The company which designs, manufacturers, sells, and services offshore drilling and production equipment, said the repurchase plan has no set expiration date.
The company said the program does not require it to buy and particular amount of common stock and that any repurchased shares are expected to be canceled.
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Separately, TheStreet Ratings team rates DRIL-QUIP INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate DRIL-QUIP INC (DRQ) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company shows weak operating cash flow."