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Drilquip Inc. has a market cap of $3.15 billion; its shares were traded at around $79.02 with a P/E ratio of 27.73 and P/S ratio of 5.83. Drilquip Inc. had an annual average earning growth of 29.2% over the past 10 years.Hedge Fund Gurus that owns DRQ: Steven Cohen of SAC Capital Advisors, Manning & Napier Advisors, Inc, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates. Mutual Fund and Other Gurus that owns DRQ: John Keeley of Keeley Fund Management, RS Investment Management, Kenneth Fisher of Fisher Asset Management, LLC, Mario Gabelli of GAMCO Investors, Jeremy Grantham of GMO LLC.
Highlight of Business Operations: At June 30, 2010, the aggregate market value of the registrant’s Common Stock held by non-affiliates of the registrant was approximately $1,500,000,000 based on the closing price of such stock on such date of $44.02.
Increasing oil and gas prices from 2005 through mid-2008 resulted in oil operators increasing capital spending for both exploration and development programs. As various geopolitical issues have limited the ability of oil and gas companies to invest in certain geographic areas, such as Russia and the Middle East, an increasing amount of this capital spending was in the deepwater areas. However, in mid-2008, oil and gas prices began to decline. This decline resulted in reduced capital spending by some oil and gas companies. The economic volatility continued in the first half of 2009 and began to stabilize somewhat in the latter half of that year. In 2010, oil prices began to rise and generally ranged between $70 to $80 per barrel and ended the year at $91.38 per barrel. In April 2010, the Deepwater Horizon incident resulted in a temporary drilling moratorium in the U.S. Gulf of Mexico. Although the moratorium was lifted sooner than anticipated, the stagnation of the permitting process continues to be a significant issue. According to Fuelfix.com (“Fuelfix”), a website maintained by Hearst Communications, as of mid-February 2011, the U.S. government had not approved any proposed projects that were blocked by the drilling moratorium. The Bureau of Ocean Energy Management, Regulations and Enforcement of the U.S. Department of the Interior (the “BOEM”) has indicated that the agency expects to begin granting permits before the end of the second quarter of 2011, although no assurances can be given that this will occur by then or any time thereafter. Disruptions of this nature could have a material effect on the Company’s customers regarding future capital expenditures. Except for the continued issues and concerns in the U.S. Gulf of Mexico, the Company expects that the need for specialized products on a global basis will continue and, to date, the Company has not seen a material dropoff in demand for its products during this volatile market period. See “Item 1A. Risk Factors—A material or extended decline in expenditures by the oil and gas industry could significantly reduce our revenue and income.”
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