Drilling Tools International (NASDAQ:DTI) Releases Quarterly Earnings Results, Misses Estimates By $0.04 EPS

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

Drilling Tools International Price Performance

Shares of DTI stock traded down $0.34 on Friday, hitting $3.00. 933,278 shares of the stock traded hands, compared to its average volume of 525,215. The firm has a market cap of $105.57 million, a price-to-earnings ratio of -27.27, a PEG ratio of 1.75 and a beta of -0.60. Drilling Tools International has a 52 week low of $1.65 and a 52 week high of $4.69. The firm has a 50 day simple moving average of $3.56 and a two-hundred day simple moving average of $3.15. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.11 and a quick ratio of 1.52.

Institutional Trading of Drilling Tools International

Several institutional investors and hedge funds have recently modified their holdings of DTI. Gendell Jeffrey L increased its holdings in Drilling Tools International by 29.2% in the 4th 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 during the last quarter. Cresset Asset Management LLC increased its holdings in Drilling Tools International by 184.5% in the 3rd quarter. Cresset Asset Management LLC now owns 200,521 shares of the company’s stock valued at $461,000 after acquiring an additional 130,032 shares during the last quarter. Goldman Sachs Group Inc. bought a new stake in Drilling Tools International in the 4th quarter valued at $178,000. Bridgeway Capital Management LLC increased its holdings in Drilling Tools International by 187.0% in the 2nd quarter. Bridgeway Capital Management LLC now owns 71,741 shares of the company’s stock valued at $204,000 after acquiring an additional 46,741 shares during the last quarter. Finally, Jane Street Group LLC bought a new stake in Drilling Tools International in the 4th quarter valued at $69,000. 2.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Weiss Ratings cut shares of Drilling Tools International from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, April 29th. Wall Street Zen cut shares of Drilling Tools International from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Zacks Research cut 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 company. According to MarketBeat.com, the stock has a consensus rating of “Reduce”.

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.