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

Key Points

• Drilling Tools International reported quarterly EPS of -$0.03, missing analyst expectations by $0.04, even though revenue came in slightly ahead of forecasts at $37.96 million.
• The stock fell to $3.00 on Friday after the earnings release, with trading volume well above average.
• Analyst sentiment has weakened, with multiple firms recently downgrading the stock and MarketBeat showing an overall average rating of "Reduce".

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

Drilling Tools International Stock Performance

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

Hedge Funds Weigh In On Drilling Tools International

A number of large investors have recently bought and sold shares of the company. Veradace Capital Management LLC purchased a new position in Drilling Tools International during the 4th quarter worth $62,000. XTX Topco Ltd raised its position in Drilling Tools International by 52.3% during the 4th quarter. XTX Topco Ltd now owns 16,026 shares of the company's stock worth $39,000 after buying an additional 5,504 shares during the last quarter. Gendell Jeffrey L raised its position in Drilling Tools International by 29.2% during the 4th quarter. Gendell Jeffrey L now owns 2,439,737 shares of the company's stock worth $5,977,000 after buying an additional 552,046 shares during the last quarter. Jane Street Group LLC purchased a new position in Drilling Tools International during the 4th quarter worth $69,000. Finally, Goldman Sachs Group Inc. purchased a new position in Drilling Tools International during the 4th quarter worth $178,000. Hedge funds and other institutional investors own 2.79% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Wall Street Zen downgraded shares of Drilling Tools International from a "buy" rating to a "hold" rating in a research report on Saturday. Weiss Ratings downgraded shares of Drilling Tools International from a "sell (d+)" rating to a "sell (d)" rating in a research report on Wednesday, April 29th. Finally, Zacks Research downgraded shares of Drilling Tools International from a "strong-buy" rating to a "hold" rating in a research report on Thursday. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average 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.

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