Sellers Reduce Exposure to Shares of Dril-Quip on 1.3x Above-Average Volume (DRQ)

Published on Fri, 06/28/2013 - 13:33
By Mallory Stone in Unusual volume, DRQ, dril-quip, nyse:drq, unusual volume

Shares of Dril-Quip are trading today in above average volume, with the share price falling 0.1% to $89.24. Today's volume of 422,000 shares tops the average 30-day volume of 323,000 shares. Spikes in volume can validate a breakout or signify a potential turning point.

There is potential upside of 7.1% for shares of Dril-Quip based on a current price of $89.24 and an average consensus analyst price target of $95.60. The stock should find initial support at its 50-day moving average (MA) of $88.72 and further support at its 200-day MA of $79.14.

Dril-Quip, Inc. designs and manufactures offshore drilling and production equipment. The Company's equipment consists of subsea, surface, and offshore rig equipment for use by oil and gas companies in offshore areas throughout the world. Dril-Quip provides installation and reconditioning services, and also rents running tools.

Dril-Quip share prices have moved between a 52-week high of $95.44 and a 52-week low of $58.87 and are now trading 52% above that low price at $89.24 per share. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.8%.

By Mallory Stone
mstone@fnno.com

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