DRQ Dril-Quip

Dril-Quip, Inc. designs, manufactures, sells and services engineered offshore drilling and production equipment. Its 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 which are used by major integrated, large independent and foreign national oil and gas companies in offshore areas throughout the world. The company was founded by Larry E. Reimert, Gary W. Loveless, Gary D. Smith and J. Mike Walker in 1981 and is headquartered in Houston, TX.
Company profile
Ticker
DRQ
Exchange
Website
CEO
Blake DeBerry
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Corporate docs
IRS number
742162088
DRQ stock data
()
News
BTIG Initiates Coverage On Dril-Quip with Neutral Rating
1 Apr 21
Stocks That Hit 52-Week Highs On Monday
8 Mar 21
Stocks That Hit 52-Week Highs On Friday
5 Mar 21
Benzinga's Top Ratings Upgrades, Downgrades For March 5, 2021
5 Mar 21
Barclays Downgrades Dril-Quip to Underweight, Announces $27 Price Target
5 Mar 21
Press releases
Dril-Quip, Inc. Collaborates with ASME Foundation to support K-12 STEM Education
4 Mar 21
Dril-Quip, Inc. to Host Earnings Call
26 Feb 21
Dril-Quip, Inc. Announces Fourth Quarter and Full Year 2020 Results
25 Feb 21
Dril-Quip, Inc. Announces Timing of Year-End 2020 Earnings Release and Conference Call
22 Feb 21
Calendar
25 Feb 21
11 Apr 21
31 Dec 21
Financial summary
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Financial data from Dril-Quip earnings reports.
Cash burn rate (estimated) | Burn method: Change in cash | Burn method: Operating income/loss | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 345.96M | 345.96M | 345.96M | 345.96M | 345.96M | 345.96M |
Cash burn (monthly) | 4.41M | 4.42M | 3.88M | 5.3M | 5.6M | 1.76M |
Cash used (since last report) | 14.86M | 14.9M | 13.07M | 17.87M | 18.87M | 5.93M |
Cash remaining | 331.09M | 331.06M | 332.88M | 328.09M | 327.08M | 340.03M |
Runway (months of cash) | 75.2 | 75.0 | 85.9 | 61.9 | 58.5 | 193.5 |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
1 Apr 21 | Jupp Terence Bartlett | Common Stock | Grant | Aquire A | No | No | 0 | 846 | 0 | 38,689 |
1 Apr 21 | Lovoi John | Common Stock | Grant | Aquire A | No | No | 0 | 869 | 0 | 53,715 |
1 Apr 21 | Newman Steven L | Common Stock | Grant | Aquire A | No | No | 0 | 705 | 0 | 31,181 |
1 Apr 21 | Schwetz Amy B | Common Stock | Grant | Aquire A | No | No | 0 | 705 | 0 | 13,006 |
1 Apr 21 | Blake T. DeBerry | Common Stock | Sell | Dispose S | No | Yes | 32.96 | 10,000 | 329.6K | 265,882 |
Institutional ownership Q4 2020
Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.
13F holders |
Current |
---|---|
Total holders | 176 |
Opened positions | 35 |
Closed positions | 29 |
Increased positions | 49 |
Reduced positions | 63 |
13F shares |
Current |
---|---|
Total value | 1.08B |
Total shares | 36.3M |
Total puts | 81.8K |
Total calls | 35.1K |
Total put/call ratio | 2.3 |
Largest owners |
Shares | Value |
---|---|---|
BLK Blackrock | 5.51M | $163.11M |
Kayne Anderson Rudnick Investment Management | 3.82M | $113.07M |
Vanguard | 3.77M | $111.66M |
Alliancebernstein | 2.77M | $81.97M |
Dimensional Fund Advisors | 1.95M | $57.9M |
TROW T. Rowe Price | 1.39M | $41.29M |
Fisher Asset Management | 1.37M | $40.45M |
STT State Street | 1.3M | $38.54M |
MCQEF Macquarie | 987.81K | $29.26M |
NTRS Northern Trust | 961.3K | $28.47M |
Financial report summary
?Risks
- The outbreak of COVID-19 and developments in the global oil markets have had, and may continue to have, material adverse consequences for general economic, financial and business conditions, and could materially and adversely affect our business, financial condition, results of operations and liquidity and those of our customers, suppliers and other counterparties.
- A material or extended decline in expenditures by the oil and gas industry could significantly reduce our revenue and income.
- We may not be able to satisfy technical requirements, testing requirements or other specifications under contracts and contract tenders.
