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

Drilling Tools International (NASDAQ:DTI) released its quarterly earnings results on Thursday. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.04), FiscalAI reports. Drilling Tools International had a positive return on equity of 0.45% and a negative net margin of 2.35%.The firm had revenue of $37.96 million for the quarter, compared to analyst estimates of $37.80 million.

Drilling Tools International Stock Performance

Shares of DTI traded down $0.34 during midday trading on Friday, hitting $3.00. 933,278 shares of the stock traded hands, compared to its average volume of 525,215. Drilling Tools International has a 1-year low of $1.65 and a 1-year high of $4.69. The firm has a market capitalization of $105.57 million, a PE ratio of 300.00, a price-to-earnings-growth ratio of 1.75 and a beta of -0.60. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.52 and a current ratio of 2.11. The business’s 50 day moving average price is $3.56 and its two-hundred day moving average price is $3.15.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Weiss Ratings lowered shares of Drilling Tools International from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, April 29th. Wall Street Zen lowered shares of Drilling Tools International from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Zacks Research lowered shares of Drilling Tools International from a “strong-buy” rating to a “hold” rating in a research note on Thursday. One equities research analyst has 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 has an average rating of “Reduce”.

Hedge Funds Weigh In On Drilling Tools International

Several hedge funds and other institutional investors have recently modified their holdings of the company. XTX Topco Ltd boosted its holdings in shares of Drilling Tools International by 52.3% during the fourth quarter. XTX Topco Ltd now owns 16,026 shares of the company’s stock valued at $39,000 after acquiring an additional 5,504 shares during the period. Qube Research & Technologies Ltd acquired a new position in shares of Drilling Tools International during the second quarter valued at $49,000. Geode Capital Management LLC boosted its holdings in shares of Drilling Tools International by 12.7% during 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 acquired a new position in shares of Drilling Tools International during the third quarter valued at $55,000. Finally, Veradace Capital Management LLC acquired a new position in shares of Drilling Tools International during the fourth quarter valued at $62,000. Institutional investors and hedge funds own 2.79% of the company’s stock.

Drilling Tools International Company Profile

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.