Energy Opportunities Capital Management Lowers stake in Dril-Quip (DRQ)

Dril-Quip (DRQ) : Energy Opportunities Capital Management reduced its stake in Dril-Quip by 0.59% during the most recent quarter end. The investment management company now holds a total of 216,861 shares of Dril-Quip which is valued at $12,222,286 after selling 1,284 shares in Dril-Quip , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Dril-Quip makes up approximately 3.75% of Energy Opportunities Capital Management’s portfolio.

Other Hedge Funds, Including , Cubist Systematic Strategies reduced its stake in DRQ by selling 2,592 shares or 40.83% in the most recent quarter. The Hedge Fund company now holds 3,757 shares of DRQ which is valued at $211,745. Dril-Quip makes up approx 0.01% of Cubist Systematic Strategies’s portfolio.Jefferies Group reduced its stake in DRQ by selling 17,100 shares or 63.1% in the most recent quarter. The Hedge Fund company now holds 10,000 shares of DRQ which is valued at $563,600. Dril-Quip makes up approx 0.02% of Jefferies Group’s portfolio.Blackrock Group Ltd reduced its stake in DRQ by selling 37,557 shares or 41.61% in the most recent quarter. The Hedge Fund company now holds 52,705 shares of DRQ which is valued at $2,970,454. Tower Research Capital (trc) added DRQ to its portfolio by purchasing 2,619 company shares during the most recent quarter which is valued at $147,607. Dril-Quip makes up approx 0.01% of Tower Research Capital (trc)’s portfolio. Rs Investment Management Co added DRQ to its portfolio by purchasing 214,920 company shares during the most recent quarter which is valued at $12,102,145. Dril-Quip makes up approx 0.12% of Rs Investment Management Co’s portfolio.

Dril-Quip closed down -0.22 points or -0.40% at $55.35 with 4,54,421 shares getting traded on Thursday. Post opening the session at $55.25, the shares hit an intraday low of $54.39 and an intraday high of $55.35 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Dril-Quip reported $0.96 EPS for the quarter, beating the analyst consensus estimate by $ 0.29 according to the earnings call on Jul 29, 2016. Analyst had a consensus of $0.67. The company had revenue of $142.44 million for the quarter, compared to analysts expectations of $149.21 million. The company’s revenue was down -33.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.01 EPS.

Many Wall Street Analysts have commented on Dril-Quip. Shares were Reiterated by Scotia Howard Weil on Jul 29, 2016 to “Sector Perform” and Lowered the Price Target to $ 67 from a previous price target of $72 .JP Morgan Initiated Dril-Quip on Jun 22, 2016 to “Neutral”, Price Target of the shares are set at $53.

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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