Superior Drilling Products (NYSEAMERICAN:SDPI) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Superior Drilling Products (NYSEAMERICAN:SDPI) from a buy rating to a hold rating in a research 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, Dougherty & Co reissued a buy rating on shares of Superior Drilling Products in a research report on Wednesday, May 22nd. One analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $2.08.

Shares of NYSEAMERICAN:SDPI opened at $0.97 on Wednesday. Superior Drilling Products has a 52 week low of $0.88 and a 52 week high of $5.05.

Superior Drilling Products (NYSEAMERICAN:SDPI) last announced its quarterly earnings data on Thursday, May 9th. The oil and gas company reported ($0.01) EPS for the quarter. The business had revenue of $5.04 million for the quarter, compared to the consensus estimate of $5.24 million.

Several institutional investors have recently modified their holdings of SDPI. Northern Trust Corp boosted its holdings in shares of 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 valued at $33,000 after buying an additional 13,091 shares in the last quarter. Geode Capital Management LLC acquired a new position in shares of Superior Drilling Products in the 4th quarter valued at $101,000. Dimensional Fund Advisors LP boosted its holdings in shares of 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 valued at $115,000 after buying an additional 63,502 shares in the last quarter. Finally, Punch & Associates Investment Management Inc. boosted its holdings 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 buying an additional 129,200 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.

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