Bank of America upgraded Dril-Quip DRQ from Underperform to Buy and raised the price objective from $83.00 to $101.00.
Bank of America noted, "In our view, record exploration success and supportive crude oil prices ($100/bbl Brent) are set to drive at least three more years of growth in wells drilled from floating rigs – a key driver of demand for Dril-Quip (DRQ). Based just on announced new construction, the floating rig fleet will likely grow 22% by year-end 2015. With each floating rig drilling more than three wells/year, combined with new comfort in DRQ's revenue capacity, mix and pricing, we are increasing our 2013/2014 EPS estimates to $3.65/$5.05 from $3.55/$4.55. This implies EPS growth will accelerate to 24% in 2013 and 38% in 2014."
Dril-Quip closed at $80.99 on Wednesday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in