The Evolution of Dril-Quip: A New Chapter as Innovex International

Investors tracking Dril-Quip (DRQ) shares should note a fundamental change: the company no longer operates as an independent entity. A landmark merger with Innovex Downhole Solutions was finalized in September 2024, marking the end of DRQ’s trading on the New York Stock Exchange as of September 6, 2024.

The combined entity commenced operations on September 9, 2024, under the new corporate identity of Innovex International, trading under the ticker symbol INVX. As part of the transaction, former Dril-Quip shareholders were allocated approximately 52% of the shares in the newly formed energy technology powerhouse.

Strategic Refocus and Financial Health

The strategic transformation continued into 2025 with a significant divestiture. In July, Innovex International completed the sale of its entire Subsea Tree product line. This decisive move, concerning a segment that contributed less than 1% of total revenue, was executed to streamline operations and sharpen the company’s strategic focus.

Recent market data underscores the company’s financial position:
* INVX closing price (September 12, 2025): $16.62
* Daily trading range: $16.59 to $17.09
* Strong balance sheet featuring a net cash position of roughly $100 million

Should investors sell immediately? Or is it worth buying Dril-Quip?

Assessing the New Market Position

This merger created a diversified energy technology provider with a comprehensive portfolio serving both onshore and offshore markets. The combination merges Dril-Quip’s historical strength in deepwater equipment with Innovex’s established onshore expertise.

Looking ahead, company leadership has provided Q3 2025 revenue guidance projected to fall between $230 million and $240 million. The market will be watching closely when quarterly results are published on November 5 to gauge the success of this new strategic direction.

The central question for the investment community is whether Innovex International’s refined focus is on the optimal core segments to drive future growth, a question the market will continue to evaluate.