Superior Drilling Products (NYSEAMERICAN:SDPI) Shares Down 2.1%

Superior Drilling Products Inc (NYSEAMERICAN:SDPI)’s stock price was down 2.1% on Friday . The company traded as low as $0.84 and last traded at $0.84, approximately 5,512 shares changed hands during mid-day trading. A decline of 95% from the average daily volume of 116,283 shares. The stock had previously closed at $0.86.

A number of equities analysts recently weighed in on SDPI shares. Imperial Capital decreased their price target on 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. Zacks Investment Research lowered Superior Drilling Products from a “hold” rating to a “sell” rating in a research report on Tuesday, July 30th. Finally, Dougherty & Co reiterated 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 sell rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $1.58.

Superior Drilling Products (NYSEAMERICAN:SDPI) last announced its quarterly earnings results on Wednesday, July 31st. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by ($0.01). The firm had revenue of $4.54 million during the quarter, compared to analyst estimates of $5.30 million.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Northern Trust Corp increased its position in shares of Superior Drilling Products by 84.8% during the fourth quarter. Northern Trust Corp now owns 28,526 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 13,091 shares during the period. Geode Capital Management LLC bought a new stake in shares of Superior Drilling Products during the fourth quarter valued at approximately $101,000. Dimensional Fund Advisors LP increased its position in shares of Superior Drilling Products by 181.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 98,587 shares of the oil and gas company’s stock valued at $115,000 after purchasing an additional 63,502 shares during the period. Renaissance Technologies LLC increased its position in shares of 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 valued at $509,000 after purchasing an additional 99,700 shares during the period. Finally, Punch & Associates Investment Management Inc. increased its position in shares of Superior Drilling Products by 50.3% during the first 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.

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

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