Zacks Investment Research cut shares of Superior Drilling Products (NYSEAMERICAN:SDPI) from a hold rating to a sell rating in a report released on Wednesday morning, Zacks.com reports.
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. “
Separately, Roth Capital set a $1.00 price target on Superior Drilling Products and gave the stock a buy rating in a research report on Monday, September 9th.
SDPI stock opened at $0.82 on Wednesday. Superior Drilling Products has a fifty-two week low of $0.75 and a fifty-two week high of $2.20.
Superior Drilling Products (NYSEAMERICAN:SDPI) last issued its quarterly earnings results on Thursday, November 7th. The oil and gas company reported ($0.02) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.01) by ($0.01). The company had revenue of $5.08 million during the quarter, compared to the consensus estimate of $4.94 million.
Several hedge funds and other institutional investors have recently modified their holdings of SDPI. JPMorgan Chase & Co. bought a new position in shares of Superior Drilling Products in the second quarter worth $670,000. Adirondack Research & Management Inc. boosted its stake in Superior Drilling Products by 67.8% in the third quarter. Adirondack Research & Management Inc. now owns 295,282 shares of the oil and gas company’s stock valued at $288,000 after buying an additional 119,356 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Superior Drilling Products by 24.6% in the second quarter. Renaissance Technologies LLC now owns 504,446 shares of the oil and gas company’s stock valued at $509,000 after buying an additional 99,700 shares in the last quarter.
Superior Drilling Products Company Profile
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. The company manufactures and refurbishes polycrystalline diamond compact drill bits for an oil field services company.
Recommended Story: What are the benefits of a balanced fund?
Get a free copy of the Zacks research report on Superior Drilling Products (SDPI)
For more information about research offerings from Zacks Investment Research, visit Zacks.com