- We may be unable to successfully compete with other manufacturers of drilling and production equipment.
- Our customers’ industries are undergoing continuing consolidation that may impact our results of operations.
- Increases in the cost of raw materials and energy used in our manufacturing processes could negatively impact our profitability.
- Our business involves numerous operating hazards that may not be covered by insurance. The occurrence of an event not fully covered by insurance could have a material adverse effect on our results of operations, financial position and cash flows.
- Our international operations expose us to instability and changes in economic and political conditions and other risks inherent to international business, which could have a material adverse effect on our results of operations, financial position or cash flows.
- Loss of our key management or other personnel could adversely impact our business.
- The overall timing and level of transition of the global energy sector from fossil-based systems of energy production and consumption to more renewable energy sources could adversely affect our business.
- We rely on technology provided by third parties and our business may be materially adversely affected if we are unable to renew our licensing arrangements with them.
- The loss of a significant customer could have an adverse impact on our financial results.
- We depend on third-party suppliers for timely deliveries of raw materials, and our results of operations could be adversely affected if we are unable to obtain adequate supplies in a timely manner.
- Conditions in the global financial system may have impacts on our business and financial position that we currently cannot predict.
- We are exposed to the credit risks of our customers, and a general increase in the nonpayment and nonperformance by customers could have an adverse impact on our cash flows, results of operations and financial condition.
- Impairment in the carrying value of long-lived assets, inventory, intangible assets and goodwill could negatively affect our operating results.
- Our excess cash is invested in various financial instruments which may subject us to potential losses.
- We may lose money on fixed-price contracts.
- We may be required to recognize a charge against current earnings because of over time method of accounting.
- Restrictions in the agreement governing the Asset Backed Loan (ABL) Credit Facility could adversely affect our business, financial condition and results of operations.
- Our international operations require us to comply with a number of U.S. and foreign regulations governing the international trade of goods, services and technology, which expose us to compliance risks.
- We are subject to taxation in many jurisdictions and there are inherent uncertainties in the final determination of our tax liabilities.
- Our operations and our customers’ operations are subject to a variety of governmental laws and regulations that may increase our costs, limit the demand for our products and services or restrict our operations.
- Our businesses and our customers’ businesses are subject to environmental laws and regulations that may increase our costs, limit the demand for our products and services or restrict our operations.
- Our business is subject to complex and evolving U.S. and foreign laws and regulations regarding privacy and data protection.
- Our business could be adversely affected if we do not develop new products and secure and retain patents related to our products.
- Our business could be adversely affected by a failure or breach of our information technology systems.
- The market price of our common stock may be volatile.
- Provisions in our corporate documents and Delaware law could delay or prevent a change in control of the Company, even if that change would be beneficial to our stockholders.
Management Discussion
- Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
- For a discussion of our results of operations for the year ended December 31, 2019 compared to the year ended December 31, 2018, see "Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2019.
- Dril-Quip designs, manufactures, sells and services highly engineered drilling and production equipment that is well suited primarily for use in deepwater, harsh environment and severe service applications. The Company’s principal products consist of subsea and surface wellheads, subsea and surface production trees, mudline hanger systems, specialty connectors and associated pipe, drilling and production riser systems, liner hangers, wellhead connectors, diverters and safety valves. Dril-Quip's products are used by major integrated, large independent and foreign national oil and gas companies and drilling contractors throughout the world. Dril-Quip also provides technical advisory assistance on an as-requested basis during installation of its products, as well as rework and reconditioning services for customer-owned Dril-Quip products. In addition, Dril-Quip's customers may rent or purchase running tools from the Company for use in the installation and retrieval of the Company’s products.
