Dril-Quip (DRQ) is Upgraded by Barclays to Equal Weight, Raises Price Target to $ 66

Dril-Quip (DRQ) was Upgraded by Barclays to ” Equal Weight” according to the research note released today. The brokerage firm has raised the Price Target to $ 66 from a previous price target of $56 . Earlier the firm had a rating of “Underweight ” on the company shares. Barclays advised their investors in a research report released on Apr 20, 2016.

Many Wall Street Analysts have commented on Dril-Quip. Shares were Reiterated by FBR Capital on Feb 29, 2016 to “Outperform” and Lowered the Price Target to $ 63 from a previous price target of $70 .Shares were Reiterated by Cowen on Feb 26, 2016 to “Market Perform” and Lowered the Price Target to $ 48 from a previous price target of $61 .Dril-Quip was Downgraded by Sun Trust Rbsn Humphrey to ” Neutral” on Feb 24, 2016.

On the company’s financial health, Dril-Quip reported $1.20 EPS for the quarter, beating the analyst consensus estimate by $ 0.14 according to the earnings call on Feb 25, 2016. Analyst had a consensus of $1.06. The company had revenue of $201.60 million for the quarter, compared to analysts expectations of $194.87 million. The company’s revenue was down -20.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.43 EPS.

Dril-Quip opened for trading at $57.07 and hit $60.31 on the upside on Monday, eventually ending the session at $59.82, with a gain of 2.47% or 1.44 points. The heightened volatility saw the trading volume jump to 3,28,087 shares. Company has a market cap of $2,270 M.

In a different news, on Oct 30, 2015, James A. Gariepy (SR V.P. and COO) sold 3,095 shares at $60.69 per share price. According to the SEC, on Oct 30, 2015, Blake T. Deberry (President and CEO) sold 3,231 shares at $60.69 per share price. On Oct 30, 2015, James C. Webster (VP – Gen Counsel & Secretary) sold 1,105 shares at $60.69 per share price, according to the Form-4 filing with the securities and exchange commission.

Dril-Quip Inc. designs manufactures sells and services engineered offshore drilling and production equipment. The Company’s equipment is suited for use in deepwater harsh environments and service applications. The Company’s operates in Western Hemisphere including North and South America; Eastern Hemisphere including Europe and Africa and Asia-Pacific including the Pacific Rim Southeast Asia Australia India and the Middle East. It products include subsea equipment surface equipment and offshore rig equipment. Its products are used to explore for oil and gas from offshore drilling rigs such as floating rigs and jack-up rigs and for drilling and production of oil and gas wells on offshore platforms TLPs Spars and moored vessels such as FPSOs. Its services include technical advisory assistance services reconditioning of its customer-owned products and rental of running tools for installation and retrieval of its products.


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