Dril-Quip Inc

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  • uploads///IE
    Company & Industry Overviews

    Understanding Fund Generation among Major OFS Companies

    RPC Inc.’s internal cash generation was adequate to cover its external obligations in 2015. Dril-Quip internal cash generation was more than adequate.

    By Alex Chamberlin
  • uploads///oil rig
    Energy & Utilities

    US Crude Oil Rigs Are Steady at March 2015 High

    Baker Hughes reported that US crude oil rigs were flat at 863 on July 6–13. The rigs have risen by 98 or ~12.8% year-over-year.

    By Gordon Kristopher
  • uploads///Share Price
    Miscellaneous

    How the Market Reacted to the DOJ’s Lawsuit on the HAL-BHI Merger

    On April 6, 2016, the U.S. Department of Justice (or DOJ) filed an antitrust lawsuit that proposed blocking the pending Baker Hughes–Halliburton merger.

    By Alex Chamberlin
  • uploads///DRQ
    Energy & Utilities

    This Oilfield Company Has the Highest Net Debt-To-Equity Ratio

    Since 2013, Dril-Quip’s (DRQ) net debt has been negative, as the company has had no debt and positive cash and equivalents.

    By Alex Chamberlin
  • uploads///Broker REcommendations
    Earnings Report

    Wall Street’s Take on Halliburton: Most Analysts Rate It a ‘Buy’

    Approximately 78% of Wall Street analysts tracking Halliburton rate it a “buy” or some equivalent.

    By Alex Chamberlin
  • uploads///Top Cover page
    Energy & Utilities

    The Top 5 Oilfield Companies by Net Debt-To-Equity Ratio

    In this series, we’ll analyze the top five OFS (oilfield equipment and service) companies by net debt-to-equity ratio in fiscal 2017.

    By Alex Chamberlin
  • uploads///Broker Recommendations
    Basic Materials

    Analysts’ Recommendations for RES, DRQ, WFT, PTEN, and FTK

    Approximately 79% of the Wall Street analysts tracking Patterson-UTI Energy (PTEN) have recommended a “buy” or some equivalent as of May 15.

    By Alex Chamberlin
  • uploads///Oil Expected
    Macroeconomic Analysis

    Key US Shale Crude Oil Production: Projections for January 2016

    According to its report on December 7, 2015, the EIA expects crude oil production to fall at five key shales by January 2016.

    By Alex Chamberlin
  • uploads///MA Price
    Company & Industry Overviews

    Is Dril-Quip’s Share Price Rally Over?

    Dril-Quip’s quarterly revenues and earnings have deteriorated in the past four quarters due to energy price depression and weak demand for OFS products and services.

    By Alex Chamberlin
  • uploads///Revenue and Net INCOME
    Company & Industry Overviews

    What Is Driving Noble’s Revenues and Earnings?

    In the year preceding fiscal 3Q15, Noble Corporation’s revenue was steady. From fiscal 3Q14 to fiscal 3Q15, Noble’s revenues increased 53%.

    By Alex Chamberlin
  • uploads///Broker Recommendations
    Energy & Utilities

    What Analysts Recommend for TechnipFMC after Q2 Earnings

    As of July 25, the day TechnipFMC released its Q2 2018 earnings, approximately 67% of Wall Street analysts tracking TechnipFMC rated it a “buy” or some equivalent.

    By Alex Chamberlin
  • uploads///Broker Recommendations
    Energy & Utilities

    Wall Street’s Forecasts for WFT before Q2 2018 Earnings

    From April 17 to July 17, the percentage of analysts recommending a “buy” or some equivalent for WFT has increased from 69.0% to 73.0%.

    By Alex Chamberlin
  • uploads///Upstream capex and EBITDA
    Earnings Report

    Will Weatherford International’s EBITDA Margin Change in Q2 2018?

    From Q1 2017 to Q1 2018, Weatherford International’s (WFT) EBITDA margin increased from 6.2% to 10.6%.

