Springbank Value Partners Lp buys $1.4 Million stake in Dril-Quip (DRQ)

Dril-Quip (DRQ) : Springbank Value Partners Lp scooped up 1,000 additional shares in Dril-Quip during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 24,900 shares of Dril-Quip which is valued at $1.4 Million.Dril-Quip makes up approximately 2.46% of Springbank Value Partners Lp’s portfolio.

Other Hedge Funds, Including , Thrivent Financial For Lutherans reduced its stake in DRQ by selling 81,770 shares or 94.39% in the most recent quarter. The Hedge Fund company now holds 4,860 shares of DRQ which is valued at $278,721.First Trust Advisors Lp boosted its stake in DRQ in the latest quarter, The investment management firm added 468,931 additional shares and now holds a total of 664,242 shares of Dril-Quip which is valued at $38.1 Million. Dril-Quip makes up approx 0.12% of First Trust Advisors Lp’s portfolio. Cibc Asset Management Inc sold out all of its stake in DRQ during the most recent quarter. The investment firm sold 5,059 shares of DRQ which is valued $290,134.State Board Of Administration Of Florida Retirement System boosted its stake in DRQ in the latest quarter, The investment management firm added 120 additional shares and now holds a total of 35,921 shares of Dril-Quip which is valued at $2.2 Million. Dril-Quip makes up approx 0.01% of State Board Of Administration Of Florida Retirement System’s portfolio.

Dril-Quip opened for trading at $58.85 and hit $60.87 on the upside on Friday, eventually ending the session at $60.43, with a gain of 2.91% or 1.71 points. The heightened volatility saw the trading volume jump to 4,05,088 shares. Company has a market cap of $2,294 M.

On the company’s financial health, Dril-Quip reported $0.97 EPS for the quarter, beating the analyst consensus estimate by $ 0.13 according to the earnings call on Apr 26, 2016. Analyst had a consensus of $0.84. The company had revenue of $166.60 million for the quarter, compared to analysts expectations of $167.72 million. The company’s revenue was down -26.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.38 EPS.

Many Wall Street Analysts have commented on Dril-Quip. Dril-Quip was Downgraded by Simmons to ” Neutral” on Apr 28, 2016. Company shares were Reiterated by Cowen on Apr 27, 2016 to “Market Perform”, Firm has raised the Price Target to $ 60 from a previous price target of $48 .Company shares were Upgraded by Barclays on Apr 20, 2016 to ” Equal Weight”, Firm has raised the Price Target to $ 66 from a previous price target of $56 .

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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