Drilling Tools International (NASDAQ:DTI) Board Declares Share Repurchase Program

Drilling Tools International (NASDAQ:DTI) announced that its board has initiated a share repurchase program on Tuesday, May 13th, RTT News reports. The company plans to buyback $10.00 million in shares. This buyback authorization allows the company to repurchase up to 10.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Drilling Tools International Price Performance

Shares of DTI opened at $2.40 on Friday. The stock has a market capitalization of $85.42 million, a P/E ratio of 8.57, a P/E/G ratio of 0.90 and a beta of -0.64. Drilling Tools International has a twelve month low of $1.43 and a twelve month high of $6.36. The company has a 50 day moving average of $2.26 and a 200-day moving average of $2.95. The company has a quick ratio of 0.99, a current ratio of 1.32 and a debt-to-equity ratio of 0.15.

Drilling Tools International (NASDAQ:DTI) last issued its quarterly earnings results on Tuesday, May 13th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). The business had revenue of $42.88 million for the quarter, compared to the consensus estimate of $38.53 million. Drilling Tools International had a return on equity of 15.38% and a net margin of 5.46%. As a group, equities research analysts forecast that Drilling Tools International will post 0.38 EPS for the current fiscal year.

About Drilling Tools International

Drilling Tools International Corporation provides oilfield equipment and services to oil and natural gas sectors in North America, Europe, and the Middle East. It offers downhole tool rentals, machining, and inspection services to support the global drilling and wellbore construction industry. The company also provides products are bottom hole assembly components, such as stabilizers, subs, non-magnetic and steel drill collars, hole openers, and roller reamers, as well as drill pipe and drill pipe accessories; ancillary equipment and handling tools to support its rental platform, including float valves, ring gauges, tool baskets, lift bail, lift subs, mud magnets, elevators, bracket and bail assemblies, slips, tongs, stabbing guides and safety clamps; and blowout preventers, and pressure control accessory equipment.