Zacks Investment Research Upgrades Superior Drilling Products (NYSEAMERICAN:SDPI) to Buy

Superior Drilling Products (NYSEAMERICAN:SDPI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday, Zacks.com reports. The brokerage currently has a $1.00 target price on the oil and gas company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 3.91% from the company’s current price.

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. “

Shares of SDPI opened at $0.96 on Thursday. The stock has a market capitalization of $27.11 million, a price-to-earnings ratio of -6.87 and a beta of 0.21. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.10 and a current ratio of 1.34. Superior Drilling Products has a fifty-two week low of $0.44 and a fifty-two week high of $2.38.

Institutional investors and hedge funds have recently made changes to their positions in the business. Citadel Advisors LLC grew its holdings in Superior Drilling Products by 46.9% in the second quarter. Citadel Advisors LLC now owns 43,492 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 13,880 shares during the period. Schonfeld Strategic Advisors LLC bought a new position in shares of Superior Drilling Products in the third quarter worth approximately $38,000. Finally, Sassicaia Capital Advisers LLC bought a new position in shares of Superior Drilling Products in the third quarter worth approximately $78,000. Institutional investors and hedge funds own 10.12% of the company’s stock.

About Superior Drilling Products

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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