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

Key Points

• Drilling Tools International beat earnings expectations, reporting a quarterly loss of $0.02 per share versus the consensus loss estimate of $0.04. Revenue was $38.07 million, slightly below the $38.72 million forecast.
• Shares rose 1.7% to $2.35 after the results, though the stock remains well below its 52-week high of $4.69 and the company posted a negative 2.35% net margin.
• Analyst sentiment remains cautious: the stock carries a consensus “Reduce” rating, with one analyst rating it Hold and another Sell. Institutional investors own only 2.79% of outstanding shares.

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

Drilling Tools International Trading Up 1.7%

Shares of DTI traded up $0.04 during midday trading on Thursday, hitting $2.35. The stock had a trading volume of 367,038 shares, compared to its average volume of 215,939. 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. Drilling Tools International has a 1 year low of $1.65 and a 1 year high of $4.69. The stock's 50 day moving average is $2.33 and its 200 day moving average is $3.11. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.15 and a quick ratio of 1.57.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of DTI. XTX Topco Ltd increased its holdings 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 purchasing an additional 5,504 shares during the period. Qube Research & Technologies Ltd purchased a new stake in shares of Drilling Tools International during the second quarter worth about $49,000. Citadel Advisors LLC purchased a new stake in shares of Drilling Tools International during the third quarter worth about $55,000. Veradace Capital Management LLC acquired a new position in shares of Drilling Tools International during the fourth quarter valued at about $62,000. Finally, Jane Street Group LLC acquired a new position in shares of Drilling Tools International during the fourth quarter valued at about $69,000. Hedge funds and other institutional investors own 2.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Wall Street Zen cut shares of Drilling Tools International from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Zacks Research raised shares of Drilling Tools International from a "strong sell" rating to a "hold" rating in a 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 research report on Tuesday, July 28th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source