Drilling Tools International (NASDAQ:DTI) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Drilling Tools International (NASDAQ:DTI) released its quarterly earnings results on Thursday. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01), FiscalAI reports. Drilling Tools International had a negative net margin of 1.97% and a positive return on equity of 0.58%. The business had revenue of $38.07 million for the quarter, compared to the consensus estimate of $38.72 million.

Drilling Tools International Stock Down 3.0%

Drilling Tools International stock traded down $0.07 during mid-day trading on Friday, hitting $2.28. The company’s stock had a trading volume of 655,391 shares, compared to its average volume of 208,120. The firm’s 50 day moving average is $2.32 and its 200 day moving average is $3.11. The company has a market cap of $80.12 million, a PE ratio of -25.33, a price-to-earnings-growth ratio of 2.90 and a beta of -0.63. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.15 and a quick ratio of 1.57. Drilling Tools International has a 52-week low of $1.65 and a 52-week high of $4.69.

Analyst Ratings Changes

DTI has been the topic of several research analyst reports. Weiss Ratings cut Drilling Tools International from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, July 28th. Zacks Research raised shares of Drilling Tools International from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. Finally, Wall Street Zen cut shares of Drilling Tools International from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce”.

Hedge Funds Weigh In On Drilling Tools International

A number of large investors have recently made changes to their positions in DTI. XTX Topco Ltd raised its stake in Drilling Tools International by 52.3% in the fourth quarter. XTX Topco Ltd now owns 16,026 shares of the company’s stock valued at $39,000 after purchasing an additional 5,504 shares in the last quarter. Qube Research & Technologies Ltd bought a new position in shares of Drilling Tools International in the second quarter worth approximately $49,000. Geode Capital Management LLC increased its position in shares of Drilling Tools International by 12.7% in the fourth quarter. Geode Capital Management LLC now owns 159,400 shares of the company’s stock valued at $391,000 after acquiring an additional 17,926 shares during the period. Citadel Advisors LLC purchased a new stake in Drilling Tools International in the 3rd quarter worth approximately $55,000. Finally, Veradace Capital Management LLC bought a new stake in Drilling Tools International in the fourth quarter valued at $62,000. Institutional investors and hedge funds own 2.79% of the company’s stock.

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.