dril-Quip in a research report on Thursday, January 17th. They issued a “neutral” rating for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $47.17.

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Dril-Quip 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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Institutional Ownership by Quarter for Dril-Quip (NYSE:DRQ)

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