Superior Drilling Products (SDPI) Shares Down 23.4% After Earnings Miss

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Superior Drilling Products Inc (NYSEAMERICAN:SDPI) traded down 23.4% during trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $2.80 and last traded at $2.91. 726,943 shares traded hands during mid-day trading, an increase of 389% from the average session volume of 148,657 shares. The stock had previously closed at $3.80.

The oil and gas company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.02). The firm had revenue of $4.77 million for the quarter, compared to the consensus estimate of $5.82 million.

Several equities research analysts have recently commented on the stock. Roth Capital set a $3.00 price target on shares of Superior Drilling Products and gave the stock a “buy” rating in a research report on Friday, July 13th. Zacks Investment Research upgraded shares of Superior Drilling Products from a “sell” rating to a “hold” rating in a research report on Tuesday, August 7th. Finally, Imperial Capital lifted their price target on shares of Superior Drilling Products from $3.00 to $5.00 and gave the stock an “outperform” rating in a research report on Thursday, October 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $3.67.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC grew its holdings in Superior Drilling Products by 121.8% during the second quarter. Renaissance Technologies LLC now owns 353,483 shares of the oil and gas company’s stock valued at $686,000 after purchasing an additional 194,078 shares during the period. EAM Investors LLC acquired a new position in Superior Drilling Products during the third quarter valued at approximately $731,000. Finally, JPMorgan Chase & Co. acquired a new position in Superior Drilling Products during the third quarter valued at approximately $106,000.

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About Superior Drilling Products (NYSEAMERICAN:SDPI)

Superior Drilling Products, Inc, a drilling and completion tool technology company, innovates, designs, engineers, manufactures, sells, rents, and repairs drilling and completion tools in the United States and internationally. It is involved in the design and manufacture of new drill bit and horizontal drill string enhancement tools; and the refurbishment of polycrystalline diamond compact drill bits for the oil, natural gas, and mining service industries.

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