Price Change to Note: Is Selling 52-Week Stock Like Dril-Quip, Inc. a Winning Strategy?

Price Change to Note: Is Selling 52 Week Stock Like Dril Quip, Inc. a Winning Strategy?

The stock of Dril-Quip, Inc. (NYSE:DRQ) hit a new 52-week low and has $44.53 target or 8.00% below today’s $48.40 share price. The 6 months bearish chart indicates high risk for the $1.75 billion company. The 1-year low was reported on Oct, 28 by Barchart.com. If the $44.53 price target is reached, the company will be worth $140.00 million less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 281,830 shares traded hands. Dril-Quip, Inc. (NYSE:DRQ) has declined 16.26% since March 28, 2016 and is downtrending. It has underperformed by 20.97% the S&P500.

Analysts await Dril-Quip, Inc. (NYSE:DRQ) to report earnings on November, 3. They expect $0.39 EPS, down 67.23% or $0.80 from last year’s $1.19 per share. DRQ’s profit will be $14.10M for 31.03 P/E if the $0.39 EPS becomes a reality. After $0.64 actual EPS reported by Dril-Quip, Inc. for the previous quarter, Wall Street now forecasts -39.06% negative EPS growth.

Dril-Quip, Inc. (NYSE:DRQ) Ratings Coverage

Out of 12 analysts covering Dril Quip (NYSE:DRQ), 2 rate it a “Buy”, 0 “Sell”, while 10 “Hold”. This means 17% are positive. Dril Quip has been the topic of 26 analyst reports since July 31, 2015 according to StockzIntelligence Inc. FBR Capital maintained it with “Mkt Perform” rating and $70 target price in Monday, November 2 report. Suntrust Robinson downgraded Dril-Quip, Inc. (NYSE:DRQ) on Wednesday, February 24 to “Neutral” rating. The stock of Dril-Quip, Inc. (NYSE:DRQ) earned “Neutral” rating by Bank of America on Friday, July 31. The rating was maintained by Howard Weil with “Sector Perform” on Thursday, October 27. The stock of Dril-Quip, Inc. (NYSE:DRQ) earned “Buy” rating by Johnson Rice on Tuesday, August 4. JP Morgan initiated it with “Neutral” rating and $53 target price in Wednesday, June 22 report. Cowen & Co maintained the shares of DRQ in a report on Friday, February 26 with “Market Perform” rating. The stock has “Market Perform” rating given by Cowen & Co on Monday, November 2. The rating was maintained by Cowen & Co with “Market Perform” on Friday, July 31. Johnson Rice downgraded Dril-Quip, Inc. (NYSE:DRQ) on Monday, February 22 to “Hold” rating.

According to Zacks Investment Research, “Dril-Quip, Inc. is a manufacturers of highly engineered offshore drilling and production equipment which is well suited for use in deepwater, harsh environment and severe service applications. They design and manufacture subsea equipment, surface equipment and offshore rig equipment for use by major integrated, large independent and foreign national oil and gas companies in offshore areas throughout the world. Their principal products consist of subsea and surface wellheads and production trees, mudline hanger systems, specialty connectors and associated pipe.”

Insitutional Activity: The institutional sentiment decreased to 1.15 in Q2 2016. Its down 0.27, from 1.42 in 2016Q1. The ratio fall, as 29 funds sold all Dril-Quip, Inc. shares owned while 82 reduced positions. 30 funds bought stakes while 98 increased positions. They now own 39.08 million shares or 1.13% less from 39.52 million shares in 2016Q1.
Principal Financial owns 144,797 shares or 0.01% of their US portfolio. The Tennessee-based Weaver C Barksdale & Assocs has invested 0.01% in Dril-Quip, Inc. (NYSE:DRQ). Commonwealth Of Pennsylvania Public School Empls Retrmt holds 0.01% of its portfolio in Dril-Quip, Inc. (NYSE:DRQ) for 7,306 shares. Nationwide Fund Advsrs holds 0.03% of its portfolio in Dril-Quip, Inc. (NYSE:DRQ) for 136,189 shares. Credit Suisse Ag owns 86,653 shares or 0.01% of their US portfolio. Macquarie Group has invested 0.05% of its portfolio in Dril-Quip, Inc. (NYSE:DRQ). Ladenburg Thalmann Svcs Inc holds 0% or 1,226 shares in its portfolio. American Century Incorporated has 0.02% invested in the company for 336,644 shares. Moreover, Van Eck Assoc has 0.1% invested in Dril-Quip, Inc. (NYSE:DRQ) for 334,392 shares. Northern Corporation reported 435,778 shares or 0.01% of all its holdings. California Pub Employees Retirement System accumulated 0.01% or 113,100 shares. Stifel Fincl Corp has 19,339 shares for 0.01% of their US portfolio. Public Employees Retirement Association Of Colorado has invested 0% of its portfolio in Dril-Quip, Inc. (NYSE:DRQ). Royal State Bank Of Canada has invested 0% of its portfolio in Dril-Quip, Inc. (NYSE:DRQ). Teachers Advsr Inc last reported 0.02% of its portfolio in the stock.

More notable recent Dril-Quip, Inc. (NYSE:DRQ) news were published by: Prnewswire.com which released: “Dril-Quip Agrees To Acquire TIW Corporation” on October 17, 2016, also Seekingalpha.com with their article: “Dril-Quip Q3 Earnings Preview” published on October 24, 2016, Nasdaq.com published: “Dril-Quip Inc. Q3 Income Retreats 63%” on October 27, 2016. More interesting news about Dril-Quip, Inc. (NYSE:DRQ) were released by: Prnewswire.com and their article: “Dril-Quip, Inc. Announces Results For First Quarter 2016” published on April 26, 2016 as well as Prnewswire.com‘s news article titled: “Dril-Quip, Inc. To Present At J.P. Morgan Inaugural Energy Equity Conference” with publication date: June 24, 2016.

DRQ Company Profile

Dril-Quip, Inc. (Dril-Quip), incorporated on August 12, 1997, designs, makes, sells and services engineered offshore drilling and production equipment. The Company’s equipment is suited for use in deepwater, a range of environments and a range of service applications. The Company’s principal products consist of subsea and surface wellheads, subsea and surface production trees, subsea control systems and manifolds, mudline hanger systems, specialty connectors and associated pipe, drilling and production riser systems, liner hangers, wellhead connectors and diverters. The Company’s activities are organized into three geographic divisions-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. The Firm has manufacturing facilities in approximately three of its headquarter locations, as well as in Macae, Brazil. The Firm also has additional facilities for fabrication, reconditioning and rework in Australia, Norway, Denmark, Nigeria, China, Egypt, Ghana and Qatar.

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