Dril-Quip, Inc., together with its subsidiaries, designs, manufactures, sells, and services engineered drilling and production equipment for use in deepwater, harsh environment, and severe service applications worldwide. The company's principal products include subsea and surface wellheads, subsea and surface production trees, mudline hanger systems, specialty connectors and associated pipes, drilling and production riser systems, liner hangers, wellhead connectors, diverters, and safety valves, as well as downhole tools. It also provides technical advisory services, and rework and reconditioning services, as well as rental and purchase of running tools for use in the installation and retrieval of its products; and downhole tools comprise of liner hangers, production packers, safety valves, and specialty downhole tools that are used to hang-off and seal casing into a previously installed casing string in the well bore. The company's products are used to explore for oil and gas from offshore drilling rigs, such as floating rigs and jack-up rigs; and for drilling and production of oil and gas wells on offshore platforms, tension leg platforms, and Spars, as well as moored vessels, such as floating production, storage, and offloading monohull moored vessels. It sells its products directly through its sales personnel, independent sales agents, and representatives to integrated, independent, and foreign national oil and gas companies, as well as drilling contractors, and engineering and construction companies. The company was founded in 1981 and is headquartered in Houston, Texas.
IPO Year: 1997
Exchange: NYSE
Website: dril-quip.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 3/14/2022 | $38.00 → $35.00 | Buy → Hold | Tudor, Pickering, Holt & Co. |
| 11/3/2021 | $26.00 → $21.00 | Underweight | Barclays |
| 7/15/2021 | Neutral | Seaport Global Securities |
4 - Innovex International, Inc. (0001042893) (Issuer)
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4 - Innovex International, Inc. (0001042893) (Issuer)
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8-K - DRIL-QUIP INC (0001042893) (Filer)
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HOUSTON, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Dril-Quip, Inc. (NYSE:DRQ) (the "Company" or "Dril-Quip") announced today that its Board of Directors has appointed Kyle F. McClure as its Vice President and Chief Financial Officer effective January 1, 2022. Mr. McClure, age 46, has most recently served as Chief Financial Officer of Airswift, a global workforce solutions company, from June 2019 until December 2021. Prior to joining Airswift, Mr. McClure served as Senior Vice President and Chief Financial Officer of Frank's International, a provider of engineered tubular services to the oil and gas industry, from March 2017 until June 2019, and before that as Treasurer of Frank's International fr
HOUSTON, Sept. 01, 2021 (GLOBE NEWSWIRE) -- Dril-Quip, Inc. (NYSE:DRQ) (the "Company" or "Dril-Quip") announced today that its Board of Directors has appointed Jeffrey J. Bird as its President and Chief Executive Officer, and elected him to the Board, both effective as of January 1, 2022 to replace Blake T. DeBerry, who will step down at that time. Mr. DeBerry will continue to serve as Chief Executive Officer and as a member of the Board until December 31, 2021. John Lovoi, Dril-Quip's Board Chairman, commented, "On behalf of the Board, I would like to thank Blake for his superb stewardship of Dril-Quip as CEO and as a Board member over the past 10 years and for all of his contributions s
HOUSTON, TX / ACCESSWIRE / November 7, 2024 / Innovex International, Inc. (NYSE:INVX) ("Innovex," "we" or the "Company") today announced financial and operating results for the third quarter of 2024.Third Quarter HighlightsClosed transformative merger between Innovex Downhole Solutions, Inc. and former Dril-Quip, Inc., positioning the combined business for long-term successRevenue of $152 million, up 17% quarter over quarterNet Income1 of $83 million, up 766% quarter over quarter, and Net Income Margin of 54%Diluted earnings per share of $1.99Adjusted EBITDA2 of $27 million and Adjusted EBITDA margin2 of 18%Net Cash Provided by Operating Activities of $22 millionFree Cash Flow2 of $20 millio