    By Alex Chamberlin
  • uploads///Energy MWU_ OFS Gainers
    Energy & Utilities

    Oilfield Services Gainers This Week: AROC, OII, DRQ, TTI, CRR

    From June 18–20, Archrock (AROC) was at the top of the list of gainers in the oilfield services group.

    By Nicholas Chapman
  • uploads///Broker Recommendations
    Energy & Utilities

    Analysts’ Views on the Lowest Net Debt-To-Equity Oilfield Stocks

    Of the analysts tracking Baker Hughes, a GE company (BHGE), on April 10, 2018, ~47% recommended “buy” or some equivalent and ~53% recommended “hold.”

    By Alex Chamberlin
  • uploads///Energy MWU_ OFS Gainers
    Basic Materials

    A Look at the Top Oilfield Services Gainers So Far This Week

    In the week starting March 5, 2018, Superior Energy Services (SPN) is the top gainer in the oilfield services group.

    By Nicholas Chapman
  • uploads///Energy MWU_ OFS Gainers
    Basic Materials

    Oilfield Services Gainers: FTK, FTI, DRQ, RES, and NOV

    In the week starting November 27, 2017, Flotek Industries (FTK) is at the top of the list of gainers from the oilfield services group.

    By Nicholas Chapman
  • uploads///OFS Gainers WU_
    Energy & Utilities

    Who Were the Biggest Oilfield Services Gainers Last Week?

    In the week ending September 8, 2017, Carbo Ceramics (CRR) was at the top of the list of gainers from the oilfield services group.

    By Nicholas Chapman
  • uploads///EPS
    Earnings Report

    RPC Beat 2Q16 Earnings Estimates: Was It the Robust Service?

    RPC (RES) released its fiscal 2Q16 financial results on July 27, 2016. Robust service intensity helped earnings exceed analysts’ estimates.

    By Alex Chamberlin
  • uploads///Analyst Recommendations
    Company & Industry Overviews

    The Word on the Street: Analyst Recommendations for Mid-Cap OFS Stocks

    Approximately 69% of analysts tracking Weatherford International recommend a “buy,” while ~23% recommend a “hold.” The rest recommend a “sell.”

    By Alex Chamberlin
  • uploads///Net debt to EBITDA
    Company & Industry Overviews

    Inside the Net Debt-to-EBITDAs of WFT, RES, DRQ, and CLB in 1Q16

    In 1Q16, Dril-Quip’s (DRQ) net debt-to-EBITDA multiple stood at -1.6x, which shows a decline from its multiple of -1.16x in 1Q15.

    By Alex Chamberlin
  • uploads///Correlation
    Company & Industry Overviews

    Understanding Mid-Cap OFS Companies’ Correlations with Crude Oil

    The correlation coefficient between Weatherford International’s stock price and crude from June 2015 to now is the lowest among our four OFS companies.

    By Alex Chamberlin
  • uploads///RV
    Company & Industry Overviews

    A Comparative Valuation of Four Representative OFS Mid-Caps in 2Q16

    Dril-Quip’s EV, when scaled by TTM adjusted EBITDA is the lowest in our group of four OFS companies after 1Q16.

    By Alex Chamberlin
  • uploads///Revenues
    Company & Industry Overviews

    Did RPC, Inc. Lose Revenue More than OFS Peers in 1Q16?

    All four of our select OFS companies—Weatherford International, Core Laboratories, Dril-Quip, and RPC, Inc. (RES)—recorded YoY revenue declines in 1Q16.

    By Alex Chamberlin
  • uploads///Net debt to EBITDA
    Company & Industry Overviews

    Could Patterson-UTI Energy Violate Debt Covenants in 2Q16?

    As of March 31, 2016, Patterson-UTI Energy had a $65 million debt under a senior unsecured term loan.

    By Alex Chamberlin
  • uploads///CJES Debt
    Company & Industry Overviews

    Why C&J Energy Services Had a Brush with Bankruptcy

    C&J Energy Services (CJES) provides completion and production services for upstream energy producers.

    By Alex Chamberlin
  • uploads///FCF
    Company & Industry Overviews

    Analyzing Dril-Quip’s Free Cash Flow and Backlog

    In 12 out of the past 13 quarters until 1Q16, Dril-Quip generated positive free cash flow.

