Drilling Tools International (NASDAQ:DTI) Posts Quarterly Earnings Results, Misses Expectations By $0.05 EPS

Drilling Tools International (NASDAQ:DTI) issued its quarterly earnings results on Thursday. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.05), FiscalAI reports. Drilling Tools International had a negative net margin of 3.06% and a negative return on equity of 0.40%. The company had revenue of $40.65 million during the quarter, compared to analyst estimates of $40.87 million.

Drilling Tools International Trading Up 1.4%

Shares of Drilling Tools International stock traded up $0.02 on Friday, reaching $1.43. 315,605 shares of the company’s stock were exchanged, compared to its average volume of 253,819. Drilling Tools International has a 52 week low of $1.35 and a 52 week high of $4.69. The firm’s 50-day moving average is $2.15 and its two-hundred day moving average is $2.82. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.18 and a quick ratio of 1.58.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Drilling Tools International in a research report on Monday, October 26th. Zacks Research cut shares of Drilling Tools International from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 9th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $2.80 price target on shares of Drilling Tools International in a report on Sunday, August 9th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $2.80.

About Drilling Tools International

Drilling Tools International Corporation (NASDAQ: DTI) provides rental tools and related services to the oil and gas drilling industry. The company supplies downhole equipment used in drilling, completion and production operations, serving exploration and production companies, drilling contractors and oilfield service providers.

Its product offering includes drill pipe, drill collars, heavy-weight drill pipe, stabilizers, subs, mud motors, drilling jars and other specialized downhole tools.