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

Superior Drilling Products (NYSEAMERICAN:SDPI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday, 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. “

NYSEAMERICAN:SDPI opened at $0.96 on Wednesday. The stock has a market cap of $27.11 million, a PE ratio of -6.87 and a beta of 0.21. The company has a current ratio of 1.34, a quick ratio of 1.10 and a debt-to-equity ratio of 1.59. Superior Drilling Products has a 1-year low of $0.44 and a 1-year high of $2.38.

A number of hedge funds and other institutional investors have recently made changes to their positions in SDPI. Citadel Advisors LLC bought a new position in Superior Drilling Products during the first quarter worth $26,000. Sassicaia Capital Advisers LLC bought a new position in Superior Drilling Products during the third quarter worth $78,000. Finally, Schonfeld Strategic Advisors LLC bought a new stake in Superior Drilling Products in the third quarter valued at $38,000. 10.12% of the stock is owned by institutional investors and hedge funds.

Superior Drilling Products Company Profile

Superior Drilling Products, Inc engages in the manufacture, repair, sale and rental of drilling tools for oil and natural gas drilling industry. Its drilling solutions include the patented Drill-N-Ream well bore conditioning tool, Strider oscillation system technology, completion tools, V-Stream, DR Stringer, and PDC Bit Repair.

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