    By Alex Chamberlin
  • uploads///EPS
    Earnings Report

    Why Did Forum Energy Technologies’ 1Q16 Earnings Miss Estimates?

    Forum Energy Technologies (FET) released its 1Q16 financial results on April 28. The company recorded total revenues of ~$159.4 million in 1Q16, down ~54% from $348.1 million recorded in 1Q15.

    By Alex Chamberlin
  • uploads///EPS
    Earnings Report

    Why Did FMC Technologies’ 1Q16 Earnings Miss Estimates?

    FMC Technologies released its 1Q16 results on April 26, 2016. It recorded total revenue of ~$1.2 billion, a fall of ~29% from $1.7 billion in 1Q15.

    By Alex Chamberlin
  • uploads///Historical Valuation
    Company & Industry Overviews

    Explaining National Oilwell Varco’s Historical Valuation

    National Oilwell Varco’s price-to-earnings multiple was range-bound between 2009 and 2015. In 2015, NOV’s adjusted earnings fell 53% compared to 2014.

    By Alex Chamberlin
  • uploads///MA Price
    Company & Industry Overviews

    Why Is National Oilwell Varco’s Share Price Staying Weak?

    National Oilwell Varco, which designs, manufactures, and sells equipment and components used in upstream energy production, has had a weak run recently.

    By Alex Chamberlin
  • uploads///Historical Valuation
    Company & Industry Overviews

    Dril-Quip’s Historical Valuation

    Dril-Quip’s historical valuation, expressed as EV-EBITDA multiple, was moving in a range from fiscal 2009 to fiscal 2013 before it fell in fiscal 2015.

    By Alex Chamberlin
  • uploads///FCF
    Company & Industry Overviews

    Dril-Quip’s Free Cash Flow and Backlog

    In 11 of the past 12 quarters until fiscal 4Q15, Dril-Quip generated positive free cash flow. Lower CFO combined with similar capex led to FCF decreasing 40% in the past one year.

    By Alex Chamberlin
  • uploads///Net debt to EBITDA
    Company & Industry Overviews

    What Can We Assume from Forum Energy Technologies’ Indebtedness?

    Forum Energy’s net debt-to-TTM-EBITDA ratio decreased gradually from fiscal 3Q13 to F3Q14. During this period, total debt decreased 21%, and cash and marketable securities more than doubled.

    By Alex Chamberlin
  • uploads///Oil Projected
    Macroeconomic Analysis

    Which US Shales Are Expected to See Crude Oil Production Drop?

    The EIA expects aggregate crude oil production at the seven key shales to fall 3.3% by March 2016 compared to January 2016 levels.

    By Alex Chamberlin
  • uploads///Target Price
    Company & Industry Overviews

    Cameron International: What Does Management Think?

    Cameron International’s (CAM) management thinks that its operating income margin in all segments will stay pressured in fiscal 4Q15.

    By Alex Chamberlin
  • uploads///Oil projected
    Macroeconomic Analysis

    EIA Projections for December 2015: Key US Shale Crude Oil Production

    The EIA expects crude oil production to fall at five key shales by December, whereas it forecasts a rise at two other key shales.

    By Alex Chamberlin
  • uploads///Oil Expected
    Macroeconomic Analysis

    Key US Shales to Witness Lower Crude Oil Production by November

    The EIA expects crude oil production to slow down at most of the key US shales by November. It expects production to fall at five key shales and rise at two others in October.

    By Alex Chamberlin
  • uploads///Expected growth Crude Oil
    Macroeconomic Analysis

    Key Shales to Witness Lower Crude Oil Production by October

    According to its Drilling Productivity Report released on September 14, 2015, the EIA expects the crude oil production to fall at five key shales in October.

    By Alex Chamberlin
  • uploads///Oil projected
    Macroeconomic Analysis

    Key Shale Crude Oil Production to Fall in August, Says EIA

    According to its Drilling Productivity Report released on July 13, 2015, the EIA expects key shale crude oil production to decrease at four key shales in August and increase at three others.

    By Alex Chamberlin
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