JP Morgan Initiates Coverage on Dril-Quip to Neutral

JP Morgan Initiates Coverage on Dril-Quip(NYSE:DRQ). The shares have been rated Neutral. The rating by JP Morgan was issued on Jun 22, 2016.

In a different note, On Apr 28, 2016, Piper Jaffray said it Downgrades its rating on Dril-Quip. The shares have been rated ‘Neutral’ by the firm. On Apr 27, 2016, Cowen & Company said it Maintains its rating on Dril-Quip. In the research note, the firm Raises the price-target to $48.00 per share. The shares have been rated ‘Market Perform’ by the firm. On Apr 20, 2016, Barclays said it Upgrades its rating on Dril-Quip. In the research note, the firm Raises the price-target to $56.00 per share. The shares have been rated ‘Equal-weight’ by the firm. On Apr 19, 2016, Morgan Stanley said it Maintains its rating on Dril-Quip. In the research note, the firm Raises the price-target to $66.00 per share. The shares have been rated ‘Equal-weight’ by the firm.

Dril-Quip (DRQ) shares turned negative on Mondays trading session with the shares closing down -3.49 points or -5.83% at a volume of 3,84,189. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $59.0799. The peak price level was also seen at $59.0799 while the days lowest was $56.24. Finally the shares closed at $56.37. The 52-week high of the shares is $76.75 while the 52-week low is $48.88. According to the latest information available, the market cap of the company is $2,140 M.

Dril-Quip(DRQ) last announced its earnings results on Apr 26, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $166.56M. Analysts had an estimated revenue of $167.39M. Earnings per share were $0.97. Analysts had estimated an EPS of $0.83.

Several Insider Transactions has been reported to the SEC. On Oct 30, 2015, James A. Gariepy (SR V.P. and COO) sold 3,095 shares at $60.69 per share price.Also, 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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