Zacks Investment Research Downgrades Superior Drilling Products (SDPI) to Hold

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Zacks Investment Research lowered shares of Superior Drilling Products (NYSEAMERICAN:SDPI) from a buy rating to a hold rating in a research report released on Thursday.

According to Zacks, “Superior Drilling Products, Inc. operates as a manufacturer and remanufacturer of PDC (polycrystalline diamond compact) drill bits and drill string tools for the oil, natural gas and mining services industries. It also provides manufacturing, leasing, and refurbishing of drill string tools to oil field services clients. Superior Drilling Products, Inc. is based in United States. “

Other analysts have also recently issued research reports about the stock. Imperial Capital raised their price objective on shares of Superior Drilling Products from $3.00 to $5.00 and gave the stock an outperform rating in a report on Thursday, October 18th. Roth Capital cut shares of Superior Drilling Products from a buy rating to a neutral rating in a report on Tuesday, September 18th.

SDPI stock opened at $1.79 on Thursday. Superior Drilling Products has a twelve month low of $1.10 and a twelve month high of $5.05.

Superior Drilling Products (NYSEAMERICAN:SDPI) last released its quarterly earnings data on Thursday, November 8th. The oil and gas company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.02). The business had revenue of $4.77 million for the quarter, compared to the consensus estimate of $5.82 million.

Several institutional investors and hedge funds have recently made changes to their positions in SDPI. JPMorgan Chase & Co. purchased a new position in shares of Superior Drilling Products during the third quarter worth approximately $106,000. Bailard Inc. purchased a new position in shares of Superior Drilling Products during the third quarter worth approximately $129,000. Renaissance Technologies LLC grew its position in shares of 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 worth $686,000 after acquiring an additional 194,078 shares during the last quarter. Finally, EAM Investors LLC purchased a new position in shares of Superior Drilling Products during the third quarter worth approximately $731,000.

About Superior Drilling Products

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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