Superior Drilling Products (NYSEAMERICAN:SDPI) Now Covered by Analysts at StockNews.com

Posted by Defense World Staff on Jun 12th, 2023

StockNews.com initiated coverage on shares of Superior Drilling Products (NYSEAMERICAN:SDPI – Get Rating) in a research note published on Sunday morning. The brokerage issued a buy rating on the oil and gas company’s stock.

Separately, EF Hutton Acquisition Co. I reaffirmed a buy rating and issued a $2.00 price target on shares of Superior Drilling Products in a report on Monday, March 13th.

Superior Drilling Products Stock Down 0.2 %

SDPI traded down $0.00 during midday trading on Friday, hitting $1.17. 24,823 shares of the company’s stock traded hands, compared to its average volume of 77,474. Superior Drilling Products has a one year low of $0.62 and a one year high of $1.22. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.34 and a quick ratio of 1.10. The stock’s fifty day simple moving average is $1.02 and its 200-day simple moving average is $0.97. The company has a market cap of $34.16 million, a PE ratio of -16.71 and a beta of 0.13.

Superior Drilling Products (NYSEAMERICAN:SDPI – Get Rating) last announced its quarterly earnings results on Friday, March 10th. The oil and gas company reported $0.01 EPS for the quarter. Superior Drilling Products had a negative return on equity of 50.55% and a negative net margin of 16.75%. The company had revenue of $5.25 million for the quarter. As a group, equities analysts anticipate that Superior Drilling Products will post -0.05 earnings per share for the current fiscal year.

Insider Activity at Superior Drilling Products

In other Superior Drilling Products news, major shareholder Jeffrey E. Eberwein acquired 50,000 shares of the firm’s stock in a transaction that occurred on Friday, March 24th. The stock was acquired at an average cost of $0.84 per share, for a total transaction of $42,000.00. Following the transaction, the insider now owns 2,250,000 shares of the company’s stock, valued at $1,890,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders acquired 125,896 shares of company stock worth $115,029. 50.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Superior Drilling Products

A number of large investors have recently bought and sold shares of SDPI. Vanguard Group Inc. raised its stake in Superior Drilling Products by 120.9% in the 1st quarter. Vanguard Group Inc. now owns 451,851 shares of the oil and gas company’s stock valued at $479,000 after acquiring an additional 247,328 shares during the period. Renaissance Technologies LLC raised its stake in Superior Drilling Products by 11.0% in the 1st quarter. Renaissance Technologies LLC now owns 389,548 shares of the oil and gas company’s stock valued at $348,000 after acquiring an additional 38,554 shares during the period. Finally, Jane Street Group LLC bought a new stake in Superior Drilling Products in the 2nd quarter valued at $43,000. Institutional investors and hedge funds own 9.52% of the company’s stock.

About Superior Drilling Products

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Superior Drilling Products, Inc engages in the manufacture, repair, sale and rental of drilling tools for the 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.