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

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

Several other equities research analysts also recently commented on SDPI. Imperial Capital decreased their target price on shares of Superior Drilling Products from $2.00 to $1.50 and set an outperform rating for the company in a research report on Friday, August 2nd. Roth Capital set a $1.00 price target on shares of Superior Drilling Products and gave the stock a buy rating in a report on Monday, September 9th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Superior Drilling Products currently has a consensus rating of Buy and a consensus target price of $1.25.

Shares of NYSEAMERICAN:SDPI traded up $0.02 during midday trading on Tuesday, hitting $0.91. 17,143 shares of the company’s stock were exchanged, compared to its average volume of 93,749. Superior Drilling Products has a 12 month low of $0.75 and a 12 month high of $2.20.

Superior Drilling Products (NYSEAMERICAN:SDPI) last posted its earnings results on Thursday, November 7th. The oil and gas company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The firm had revenue of $5.08 million for the quarter, compared to the consensus estimate of $4.94 million.

A number of institutional investors have recently added to or reduced their stakes in SDPI. JPMorgan Chase & Co. purchased a new position in Superior Drilling Products during the second quarter worth about $670,000. Adirondack Research & Management Inc. boosted its holdings in Superior Drilling Products by 67.8% during the third quarter. Adirondack Research & Management Inc. now owns 295,282 shares of the oil and gas company’s stock worth $288,000 after purchasing an additional 119,356 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in Superior Drilling Products by 24.6% during the second quarter. Renaissance Technologies LLC now owns 504,446 shares of the oil and gas company’s stock worth $509,000 after purchasing an additional 99,700 shares during 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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