Is Dril-Quip (DRQ) a Good Long-Term Bet?
Alger Capital, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” third quarter investor letter. A copy of the same can be downloaded here. During the quarter, Class A shares of the fund underperformed the Russell 2500 Growth Index. The Information technology and Industrials sectors contributed to the fund’s relative performance in the quarter, while Health Care and Energy sectors detracted from performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Alger Capital highlighted stocks like Dril-Quip, Inc. (NYSE:DRQ) in the Q3 2022 investor letter. Headquartered in Houston, Texas, Dril-Quip, Inc. (NYSE:DRQ) is an engineered drilling and production equipment. On December 13, 2022, Dril-Quip, Inc. (NYSE:DRQ) stock closed at $22.74 per share. One-month return of Dril-Quip, Inc. (NYSE:DRQ) was -13.86%, and its shares gained 17.64% of their value over the last 52 weeks. Dril-Quip, Inc. (NYSE:DRQ) has a market capitalization of $816.962 million.
Alger Capital made the following comment about Dril-Quip, Inc. (NYSE:DRQ) in its Q3 2022 investor letter:
"Dril-Quip, Inc. (NYSE:DRQ) designs, manufactures, sells and services engineered offshore drilling and production equipment. Its products include specialty casing connectors, mudline suspension equipment, downhole tools, capital drilling equipment, control systems, and dry tree systems Dril-Quip's shares underperformed during the period despite reporting solid fiscal second quarter results. While the company reported revenues of $94 million, $5.3 million more than analyst estimates, gross booking orders of $57 million were below other recent quarters which worried investors on the company's fiscal 2022 order outlook. However, management maintained their outlook for strong full-year bookings growth, as quarterly bookings can be volatile at times."
Dril-Quip, Inc. (NYSE:DRQ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Dril-Quip, Inc. (NYSE:DRQ) at the end of the third quarter, which was 12 in the previous quarter.
We discussed Dril-Quip, Inc. (NYSE:DRQ) in another article and shared Palm Valley Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
