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The oil and gas sector is cyclical in nature. Over the year, OPEC supply cuts have buoyed oil prices and given oil companies the confidence to keep drilling. At some point, demand for oil has to drive prices, and that could be foreboding for the economy and companies like Dril-Quip (DRQ). Dril-Quip reported Q3 revenue of $108 million, up 16% Y/Y, and up 4% Q/Q.
The subsea sector has lagged the North America land drilling market for a few years but is now showing signs of life. In Q3, subsea