HOUSTON, TX / ACCESSWIRE / November 1, 2024 / Innovex International, Inc. (NYSE:INVX), (the "Company" or "Innovex") announced today that it will release its third quarter 2024 earnings results on November 7, 2024, after the close of the U.S. financial markets.Management will host a conference call and a webcast to discuss the financial results on November 8, 2024, at 10:00 a.m. Eastern Daylight Time / 9:00 a.m. Central Daylight Time. The presentation is open to all interested parties and may include forward-looking information.To access the call, please dial in approximately ten minutes before the start of the call.Conference Call and Webcast DetailsDate / Time:Friday, November 08, 2024 - 9:
Innovex International to Begin Trading on NYSE Under Symbol "INVX" on September 9, 2024 HOUSTON, TX / ACCESSWIRE / September 6, 2024 / Dril-Quip, Inc. (NYSE:DRQ) ("Dril-Quip" or the "Company"), a leading developer, manufacturer and provider of highly engineered equipment and services for the global offshore and onshore oil and gas industry, today announced it has completed its previously announced merger with Innovex Downhole Solutions, Inc., a designer and manufacturer of products to support global upstream onshore and offshore activities.This combined company has assumed the Innovex International, Inc. ("Innovex") name and will begin trading on the New York Stock Exchange on September 9, 2
Transaction is immediately and significantly accretive on all core metrics to Dril-Quip stockholders and will materially enhance Dril-Quip's strategic positioning Dril-Quip Board unanimously recommends stockholders vote "FOR" transaction at the special meeting on September 5, 2024 The Dril-Quip, Inc. (NYSE:DRQ) ("Dril-Quip" or the "Company") Board of Directors unanimously recommends and urges Dril-Quip stockholders to vote "FOR" the proposed merger with Innovex Downhole Solutions, Inc. ("Innovex") and each of the proposals to be considered at the special meeting on Thursday, September 5, 2024, at 9:30 a.m. Central Time. The merger of Dril-Quip and Innovex is immediately and significan
Glass Lewis declined to meet with Dril-Quip board and management and issued report that contains unsubstantiated and misguided conclusions Proposed transaction follows comprehensive assessment of standalone and strategic alternatives and represents value maximizing outcome for Dril-Quip stockholders Dril-Quip Board unanimously recommends stockholders vote "FOR" the transaction with Innovex at the special meeting on September 5th, 2024 Dril-Quip, Inc. (NYSE:DRQ) ("Dril-Quip" or the "Company") today commented on the report issued by Glass, Lewis & Co. ("Glass Lewis") on August 23, 2024 and updated on August 27, 2024 in connection with the Company's proposed merger with Innovex Downhole
ISS endorses transaction to create a unique energy industrial platform with greater scale, strong EBITDA, free cash flow generation, and significant opportunities to grow value for all stockholders ISS notes that "a vote for the proposed transaction is warranted…"1 Dril-Quip Board unanimously recommends stockholders vote "FOR" the transaction with Innovex and each of the associated proposals at the special meeting on September 5th Dril-Quip, Inc. (NYSE:DRQ) ("Dril-Quip" or the "Company"), a leading developer, manufacturer and provider of highly engineered equipment and services for the global offshore and onshore oil and gas industry, today announced that leading independent proxy adv
GAMCO Asset Management Inc. ("GAMCO"), an affiliate of GAMCO Investors, Inc. (OTCQX:GAMI), on behalf of its clients and certain of its affiliates owns approximately 2,866,654 shares of Dril-Quip, Inc. (NYSE:DRQ), representing 8.32% of the 34,452,230 outstanding shares as reported in Dril-Quip's most recently filed Form 10-Q for the quarter ended June 30, 2024. GAMCO's Proxy Voting Committee ("PVC") intends to vote "Against" the proposed merger with Innovex Downhole Solutions ("Innovex"). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240814966689/en/Source: Dril-Quip Amendment to Form S-4 Registration Statement filed on 8/5/24,
HOUSTON, TX / ACCESSWIRE / August 1, 2024 / Dril-Quip, Inc. (NYSE:DRQ), (the "Company" or "Dril-Quip"), a developer, manufacturer and provider of highly engineered equipment, service, and innovative technologies for use in the energy industry, today reported operational and financial results for the three months ended June 30, 2024.Second Quarter HighlightsRevenue of $120.3 million, an increase of 9.1% sequentially and 34.3% year-over-yearSubsea Products orders booked of $54.1 million, increasing 25% sequentially. Net of a subsea tree customer project cancellation for $39.6 million, Subsea Product Bookings were $12.8 millionNet Loss of $1.8 million, an improvement of $18.2 million sequential
