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DRQ - Dril-Quip: COVID-19 Headwinds May Not Be Priced In
Dril-Quip Inc.
Source: Offshore Energy Today
I have been bearish cyclical names like Dril-Quip (DRQ) for several years. My thesis was that the stimulus-driven economy would eventually falter, taking down oil services companies in the process. In my opinion, the coronavirus exposed a weakness in the economy that was already there. Thanks to supply cuts from Russia and Saudi Arabia, Brent oil is now above $40. This still may be too low to spur deepwater E&P.
In Q1 2020, Dril-Quip reported revenue of $95.99 million, down 11% Q/Q. Its outlook could be dismal with oil prices this