Dril-Quip (DRQ) is Initiated by JP Morgan to Neutral, Price Target at $53

Dril-Quip (DRQ) was Initiated by JP Morgan to “Neutral” and the brokerage firm has set the Price Target at $53. JP Morgan advised their investors in a research report released on Jun 22, 2016.

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 .

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.

Dril-Quip closed down -0.2 points or -0.33% at $60.56 with 2,04,154 shares getting traded on Monday. Post opening the session at $61.65, the shares hit an intraday low of $60.5 and an intraday high of $61.75 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

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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