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

Superior Drilling Products (NYSEAMERICAN:SDPI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, 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, Dougherty & Co reaffirmed a “buy” rating on shares of Superior Drilling Products in a research note on Wednesday, May 22nd. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $2.08.

Shares of SDPI stock opened at $0.98 on Wednesday. Superior Drilling Products has a fifty-two week low of $0.88 and a fifty-two week high of $5.05.

Superior Drilling Products (NYSEAMERICAN:SDPI) last announced its earnings results on Thursday, May 9th. The oil and gas company reported ($0.01) earnings per share for the quarter. The company had revenue of $5.04 million during the quarter, compared to analyst estimates of $5.24 million.

Several large investors have recently added to or reduced their stakes in the stock. Punch & Associates Investment Management Inc. boosted its position in shares of Superior Drilling Products by 50.3% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 386,200 shares of the oil and gas company’s stock valued at $510,000 after purchasing an additional 129,200 shares during the period. Dimensional Fund Advisors LP lifted its stake in Superior Drilling Products by 181.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 98,587 shares of the oil and gas company’s stock worth $115,000 after acquiring an additional 63,502 shares in the last quarter. Geode Capital Management LLC purchased a new stake in Superior Drilling Products in the 4th quarter worth about $101,000. Finally, Northern Trust Corp lifted its stake in Superior Drilling Products by 84.8% in the 4th quarter. Northern Trust Corp now owns 28,526 shares of the oil and gas company’s stock worth $33,000 after acquiring an additional 13,091 shares in the last quarter.

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. The company manufactures and refurbishes polycrystalline diamond compact drill bits for an oil field services company.

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