$98.00 Million in Sales Expected for Dril-Quip, Inc. (NYSE:DRQ) This Quarter

Equities analysts forecast that Dril-Quip, Inc. (NYSE:DRQ) will post $98.00 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Dril-Quip’s earnings, with the highest sales estimate coming in at $100.00 million and the lowest estimate coming in at $96.90 million. Dril-Quip reported sales of $94.86 million during the same quarter last year, which would suggest a positive year over year growth rate of 3.3%. The business is expected to issue its next quarterly earnings results on Thursday, July 25th.

On average, analysts expect that Dril-Quip will report full year sales of $389.91 million for the current fiscal year, with estimates ranging from $380.00 million to $404.20 million. For the next year, analysts anticipate that the business will report sales of $478.00 million, with estimates ranging from $425.00 million to $539.60 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Dril-Quip.

Dril-Quip (NYSE:DRQ) last announced its quarterly earnings data on Thursday, April 25th. The oil and gas company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.06). Dril-Quip had a negative return on equity of 1.88% and a negative net margin of 24.85%. The company had revenue of $94.30 million for the quarter, compared to analyst estimates of $95.89 million. During the same period last year, the firm earned ($0.16) earnings per share. The firm’s revenue for the quarter was down 4.9% on a year-over-year basis.

A number of research analysts have issued reports on the company. ValuEngine cut Dril-Quip from a “buy” rating to a “hold” rating in a research note on Saturday, April 13th. Zacks Investment Research cut Dril-Quip from a “buy” rating to a “hold” rating in a research note on Monday, May 6th. Gabelli raised Dril-Quip from a “hold” rating to a “buy” rating in a research note on Monday, April 29th. Cowen reissued a “market perform” rating and issued a $44.00 target price (up from $39.00) on shares of Dril-Quip in a research note on Tuesday, April 30th. Finally, Barclays raised Dril-Quip from an “underweight” rating to an “equal weight” rating and set a $38.84 target price for the company in a research note on Wednesday, February 20th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. Dril-Quip has an average rating of “Hold” and an average target price of $46.64.

In other news, VP James C. Webster sold 2,000 shares of the business’s stock in a transaction dated 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 directly owns 39,834 shares in the company, valued at $1,825,990.56. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.97% of the company’s stock.

Several institutional investors have recently modified their holdings of DRQ. TVR Capital Management LP raised its holdings in Dril-Quip by 371.8% during the fourth quarter. TVR Capital Management LP now owns 211,376 shares of the oil and gas company’s stock worth $6,348,000 after acquiring an additional 166,576 shares in the last quarter. Citigroup Inc. raised its holdings in Dril-Quip by 115.7% during the fourth quarter. Citigroup Inc. now owns 19,875 shares of the oil and gas company’s stock worth $597,000 after acquiring an additional 10,659 shares in the last quarter. Unison Advisors LLC bought a new stake in Dril-Quip during the first quarter worth about $204,000. Two Sigma Advisers LP raised its holdings in Dril-Quip by 2.7% during the fourth quarter. Two Sigma Advisers LP now owns 151,900 shares of the oil and gas company’s stock worth $4,562,000 after acquiring an additional 3,998 shares in the last quarter. Finally, Commerce Bank bought a new stake in Dril-Quip during the first quarter worth about $232,000.

Shares of Dril-Quip stock traded down $2.34 during trading on Monday, reaching $40.15. 283,202 shares of the company were exchanged, compared to its average volume of 278,836. Dril-Quip has a twelve month low of $26.62 and a twelve month high of $58.95. The stock has a market cap of $1.54 billion, a PE ratio of -63.73 and a beta of 1.41.

About Dril-Quip

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.

Read More: Consumer behavior in bull markets

Get a free copy of the Zacks research report on Dril-Quip (DRQ)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Dril-Quip Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Dril-Quip and related companies with MarketBeat.com's FREE daily email newsletter.