Dril-Quip (NYSE:DRQ) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Dril-Quip projects its backlog of offshore drilling and production equipment to expand in 2018, given that crude price is improving. As of Sep 30, 2018, the company managed to accumulate a backlog of roughly $249 million. We appreciate Dril-Quip’s strong balance sheet. The company has sound financial strength with no long term debt. Moreover, the company’s ability to provide highly engineered offshore drilling and production equipment for deepwater severe-service applications and harsh environmental conditions for major projects worldwide is emphasized by its recent agreement with Premier Oil. However, the overall unfavorable scenario of project bookings has convinced Dril-Quip to project 2018 revenues to lie between $365 to $375 million, lower than $455.5 million in 2017.”
Several other equities research analysts have also recently issued reports on DRQ. ValuEngine cut shares of Dril-Quip from a “buy” rating to a “hold” rating in a report on Thursday, November 1st. JPMorgan Chase & Co. assumed coverage on shares of Dril-Quip in a report on Thursday, January 17th. They issued a “neutral” rating on the stock. Finally, Barclays dropped their target price on shares of Dril-Quip from $41.00 to $39.00 and set a “sell” rating on the stock in a report on Monday, October 29th. Two equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. The company has an average rating of “Hold” and a consensus target price of $48.50.
Hedge funds have recently modified their holdings of the stock. Jane Street Group LLC purchased a new stake in Dril-Quip in the third quarter worth approximately $243,000. NumerixS Investment Technologies Inc bought a new position in Dril-Quip in the fourth quarter worth approximately $142,000. PEAK6 Investments LLC bought a new position in Dril-Quip in the third quarter worth approximately $302,000. First Hawaiian Bank bought a new position in Dril-Quip in the third quarter worth approximately $373,000. Finally, Brasada Capital Management LP raised its position in Dril-Quip by 61.9% in the third quarter. Brasada Capital Management LP now owns 8,094 shares of the oil and gas company’s stock worth $423,000 after acquiring an additional 3,094 shares during the period.
Dril-Quip Company 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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