Drilling Tools International (NASDAQ:DTI) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Drilling Tools International (NASDAQ:DTI) issued its earnings results on Thursday. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02, FiscalAI reports. The company had revenue of $38.07 million during the quarter, compared to analyst estimates of $38.72 million. Drilling Tools International had a positive return on equity of 0.45% and a negative net margin of 2.35%.

Drilling Tools International Stock Performance

NASDAQ:DTI traded up $0.04 during trading hours on Thursday, reaching $2.35. The company had a trading volume of 367,038 shares, compared to its average volume of 215,939. 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 1-year low of $1.65 and a 1-year high of $4.69. The business’s 50 day moving average price is $2.33 and its 200-day moving average price is $3.11. The firm has a market cap of $82.58 million, a PE ratio of -21.36, a price-to-earnings-growth ratio of 2.85 and a beta of -0.63.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Wall Street Zen cut Drilling Tools International from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Zacks Research upgraded Drilling Tools International from a “strong sell” rating to a “hold” rating in a research report on Friday, July 10th. Finally, 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. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Drilling Tools International presently has an average rating of “Reduce”.

Hedge Funds Weigh In On Drilling Tools International

Several large investors have recently made changes to their positions in DTI. XTX Topco Ltd grew its position in 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 buying an additional 5,504 shares during the period. Qube Research & Technologies Ltd acquired a new stake in shares of Drilling Tools International during the 2nd quarter valued at about $49,000. Citadel Advisors LLC acquired a new stake in shares of Drilling Tools International during the 3rd quarter valued at about $55,000. Veradace Capital Management LLC purchased a new position in Drilling Tools International during the fourth quarter worth approximately $62,000. Finally, Jane Street Group LLC purchased a new position in Drilling Tools International during the fourth quarter worth approximately $69,000. 2.79% of the stock is currently owned by institutional investors and hedge funds.

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.