Superior Drilling Products (SDPI) Announces Quarterly Earnings Results

Superior Drilling Products (NYSEAMERICAN:SDPI) released its quarterly earnings results on Thursday. The oil and gas company reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.02), MarketWatch Earnings reports. The business had revenue of $4.77 million during the quarter, compared to analyst estimates of $5.82 million. Superior Drilling Products updated its FY 2018 guidance to EPS.

Shares of Superior Drilling Products stock traded down $0.43 during trading hours on Friday, hitting $2.48. The company’s stock had a trading volume of 10,551 shares, compared to its average volume of 148,657. Superior Drilling Products has a 12-month low of $0.89 and a 12-month high of $5.05.

Several institutional investors have recently made changes to their positions in SDPI. JPMorgan Chase & Co. purchased a new stake in shares of Superior Drilling Products in the third quarter worth about $106,000. Renaissance Technologies LLC lifted its position in shares of Superior Drilling Products by 121.8% in the second quarter. Renaissance Technologies LLC now owns 353,483 shares of the oil and gas company’s stock worth $686,000 after buying an additional 194,078 shares in the last quarter. Finally, EAM Investors LLC purchased a new stake in shares of Superior Drilling Products in the third quarter worth about $731,000.

Several brokerages have recently commented on SDPI. Imperial Capital boosted their price objective on Superior Drilling Products from $3.00 to $5.00 and gave the company an “outperform” rating in a research report on Thursday, October 18th. Zacks Investment Research upgraded Superior Drilling Products from a “hold” rating to a “buy” rating and set a $3.00 price objective on the stock in a research report on Thursday, September 13th. Finally, Roth Capital downgraded Superior Drilling Products from a “buy” rating to a “neutral” rating in a research report on Tuesday, September 18th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. Superior Drilling Products presently has an average rating of “Hold” and a consensus target price of $3.67.

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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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Earnings History for Superior Drilling Products (NYSEAMERICAN:SDPI)

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