Nuance Investments buys $3,923,335 stake in Dril-Quip (DRQ)

Dril-Quip (DRQ) : Nuance Investments scooped up 32,629 additional shares in Dril-Quip during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 2, 2016. The investment management firm now holds a total of 71,646 shares of Dril-Quip which is valued at $3,923,335.Dril-Quip makes up approximately 0.41% of Nuance Investments’s portfolio.

Other Hedge Funds, Including , Dupont Capital Management Corp reduced its stake in DRQ by selling 2,479 shares or 3.25% in the most recent quarter. The Hedge Fund company now holds 73,721 shares of DRQ which is valued at $4,036,962. Dril-Quip makes up approx 0.09% of Dupont Capital Management Corp’s portfolio.Morgan Dempsey Capital Management reduced its stake in DRQ by selling 1,178 shares or 2.85% in the most recent quarter. The Hedge Fund company now holds 40,127 shares of DRQ which is valued at $2,184,113. Dril-Quip makes up approx 0.72% of Morgan Dempsey Capital Management’s portfolio.Louisiana State Employees Retirement System reduced its stake in DRQ by selling 400 shares or 3.81% in the most recent quarter. The Hedge Fund company now holds 10,100 shares of DRQ which is valued at $568,731. Dril-Quip makes up approx 0.03% of Louisiana State Employees Retirement System’s portfolio.Fisher Asset Management boosted its stake in DRQ in the latest quarter, The investment management firm added 791 additional shares and now holds a total of 377,326 shares of Dril-Quip which is valued at $21,907,548. Dril-Quip makes up approx 0.04% of Fisher Asset Management’s portfolio.Gw&k Investment Management reduced its stake in DRQ by selling 38,826 shares or 7.97% in the most recent quarter. The Hedge Fund company now holds 448,129 shares of DRQ which is valued at $26,018,370. Dril-Quip makes up approx 0.53% of Gw&k Investment Management’s portfolio.

Dril-Quip opened for trading at $56.83 and hit $57.59 on the upside on Monday, eventually ending the session at $57.42, with a gain of 1.99% or 1.12 points. The heightened volatility saw the trading volume jump to 3,06,565 shares. Company has a market cap of $2,157 M.

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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