HOUSTON, TX / ACCESSWIRE / May 2, 2024 / Dril-Quip, Inc. (NYSE:DRQ), (the "Company" or "Dril-Quip"), a developer, manufacturer and provider of highly engineered equipment, service, and innovative technologies for use in the energy industry, today reported operational and financial results for the three months ended March 31, 2024.First Quarter HighlightsRevenue of $110.3 million decreased 12.7% sequentially and increased 21.4% year-over-yearNet Subsea Product Bookings of $41.1 millionNet Loss of $20.0 million decreased $21.8 million sequentially and $22.3 million year-over-yearAdjusted EBITDA of $10.2 million decreased $6.4 million sequentially and increased $1.3 million year-over-yearGross
Complementary combination creates an innovation leader with increased scale, a diverse product portfolio and geographic footprint with anticipated resilient earnings to drive value throughout industry cycles All-stock transaction allows stockholders to participate in combined company's future value creation while providing a strong financial profile with a pro forma, year-end 2023 net cash position of $99 million Combination immediately improves pro forma company's profitability and free cash flow generation including estimated cost synergies of approximately $30 million per year Transaction is expected to be immediately accretive to earnings and free cash flow Companies to host con
Tudor, Pickering, Holt & Co. downgraded Dril-Quip from Buy to Hold and set a new price target of $35.00 from $38.00 previously
Barclays reiterated coverage of Dril-Quip with a rating of Underweight and set a new price target of $21.00 from $26.00 previously
Seaport Global Securities initiated coverage of Dril-Quip with a rating of Neutral
BTIG Research initiated coverage of Dril-Quip with a rating of Neutral
Barclays resumed coverage of Dril-Quip with a rating of Underweight and set a new price target of $27.00
Barclays downgraded Dril-Quip from Equal-Weight to Underweight and set a new price target of $27.00
Barclays downgraded Dril-Quip from Equal Weight to Underweight
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HOUSTON, TX / ACCESSWIRE / November 7, 2024 / Innovex International, Inc. (NYSE:INVX) ("Innovex," "we" or the "Company") today announced financial and operating results for the third quarter of 2024.Third Quarter HighlightsClosed transformative merger between Innovex Downhole Solutions, Inc. and former Dril-Quip, Inc., positioning the combined business for long-term successRevenue of $152 million, up 17% quarter over quarterNet Income1 of $83 million, up 766% quarter over quarter, and Net Income Margin of 54%Diluted earnings per share of $1.99Adjusted EBITDA2 of $27 million and Adjusted EBITDA margin2 of 18%Net Cash Provided by Operating Activities of $22 millionFree Cash Flow2 of $20 millio
HOUSTON, TX / ACCESSWIRE / November 1, 2024 / Innovex International, Inc. (NYSE:INVX), (the "Company" or "Innovex") announced today that it will release its third quarter 2024 earnings results on November 7, 2024, after the close of the U.S. financial markets.Management will host a conference call and a webcast to discuss the financial results on November 8, 2024, at 10:00 a.m. Eastern Daylight Time / 9:00 a.m. Central Daylight Time. The presentation is open to all interested parties and may include forward-looking information.To access the call, please dial in approximately ten minutes before the start of the call.Conference Call and Webcast DetailsDate / Time:Friday, November 08, 2024 - 9:
Innovex International to Begin Trading on NYSE Under Symbol "INVX" on September 9, 2024 HOUSTON, TX / ACCESSWIRE / September 6, 2024 / Dril-Quip, Inc. (NYSE:DRQ) ("Dril-Quip" or the "Company"), a leading developer, manufacturer and provider of highly engineered equipment and services for the global offshore and onshore oil and gas industry, today announced it has completed its previously announced merger with Innovex Downhole Solutions, Inc., a designer and manufacturer of products to support global upstream onshore and offshore activities.This combined company has assumed the Innovex International, Inc. ("Innovex") name and will begin trading on the New York Stock Exchange on September 9, 2
