Van ECK Associates Corp Has $8.54 Million Stock Position in Dril-Quip, Inc. (NYSE:DRQ)

Van ECK Associates Corp decreased its position in shares of Dril-Quip, Inc. (NYSE:DRQ - Free Report) by 9.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 459,258 shares of the oil and gas company's stock after selling 48,425 shares during the quarter. Van ECK Associates Corp owned 1.33% of Dril-Quip worth $8,542,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Victory Capital Management Inc. grew its stake in Dril-Quip by 18.6% in the 4th quarter. Victory Capital Management Inc. now owns 216,670 shares of the oil and gas company's stock valued at $5,042,000 after acquiring an additional 33,988 shares during the last quarter. Fisher Asset Management LLC increased its stake in shares of Dril-Quip by 32.1% during the 4th quarter. Fisher Asset Management LLC now owns 289,806 shares of the oil and gas company's stock worth $6,744,000 after purchasing an additional 70,344 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Dril-Quip by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 454,140 shares of the oil and gas company's stock worth $10,568,000 after purchasing an additional 13,468 shares during the last quarter. Polaris Capital Management LLC lifted its stake in Dril-Quip by 8.8% in the 4th quarter. Polaris Capital Management LLC now owns 60,500 shares of the oil and gas company's stock valued at $1,408,000 after buying an additional 4,900 shares in the last quarter. Finally, Jump Financial LLC acquired a new stake in Dril-Quip during the 4th quarter valued at $370,000.

Insider Activity

In related news, VP James C. Webster sold 6,000 shares of the firm's stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $14.67, for a total value of $88,020.00. Following the sale, the vice president now directly owns 56,735 shares of the company's stock, valued at $832,302.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.70% of the company's stock.

Analysts Set New Price Targets

DRQ has been the subject of a number of analyst reports. Barclays cut their price target on Dril-Quip from $22.00 to $21.00 and set an "underweight" rating for the company in a report on Tuesday, May 14th. StockNews.com downgraded shares of Dril-Quip from a "hold" rating to a "sell" rating in a research note on Thursday, August 29th.

Dril-Quip Price Performance

DRQ stock traded down $0.68 during midday trading on Tuesday, hitting $15.63. The stock had a trading volume of 283,481 shares, compared to its average volume of 258,827. The company's 50-day moving average price is $16.48 and its 200 day moving average price is $19.10. The firm has a market cap of $538.45 million, a PE ratio of -24.42 and a beta of 0.87. Dril-Quip, Inc. has a 12-month low of $14.07 and a 12-month high of $30.93.

Dril-Quip (NYSE:DRQ - Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $0.10 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.07). Dril-Quip had a negative net margin of 5.69% and a negative return on equity of 2.49%. The business had revenue of $120.34 million during the quarter, compared to analysts' expectations of $118.85 million. During the same period in the prior year, the firm earned ($0.03) EPS. Dril-Quip's revenue for the quarter was up 34.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Dril-Quip, Inc. will post 0.45 EPS for the current year.

Dril-Quip Company 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.