Dril-Quip (DRQ) : Traders are bullish on Dril-Quip (DRQ) as it has outperformed the S&P 500 by a wide margin of 0.5% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 3.12%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 3.09% in the last 1 week, and is up 0.89% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
Dril-Quip, Inc. has dropped 3.86% during the last 3-month period . Year-to-Date the stock performance stands at -1.91%. The stock has recorded a 20-day Moving Average of 3.42% and the 50-Day Moving Average is 0.29%.
Dril-Quip (NYSE:DRQ): The stock opened at $58.34 on Friday but the bulls could not build on the opening and the stock topped out at $58.46 for the day. The stock traded down to $57.70 during the day, due to lack of any buying support eventually closed down at $58.10 with a loss of -0.92% for the day. The stock had closed at $58.64 on the previous day. The total traded volume was 488,355 shares.
Also, JP Morgan initiates coverage on Dril-Quip (NYSE:DRQ) In a research note issued to the investors, the brokerage major announces price-target of $53 per share.The shares have been rated Neutral. The rating by the firm was issued on June 22, 2016.
Dril-Quip, Inc. designs, manufactures, sells and services engineered offshore drilling and production equipment. The Companys equipment is suited for use in deepwater, harsh environments and service applications. The Companys 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.