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Strength Seen in Drilling Tools International Corp. (DTI): Can Its 7.3% Jump Turn into More Strength?
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Drilling Tools International Corp. (DTI - Free Report) shares ended 7.3% higher at $5.72 on Jul 31, 2024. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 3.4% loss over the past four weeks.
The bullishness can be attributed to DTI's upcoming merger with Superior Drilling Products, Inc., which could be seen as a value-adding move, potentially increasing market share and operational efficiencies. The oilfield services company manufactures and rents downhole drilling tools used in horizontal and directional drilling of oil and natural gas wells. Favorable conditions in the oil and gas market, such as rising oil prices and increased drilling activity, have been significant drivers of its stock performance.
This company is expected to post quarterly earnings of $0.12 per share in its upcoming report, which represents a year-over-year change of +140%. Revenues are expected to be $42.72 million, up 12.7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Drilling Tools International Corp., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on DTI going forward to see if this recent jump can turn into more strength down the road.
Drilling Tools International Corp. belongs to the Zacks Oil and Gas - Field Services industry. Another stock from the same industry, KLX Energy Services (KLXE - Free Report) , closed 2.7% higher at $6.89 on Jul 31, 2024. Over the past month, KLXE has returned 32.2%.
For KLX Energy Services, the consensus EPS estimate for the upcoming report has changed -27.7% over the past month to -$0.72. This represents a change of -188.9% from what the company reported a year ago. KLX Energy Services currently has a Zacks Rank of #5 (Strong Sell).
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Strength Seen in Drilling Tools International Corp. (DTI): Can Its 7.3% Jump Turn into More Strength?
Drilling Tools International Corp. (DTI - Free Report) shares ended 7.3% higher at $5.72 on Jul 31, 2024. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 3.4% loss over the past four weeks.
The bullishness can be attributed to DTI's upcoming merger with Superior Drilling Products, Inc., which could be seen as a value-adding move, potentially increasing market share and operational efficiencies. The oilfield services company manufactures and rents downhole drilling tools used in horizontal and directional drilling of oil and natural gas wells. Favorable conditions in the oil and gas market, such as rising oil prices and increased drilling activity, have been significant drivers of its stock performance.
This company is expected to post quarterly earnings of $0.12 per share in its upcoming report, which represents a year-over-year change of +140%. Revenues are expected to be $42.72 million, up 12.7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Drilling Tools International Corp., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on DTI going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Drilling Tools International Corp. belongs to the Zacks Oil and Gas - Field Services industry. Another stock from the same industry, KLX Energy Services (KLXE - Free Report) , closed 2.7% higher at $6.89 on Jul 31, 2024. Over the past month, KLXE has returned 32.2%.
For KLX Energy Services, the consensus EPS estimate for the upcoming report has changed -27.7% over the past month to -$0.72. This represents a change of -188.9% from what the company reported a year ago. KLX Energy Services currently has a Zacks Rank of #5 (Strong Sell).