Transaction is immediately and significantly accretive on all core metrics to Dril-Quip stockholders and will materially enhance Dril-Quip's strategic positioning Dril-Quip Board unanimously recommends stockholders vote "FOR" transaction at the special meeting on September 5, 2024 The Dril-Quip, Inc. (NYSE:DRQ) ("Dril-Quip" or the "Company") Board of Directors unanimously recommends and urges Dril-Quip stockholders to vote "FOR" the proposed merger with Innovex Downhole Solutions, Inc. ("Innovex") and each of the proposals to be considered at the special meeting on Thursday, September 5, 2024, at 9:30 a.m. Central Time. The merger of Dril-Quip and Innovex is immediately and significan
Glass Lewis declined to meet with Dril-Quip board and management and issued report that contains unsubstantiated and misguided conclusions Proposed transaction follows comprehensive assessment of standalone and strategic alternatives and represents value maximizing outcome for Dril-Quip stockholders Dril-Quip Board unanimously recommends stockholders vote "FOR" the transaction with Innovex at the special meeting on September 5th, 2024 Dril-Quip, Inc. (NYSE:DRQ) ("Dril-Quip" or the "Company") today commented on the report issued by Glass, Lewis & Co. ("Glass Lewis") on August 23, 2024 and updated on August 27, 2024 in connection with the Company's proposed merger with Innovex Downhole
GAMCO Asset Management Inc. ("GAMCO"), an affiliate of GAMCO Investors, Inc. (OTCQX:GAMI), on behalf of its clients and certain of its affiliates owns approximately 2,872,654 shares of Dril-Quip, Inc. (NYSE:DRQ) ("Dril-Quip"), representing 8.34% of the 34,452,230 outstanding shares. GAMCO intends to vote "Against" the proposed merger with Innovex Downhole Solutions ("Innovex"). On August 23, 2024, Glass, Lewis & Co. LLC ("Glass Lewis") published its report regarding Dril-Quip's merger with Innovex. Glass Lewis recommends that stockholders vote "Against" all proposals at Dril-Quip's Special Meeting of Stockholders scheduled for September 5, 2024. The report cites "problematic merger provis
Dril-Quip, Inc. (NYSE:DRQ) ("Dril-Quip") and Innovex Downhole Solutions, Inc. ("Innovex") today announced that the parties have agreed to waive the condition to the consummation of Dril-Quip's proposed merger with Innovex requiring the approval of the amendment of Dril-Quip's restated certificate of incorporation (the "charter amendment"). In addition, Dril-Quip and Innovex have agreed to withdraw the submission of the charter amendment proposal (Proposal No. 2) and the related non-binding governance proposals (Proposal Nos. 3A – F) to Dril-Quip stockholders at the special meeting of Dril-Quip's stockholders to be held on September 5, 2024. These actions eliminate the requirement that sto
GAMCO Asset Management Inc. ("GAMCO"), an affiliate of GAMCO Investors, Inc. (OTCQX:GAMI), on behalf of its clients and certain of its affiliates owns approximately 2,866,654 shares of Dril-Quip, Inc. (NYSE:DRQ) ("Dril-Quip"), representing 8.32% of the 34,452,230 outstanding shares. GAMCO intends to vote "Against" the proposed merger with Innovex Downhole Solutions ("Innovex"). On August 16, 2024, Institutional Shareholder Services ("ISS") published its report on Dril-Quip's merger with Innovex. In summary, ISS recommended voting in favor of the proposal to issue shares in connection with the merger, but it recommended voting against the proposal to amend Dril-Quip's certificate of incorp
ISS endorses transaction to create a unique energy industrial platform with greater scale, strong EBITDA, free cash flow generation, and significant opportunities to grow value for all stockholders ISS notes that "a vote for the proposed transaction is warranted…"1 Dril-Quip Board unanimously recommends stockholders vote "FOR" the transaction with Innovex and each of the associated proposals at the special meeting on September 5th Dril-Quip, Inc. (NYSE:DRQ) ("Dril-Quip" or the "Company"), a leading developer, manufacturer and provider of highly engineered equipment and services for the global offshore and onshore oil and gas industry, today announced that leading independent proxy adv
GAMCO Asset Management Inc. ("GAMCO"), an affiliate of GAMCO Investors, Inc. (OTCQX:GAMI), on behalf of its clients and certain of its affiliates owns approximately 2,866,654 shares of Dril-Quip, Inc. (NYSE:DRQ), representing 8.32% of the 34,452,230 outstanding shares as reported in Dril-Quip's most recently filed Form 10-Q for the quarter ended June 30, 2024. GAMCO's Proxy Voting Committee ("PVC") intends to vote "Against" the proposed merger with Innovex Downhole Solutions ("Innovex"). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240814966689/en/Source: Dril-Quip Amendment to Form S-4 Registration Statement filed on 8/5/24,