In a report published Tuesday, Sterne Agee analyst Stephen D. Gengaro reiterated a Neutral rating on Dril-Quip DRQ, but lowered the price target from $117.00 to $115.00.
In the report, Sterne Agee noted, “DRQ posted 1Q EPS of $1.04, excluding a $0.02 foreign exchange loss, well below our $1.21 estimate and the $1.20 consensus. First quarter results missed expectations due to DRQ not recognizing about $10 million of revenue from Petrobras (PBR, $15.36, Not Rated), as well as lower-than-expected product shipments (timing).”
Dril-Quip closed on Monday at $102.02.
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