Barclays Maintains an 'Overweight' on Dril-Quip (DRQ); The Revenue Ramp Begins

Barclays maintains an 'Overweight' on Dril-Quip (NYSE: DRQ) price target of $68.00.

Barclays analyst says, "We continue to believe Dril-Quip will benefit from the
ongoing new deepwater rig delivery cycle and the growth in the subsea business that we expect to continue for at least the next decade. Although recent results have been impacted by the slow return of activity in the GOM and a slower pace of backlog translation (due to more rigorous equipment testing requirements), order activity remains elevated. Given the solid performance of the stock in recent weeks and the elevated multiple versus the oil service group, we prefer other names in the capital equipment area such as Cameron (NYSE: CAM) and National Oilwell Varco (NYSE: NOV)."

For more ratings news on Dril-Quip click here and for the rating history of Dril-Quip click here.

Shares of Dril-Quip closed at $68.50 yesterday.

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