Shares of Superior Drilling Products Inc (NYSEAMERICAN:SDPI) dropped 23.4% during mid-day trading on Thursday following a dissappointing earnings announcement. The company traded as low as $2.80 and last traded at $2.91. Approximately 726,943 shares were traded during mid-day trading, an increase of 389% from the average daily volume of 148,657 shares. The stock had previously closed at $3.80.
The oil and gas company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.02). The firm had revenue of $4.77 million during the quarter, compared to the consensus estimate of $5.82 million.
A number of analysts have recently commented on SDPI shares. Zacks Investment Research raised Superior Drilling Products from a “hold” rating to a “buy” rating and set a $3.00 price target for the company in a research note on Thursday, September 13th. Imperial Capital upped their price target on Superior Drilling Products from $3.00 to $5.00 and gave the company an “outperform” rating in a research note on Thursday, October 18th. Finally, Roth Capital cut Superior Drilling Products from a “buy” rating to a “neutral” rating in a research note on Tuesday, September 18th.
TRADEMARK VIOLATION NOTICE: This news story was originally published by WKRB News and is the sole property of of WKRB News. If you are reading this news story on another site, it was illegally stolen and reposted in violation of U.S. and international trademark & copyright legislation. The legal version of this news story can be accessed at https://www.wkrb13.com/2018/11/10/superior-drilling-products-sdpi-trading-down-23-4-following-weak-earnings.html.
About Superior Drilling Products (NYSEAMERICAN:SDPI)
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.
Featured Article: Understanding Compound Annual Growth Rate (CAGR)
Receive News & Ratings for Superior Drilling Products Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Superior Drilling Products and related companies with MarketBeat.com's FREE daily email newsletter.