Content analysis
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Financial reports
10-K
2020 FY
Annual report
25 Feb 21
10-Q
2020 Q3
Quarterly report
29 Oct 20
10-Q
2020 Q2
Quarterly report
30 Jul 20
10-Q
2020 Q1
Quarterly report
6 May 20
10-K
2019 FY
Annual report
27 Feb 20
10-Q
2019 Q3
Quarterly report
24 Oct 19
10-Q
2019 Q2
Quarterly report
25 Jul 19
10-Q
2019 Q1
Quarterly report
25 Apr 19
10-K
2018 FY
Annual report
27 Feb 19
10-Q
2018 Q3
Quarterly report
25 Oct 18
Current reports
8-K
Dril-quip, Inc. Announces Fourth Quarter and Full Year 2020 Results
25 Feb 21
8-K
Dril-quip, Inc. Announces Third Quarter 2020 Results
29 Oct 20
8-K
Regulation FD Disclosure
8 Oct 20
8-K
Dril-quip, Inc. Announces Second Quarter 2020 Results
30 Jul 20
8-K
Departure of Directors or Certain Officers
15 May 20
8-K
Dril-quip, Inc. Announces First Quarter 2020 Results
6 May 20
8-K
Regulation FD Disclosure
3 Apr 20
8-K
Dril-Quip, Inc. Announces Fourth Quarter and Full Year 2019 Results
27 Feb 20
8-K
Dril-Quip, Inc. Announces Third Quarter 2019 Results
24 Oct 19
8-K
Departure of Directors or Certain Officers
26 Sep 19
Registration and prospectus
15-12B
Securities registration termination
11 Mar 18
25-NSE
Exchange delisting
26 Feb 18
8-A12B/A
Registration of securities on exchange (amended)
26 Feb 18
S-3ASR
Automatic shelf registration
26 Feb 18
S-8 POS
Registration of securities for employees (post-effective amendment)
13 Aug 17
S-8 POS
Registration of securities for employees (post-effective amendment)
13 Aug 17
S-8
Registration of securities for employees
24 May 17
8-A12B
Registration of securities on exchange
24 Nov 08
25-NSE
Exchange delisting
22 Oct 07
424B5
Prospectus supplement for primary offering
14 Dec 05
Proxies
DEFA14A
Additional proxy soliciting materials
30 Mar 21
DEF 14A
Definitive proxy
30 Mar 21
DEFA14A
Additional proxy soliciting materials
30 Mar 20
DEF 14A
Definitive proxy
30 Mar 20
DEFA14A
Additional proxy soliciting materials
29 Mar 19
DEF 14A
Definitive proxy
29 Mar 19
DEF 14A
Definitive proxy
28 Mar 18
DEFA14A
Additional proxy soliciting materials
28 Mar 18
DEFA14A
Additional proxy soliciting materials
1 May 17
DEF 14A
Definitive proxy
30 Mar 17
Other
SD
Conflict minerals disclosure
15 May 20
SD
Conflict minerals disclosure
17 May 19
SD
Conflict minerals disclosure
18 May 18
SD
Conflict minerals disclosure
18 May 17
SD
Conflict minerals disclosure
18 May 16
SD
Conflict minerals disclosure
21 May 15
SD
Conflict minerals disclosure
11 Sep 14
UPLOAD
Letter from SEC
23 Jul 14
CORRESP
Correspondence with SEC
8 Jul 14
UPLOAD
Letter from SEC
29 Jun 14
Ownership
4
DRIL-QUIP / A P SHUKIS ownership change
2 Apr 21
4
DRIL-QUIP / Raj Kumar ownership change
2 Apr 21
4
DRIL-QUIP / James C. Webster ownership change
2 Apr 21
4
DRIL-QUIP / Jeffrey J. Bird ownership change
2 Apr 21
4
DRIL-QUIP / Blake T. DeBerry ownership change
2 Apr 21
4
DRIL-QUIP / Amy B Schwetz ownership change
2 Apr 21
4
DRIL-QUIP / Steven L Newman ownership change
2 Apr 21
4
DRIL-QUIP / JOHN LOVOI ownership change
2 Apr 21
4
DRIL-QUIP / Terence Bartlett Jupp ownership change
2 Apr 21
SC 13G/A
DRIL-QUIP / PRICE T ROWE ASSOCIATES ownership change
16 Feb 21
Patents
APP
Utility
Subsea Equipment Alignment Device
25 Mar 21
Systems and methods for coupling subsea tubular members together are provided.
APP
Utility
Selective Position Top-down Cementing Tool
18 Mar 21
A cementing system and method for selectively providing bottom-up cementing and top-down cementing of a liner during a single downhole trip are provided.
GRANT
Utility
Tubing hanger alignment device
16 Mar 21
Systems and methods for landing a tubing hanger in a wellhead and then orienting a tree (or spool, or flowline connection body) relative to the tubing hanger while landing the tree on the wellhead are provided.
APP
Utility
Tubing Hanger Alignment Device
28 Jan 21
Systems and methods for landing a tubing hanger in a wellhead and then orienting a tree (or spool, or flowline connection body) relative to the tubing hanger while landing the tree on the wellhead are provided.
APP
Utility
One Trip Lockdown Sleeve and Running Tool
14 Jan 21
A lockdown sleeve and a running tool that may be used to install the lockdown sleeve within a wellhead in a single trip are provided.