Drilling Tools International (NASDAQ:DTI) Raised to "Strong-Buy" at Zacks Research

Key Points

• Zacks Research upgraded Drilling Tools International from “hold” to “strong-buy,” but analyst sentiment remains mixed overall, with a consensus “hold” rating and an average price target of $2.80.
• DTI reported a quarterly loss of $0.02 per share, missing estimates by $0.01, while revenue of $38.07 million also fell short of expectations.
• The stock opened at $2.45 and remains well below its 52-week high of $4.69; institutional investors own a limited 2.79% stake in the company.

Drilling Tools International (NASDAQ:DTI - Get Free Report) was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Monday,Zacks.com reports.

A number of other equities research analysts have also recently commented on DTI. Wall Street Zen cut shares of Drilling Tools International from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Jefferies Financial Group reissued a "hold" rating and set a $2.80 price objective on shares of Drilling Tools International in a report on Sunday. Finally, Weiss Ratings downgraded Drilling Tools International from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Drilling Tools International presently has a consensus rating of "Hold" and an average target price of $2.80.

Drilling Tools International Stock Performance

NASDAQ DTI opened at $2.45 on Monday. Drilling Tools International has a 52-week low of $1.65 and a 52-week high of $4.69. The company has a 50-day simple moving average of $2.30 and a 200 day simple moving average of $3.09. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.57 and a current ratio of 2.15. The company has a market capitalization of $86.44 million, a PE ratio of -27.22, a price-to-earnings-growth ratio of 2.53 and a beta of -0.63.

Drilling Tools International (NASDAQ:DTI - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). Drilling Tools International had a negative net margin of 1.97% and a positive return on equity of 0.58%. The company had revenue of $38.07 million during the quarter, compared to analysts' expectations of $38.72 million. On average, research analysts predict that Drilling Tools International will post 0.1 EPS for the current year.

Hedge Funds Weigh In On Drilling Tools International

Several large investors have recently modified their holdings of DTI. Walleye Capital LLC purchased a new stake in shares of Drilling Tools International during the 1st quarter valued at approximately $1,243,000. Arrowstreet Capital Limited Partnership bought a new position in Drilling Tools International in the 1st quarter worth approximately $954,000. Dimensional Fund Advisors LP grew its stake in Drilling Tools International by 385.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 113,109 shares of the company's stock valued at $488,000 after buying an additional 89,806 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new position in Drilling Tools International in the 1st quarter valued at approximately $391,000. Finally, Bailard Inc. bought a new stake in Drilling Tools International during the 4th quarter valued at $190,000. Hedge funds and other institutional investors own 2.79% of the company's stock.

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.

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