Kings Path Partners LLC Purchases Shares of 2,785 Dril-Quip, Inc. (NYSE:DRQ)

Kings Path Partners LLC acquired a new position in Dril-Quip, Inc. (NYSE:DRQ) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,785 shares of the oil and gas company’s stock, valued at approximately $52,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Dril-Quip by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 3,878,263 shares of the oil and gas company’s stock worth $87,377,000 after buying an additional 10,787 shares during the last quarter. Brandes Investment Partners LP raised its position in Dril-Quip by 16.0% during the fourth quarter. Brandes Investment Partners LP now owns 2,559,568 shares of the oil and gas company’s stock valued at $59,561,000 after purchasing an additional 353,053 shares in the last quarter. Gamco Investors INC. ET AL lifted its stake in Dril-Quip by 4.4% during the first quarter. Gamco Investors INC. ET AL now owns 2,209,616 shares of the oil and gas company’s stock worth $49,783,000 after purchasing an additional 92,757 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Dril-Quip by 2.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,150,385 shares of the oil and gas company’s stock worth $50,040,000 after purchasing an additional 43,434 shares during the last quarter. Finally, Ranger Investment Management L.P. boosted its holdings in shares of Dril-Quip by 58.5% in the 4th quarter. Ranger Investment Management L.P. now owns 1,105,735 shares of the oil and gas company’s stock worth $25,730,000 after purchasing an additional 408,076 shares in the last quarter.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Barclays decreased their price objective on Dril-Quip from $22.00 to $21.00 and set an “underweight” rating on the stock in a report on Tuesday, May 14th. StockNews.com downgraded shares of Dril-Quip from a “hold” rating to a “sell” rating in a research note on Thursday.

Insider Buying and Selling

In other Dril-Quip news, VP James C. Webster sold 6,000 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $14.67, for a total value of $88,020.00. Following the sale, the vice president now owns 56,735 shares of the company’s stock, valued at approximately $832,302.45. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.70% of the stock is owned by insiders.

Dril-Quip Stock Down 0.9 %

Dril-Quip stock opened at $16.31 on Friday. The firm has a fifty day simple moving average of $16.58 and a two-hundred day simple moving average of $19.19. Dril-Quip, Inc. has a twelve month low of $14.07 and a twelve month high of $30.93. The company has a market capitalization of $561.39 million, a PE ratio of -25.48 and a beta of 0.87.

Dril-Quip (NYSE:DRQ) last posted its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.07). Dril-Quip had a negative return on equity of 2.48% and a negative net margin of 5.69%. The company had revenue of $120.34 million for the quarter, compared to the consensus estimate of $118.85 million. During the same quarter in the previous year, the business earned ($0.03) earnings per share. Dril-Quip’s revenue was up 34.3% compared to the same quarter last year. As a group, equities analysts expect that Dril-Quip, Inc. will post 0.45 earnings per share for the current fiscal year.

Dril-Quip Company Profile

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services engineered drilling and production equipment for offshore and onshore applications worldwide. The company’s principal products include subsea and surface wellheads, specialty connectors and associated pipes, subsea production trees and systems, mudline hanger systems, production riser systems, dry tree systems, subsea manifolds, line hangers and expandable liner systems, multi-frac well connections, conventional wellheads, thermal wellheads, completion packers, and safety and kelly valves; and rig equipment comprises drilling riser systems, wellhead connectors, diverters, and cement manifolds.