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Earnings
Dril-Quip withdraws Q1 guidance due to COVID-19 disruptions » 16:31
03/18/20
03/18
16:31
03/18/20
16:31
DRQ

Dril-Quip

$31.40 /

-5.02 (-13.78%)

Dril-Quip said that it…

Dril-Quip said that it was withdrawing its first quarter 2020 guidance provided in its year-end 2019 earnings release and conference call in late February. This is in response to the current market uncertainty caused by COVID-19 disruptions, as well as the supply and demand pressures impacting the oil and gas industry. Blake DeBerry, Dril-Quip's President and CEO, commented, "We continue to monitor the slowdown in worldwide business activity due to the global response to COVID-19. In response to the COVID-19 outbreak and for the wellbeing of our customers, employees and vendors, we have implemented our business continuity plan, which includes staggered shifts in our manufacturing and after market operations, working from home where practical, self-quarantine of offshore service personnel on return and cancellation of all non-essential travel. The sudden and sharp decline in oil prices has forced our customers to reconsider their capital spending plans for 2020. These actions have occurred swiftly since our recent earnings release and conference call, and there remains a high degree of uncertainty in our industry as to the future direction of oil prices and related capital investment. As a result, we have withdrawn our first quarter 2020 guidance and look to manage through this volatile market as we have successfully done in the past. As we look to the future, we believe Dril-Quip is well-positioned to weather this downturn. We took transformational steps in 2019 to restructure our business that allows us to operate more efficiently, with a smaller overall footprint and a lower cost structure. Our cash position is very strong at over $399 million at year-end 2019, and our balance sheet remains debt-free. We will continue to look at ways to reduce costs, including thoughtfully reevaluating our capital expenditures and re-prioritizing R&D, improve performance and execute operationally until there is better line of sight on global oil demand and the ultimate impact of the Coronavirus."

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Dril-Quip upgraded to Equal Weight from Underweight at Morgan Stanley » 10:51
03/16/20
03/16
10:51
03/16/20
10:51
DRQ

Dril-Quip

$34.75 /

+3.15 (+9.97%)

Morgan Stanley analyst…

Morgan Stanley analyst Connor Lynagh upgraded Dril-Quip to Equal Weight from Underweight with a price target of $35, down from $42. The recent oil price decline will significantly reduce upstream investment appetite "as companies scramble to protect their balance sheets," Lynagh tells investors in a research note. The analyst significantly reduced estimates across the Oil Services, Drilling and Equipment space and reshuffled ratings to "favor sustainability over upside."

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JPMorgan upgrades Dril-Quip to Overweight on 'pristine balance sheet' » 08:47
03/10/20
03/10
08:47
03/10/20
08:47
DRQ

Dril-Quip

$29.84 /

-3.55 (-10.63%)

As previously reported,…

As previously reported, JPMorgan analyst Sean Meakim upgraded Dril-Quip to Overweight from Neutral with a price target of $39, down from $48, telling investors that the stock screens favorably compared to peers in a lower oil price environment. The analyst, who cites Dril-Quip's "pristine balance sheet" and ability to liquidate working capital and take incremental cost out of the business, also sees the company benefiting from its relatively favorable backlog coverage.

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Dril-Quip upgraded to Overweight from Neutral at JPMorgan » 06:00
03/10/20
03/10
06:00
03/10/20
06:00
DRQ

Dril-Quip

$29.84 /

-3.55 (-10.63%)

JPMorgan analyst Sean…

JPMorgan analyst Sean Meakim upgraded Dril-Quip to Overweight from Neutral with a $39 price target.

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Over a month ago
Earnings
Dril-Quip reports Q4 EPS 21c, consensus 14c » 17:37
02/27/20
02/27
17:37
02/27/20
17:37
DRQ

Dril-Quip

$33.29 /

-1.86 (-5.29%)

Reports Q4 revenue…

Reports Q4 revenue $108.5M, consensus $105.5M. Blake DeBerry, Dril-Quip's President and Chief Executive Officer, commented, "I am proud of the many achievements that we made in an improving, but still uncertain offshore energy environment over this past year. In the fourth quarter of 2019, we recorded revenue and product bookings at the high end of our guidance and continued to benefit from realized cost savings captured through the transformation initiative. The fourth quarter of 2019 was the first time since 2014 that we achieved non-project product bookings above $100 million. In addition, we continued to grow our Adjusted EBITDA to $16 million in the fourth quarter and $54 million for the full year of 2019. For the full year of 2019, we generated $415 million in revenue, a year-over-year increase of 8%, but more importantly we grew Adjusted EBITDA by 209% in 2019 compared to 2018. This significant increase would not be possible without the $30 million in realized cost savings in 2019. We continue to reduce costs, improve performance, execute operationally and deliver on our guidance."

