Drilling Tools International (NASDAQ:DTI) Announces Quarterly Earnings Results

Drilling Tools International (NASDAQ:DTI) posted its quarterly earnings data 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. The firm had revenue of $38.07 million for the quarter, compared to the consensus estimate of $38.72 million. Drilling Tools International had a negative net margin of 1.97% and a positive return on equity of 0.58%.

Drilling Tools International Trading Down 3.0%

Shares of DTI traded down $0.07 during trading hours on Friday, reaching $2.28. 655,391 shares of the company traded hands, compared to its average volume of 208,120. The stock’s fifty day moving average price is $2.32 and its 200 day moving average price is $3.11. The company has a current ratio of 2.15, a quick ratio of 1.57 and a debt-to-equity ratio of 0.38. The firm has a market cap of $80.12 million, a price-to-earnings ratio of -25.33, a PEG ratio of 2.90 and a beta of -0.63. Drilling Tools International has a 12-month low of $1.65 and a 12-month high of $4.69.

Institutional Investors Weigh In On Drilling Tools International

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Gendell Jeffrey L raised its stake in shares of Drilling Tools International by 29.2% during the fourth quarter. Gendell Jeffrey L now owns 2,439,737 shares of the company’s stock valued at $5,977,000 after acquiring an additional 552,046 shares in the last quarter. Geode Capital Management LLC boosted its holdings 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 purchasing an additional 17,926 shares during the period. Cresset Asset Management LLC grew its stake in Drilling Tools International by 184.5% in the third quarter. Cresset Asset Management LLC now owns 200,521 shares of the company’s stock worth $461,000 after purchasing an additional 130,032 shares in the last quarter. Bridgeway Capital Management LLC grew its stake in Drilling Tools International by 187.0% in the second quarter. Bridgeway Capital Management LLC now owns 71,741 shares of the company’s stock worth $204,000 after purchasing an additional 46,741 shares in the last quarter. Finally, Veradace Capital Management LLC purchased a new position in Drilling Tools International during the 4th quarter worth $62,000. Institutional investors own 2.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on DTI shares. Weiss Ratings downgraded shares of Drilling Tools International from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, July 28th. Wall Street Zen downgraded shares of Drilling Tools International from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Zacks Research upgraded Drilling Tools International from a “strong sell” rating to a “hold” rating in a research report on Friday, July 10th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Drilling Tools International presently has an average rating of “Reduce”.

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.