Gabelli Funds LLC Boosts Holdings in Dril-Quip, Inc. (NYSE:DRQ)

Gabelli Funds LLC grew its position in shares of Dril-Quip, Inc. (NYSE:DRQ) by 21.9% during the first quarter, HoldingsChannel reports. The firm owned 543,880 shares of the oil and gas company’s stock after buying an additional 97,800 shares during the period. Gabelli Funds LLC’s holdings in Dril-Quip were worth $12,254,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in DRQ. Stifel Financial Corp boosted its holdings in Dril-Quip by 13.5% in the fourth quarter. Stifel Financial Corp now owns 672,614 shares of the oil and gas company’s stock worth $15,652,000 after purchasing an additional 79,885 shares during the period. Janney Montgomery Scott LLC acquired a new position in shares of Dril-Quip during the first quarter valued at $905,000. Russell Investments Group Ltd. boosted its holdings in shares of Dril-Quip by 32.4% during the first quarter. Russell Investments Group Ltd. now owns 320,895 shares of the oil and gas company’s stock valued at $7,230,000 after acquiring an additional 78,437 shares during the period. Vanguard Group Inc. raised its stake in shares of Dril-Quip by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 3,867,476 shares of the oil and gas company’s stock valued at $89,996,000 after purchasing an additional 45,964 shares in the last quarter. Finally, Ranger Investment Management L.P. raised its stake in shares of Dril-Quip by 58.5% during the fourth quarter. Ranger Investment Management L.P. now owns 1,105,735 shares of the oil and gas company’s stock valued at $25,730,000 after purchasing an additional 408,076 shares in the last quarter.

Analysts Set New Price Targets

Separately, Barclays cut their price objective on shares of Dril-Quip from $22.00 to $21.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 14th.

Dril-Quip Stock Performance

DRQ traded up $0.15 during trading on Friday, reaching $16.99. The company had a trading volume of 268,267 shares, compared to its average volume of 270,321. The firm’s 50-day simple moving average is $17.85 and its 200 day simple moving average is $20.09. The company has a market cap of $584.80 million, a price-to-earnings ratio of -26.55 and a beta of 0.87. Dril-Quip, Inc. has a 12-month low of $15.56 and a 12-month high of $30.93.

Dril-Quip (NYSE:DRQ) last issued its quarterly earnings results on Thursday, May 2nd. The oil and gas company reported ($0.62) earnings per share for the quarter. The company had revenue of $110.30 million during the quarter. Dril-Quip had a negative return on equity of 2.98% and a negative net margin of 4.89%. On average, sell-side analysts expect that Dril-Quip, Inc. will post 0.45 EPS for the current year.

Dril-Quip 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.