Drilling Tools International (NASDAQ:DTI) Issues Earnings Results, Misses Expectations By $0.04 EPS

Drilling Tools International (NASDAQ:DTI) announced its quarterly earnings results on Thursday. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $37.80 million.

Drilling Tools International Price Performance

DTI traded down $0.34 during midday trading on Friday, hitting $3.00. 933,278 shares of the company traded hands, compared to its average volume of 525,215. The company has a current ratio of 2.11, a quick ratio of 1.52 and a debt-to-equity ratio of 0.32. The company has a market capitalization 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 business has a 50 day simple moving average of $3.56 and a two-hundred day simple moving average of $3.15.

Hedge Funds Weigh In On Drilling Tools International

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DTI. Gendell Jeffrey L lifted its holdings in 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 purchasing an additional 552,046 shares in the last quarter. Cresset Asset Management LLC lifted its holdings in Drilling Tools International by 184.5% during the third quarter. Cresset Asset Management LLC now owns 200,521 shares of the company’s stock valued at $461,000 after purchasing an additional 130,032 shares in the last quarter. Goldman Sachs Group Inc. purchased a new position in Drilling Tools International during the fourth quarter valued at $178,000. Bridgeway Capital Management LLC lifted its holdings in Drilling Tools International by 187.0% during the second quarter. Bridgeway Capital Management LLC now owns 71,741 shares of the company’s stock valued at $204,000 after purchasing an additional 46,741 shares in the last quarter. Finally, Jane Street Group LLC purchased a new position in Drilling Tools International during the fourth quarter valued at $69,000. 2.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

DTI has been the topic of a number of recent analyst reports. Weiss Ratings downgraded shares of Drilling Tools International from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, April 29th. Zacks Research downgraded shares of Drilling Tools International from a “strong-buy” rating to a “hold” rating in a report on Thursday. Finally, Wall Street Zen downgraded shares of Drilling Tools International from a “buy” rating to a “hold” rating in a report on Saturday. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Drilling Tools International 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.