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Over a quarter ago
Conference/Events
Cowen to hold a conference » 04:55
12/10/19
12/10
04:55
12/10/19
04:55
APY

Apergy

$26.60 /

-0.74 (-2.71%)

, BHGE

Ticker changed to BKR

$0.00 /

+ (+0.00%)

, BP

BP

$37.11 /

+0.005 (+0.01%)

, CLB

Core Laboratories

$44.73 /

-1.46 (-3.16%)

, CLMT

Calumet Specialty Products

$3.23 /

+0.06 (+1.89%)

, CVIA

Covia

$1.70 /

-0.02 (-1.16%)

, DRQ

Dril-Quip

$44.12 /

-0.81 (-1.80%)

, ESTE

Earthstone Energy

$5.26 /

+0.06 (+1.15%)

, HAL

Halliburton

$22.56 /

+0.24 (+1.08%)

, HES

Hess Corp.

$61.75 /

-0.505 (-0.81%)

, HLX

Helix Energy

$9.14 /

+0.005 (+0.05%)

, SLB

Schlumberger

$37.16 /

+0.28 (+0.76%)

, QEP

QEP Resources

$3.62 /

+0.13 (+3.72%)

, PNR

Pentair

$45.05 /

+0.255 (+0.57%)

, OXY

Occidental Petroleum

$37.34 /

-0.07 (-0.19%)

, NR

Newpark Resources

$5.81 /

-0.04 (-0.68%)

, NBR

Nabors Industries

$2.52 /

+0.16 (+6.78%)

, MTDR

Matador

$14.92 /

+0.12 (+0.81%)

, LONE

Lonestar Resources

$1.94 /

-0.055 (-2.76%)

, SLCA

U.S. Silica

$5.41 /

+0.045 (+0.84%)

, TALO

Talos Energy

$25.38 /

+0.1 (+0.40%)

, TOT

Total

$52.62 /

-0.34 (-0.64%)

, TS

Tenaris

$21.86 /

-0.12 (-0.55%)

9th Annual Energy…

9th Annual Energy Conference will be held in New York on December 9-10.

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Conference/Events
Cowen to hold a conference » 08:18
12/09/19
12/09
08:18
12/09/19
08:18
APY

Apergy

$27.34 /

+1.46 (+5.64%)

, BHGE

Ticker changed to BKR

$0.00 /

+ (+0.00%)

, BP

BP

$37.10 /

+0.47 (+1.28%)

, CLB

Core Laboratories

$46.19 /

+1.94 (+4.38%)

, CLMT

Calumet Specialty Products

$3.17 /

+0.08 (+2.59%)

, CVIA

Covia

$1.72 /

+0.3 (+21.13%)

, DRQ

Dril-Quip

$44.93 /

+1.55 (+3.57%)

, ESTE

Earthstone Energy

$5.20 /

+0.46 (+9.70%)

, HAL

Halliburton

$22.32 /

+0.91 (+4.25%)

, HES

Hess Corp.

$62.25 /

+1.29 (+2.12%)

, HLX

Helix Energy

$9.14 /

+0.46 (+5.30%)

, SLB

Schlumberger

$36.88 /

+1.03 (+2.87%)

, QEP

QEP Resources

$3.49 /

+0.13 (+3.87%)

, PNR

Pentair

$44.80 /

+0.335 (+0.75%)

, OXY

Occidental Petroleum

$38.20 /

+1.01 (+2.72%)

, NR

Newpark Resources

$5.85 /

+0.16 (+2.81%)

, NBR

Nabors Industries

$2.36 /

+0.26 (+12.38%)

, MTDR

Matador

$14.80 /

+0.49 (+3.42%)

, LONE

Lonestar Resources

$2.00 /

-0.015 (-0.75%)

, SLCA

U.S. Silica

$5.36 /

+0.46 (+9.39%)

, TALO

Talos Energy

$25.28 /

+1.31 (+5.47%)

, TOT

Total

$52.96 /

+0.67 (+1.28%)

, TS

Tenaris

$21.98 /

+0.475 (+2.21%)

9th Annual Energy…

9th Annual Energy Conference will be held in New York on December 9-10.

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Initiation
Dril-Quip initiated with an Underperform at Wolfe Research » 09:33
11/21/19
11/21
09:33
11/21/19
09:33
DRQ

Dril-Quip

$43.79 /

+0.62 (+1.44%)

Wolfe Research analyst…

Wolfe Research analyst Blake Gendron initiated coverage of Dril-Quip with an Underperform rating and $43 price target citing the lack of deep-water visibility and minimal near-term shareholder return upside.

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Conference/Events
Dril-Quip management to meet with Evercore ISI » 04:55
11/06/19
11/06
04:55
11/06/19
04:55
DRQ

Dril-Quip

$45.17 /

+0.14 (+0.31%)

Meetings to be held in…

Meetings to be held in San Francisco, CA on November 5 in Los Angeles, CA on November 6 at hosted by Evercore ISI.

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Conference/Events
Dril-Quip management to meet with Evercore ISI » 04:55
11/05/19
11/05
04:55
11/05/19
04:55
DRQ

Dril-Quip

$45.03 /

+2.19 (+5.11%)

Meetings to be held in…

Meetings to be held in San Francisco, CA on November 5 in Los Angeles, CA on November 6 at hosted by Evercore ISI.

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