Superior Drilling Products, Inc. (SDPI) Shares More Than Double on Deal with Baker Hughes

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Shares of Superior Drilling Products, Inc. (NYSEMKT:SDPI) have more than doubled today after they announced a deal with Baker Hughes, one of the leading suppliers of oilfield products, technology, services and systems in the world. Superior Drilling will be providing them with their Strider Drill String Oscillation System, which utilizes their patent-pending technology to help reduce drill string friction on horizontal wells. Shipments for this deal are to begin sometime during the first quarter of 2016.

“This expanded relationship with Baker Hughes is a testament of the capability of the Strider and provides us an excellent, established sales channel for getting the Strider to market and on more wells, faster,” said Troy Meier CEO of Superior Drilling Products. “This is a very exciting time for Superior Drilling as we prove out our technologies which enable operators to reduce costs and improve their oil and natural gas well drilling efficiencies.”

The stock is up 119.63% or $1.28 following the news, hitting $2.35 per share. About 2.84 million shares traded hands or up 32566.21% from the average. SDPI has risen 6.00% since December 30, 2015 and is currently uptrending. It has outperformed the S&P500 by 16.21%.

From a total of 2 analysts covering Superior Drilling Products Inc (NYSEMKT:SDPI) stock, 0 rate it a “Buy”, 0 a “Sell”, and 2 a “Hold”. This means that 0 of the ratings are positive. The highest target price is $2 while the lowest target price is $1.75. The mean of all analyst targets is $1.88 which is -20.00% below today’s ($2.35) stock price. Superior Drilling Products Inc was the topic of 2 analyst reports since July 24, 2015 according to the firm StockzIntelligence Inc. Wunderlich downgraded shares on July 24 to a “Hold” rating.

Superior Drilling Products, Inc., a drilling and completion tool technology company, engages in the manufacture, repair, sale, and rental of drilling tools in the United States and internationally. It is involved in the refurbishment of polycrystalline diamond compact drill bits; and design and manufacture of new drill bit and horizontal drill string enhancement tools for the oil, natural gas, and mining service industries. The company offers drill bits, drill N ream units, and other machined tools and component parts. It serves companies operating in the exploration and production of oil and natural gas. The company was formerly known as SD Company, Inc. and changed its name to Superior Drilling Products, Inc. in May 2014. Superior Drilling Products, Inc. was founded in 1999 and is headquartered in Vernal, Utah.

#focuskw=’Superior Drilling Products, Inc. (NYSEMKT:SDPI)’##metadesc=’Shares of Superior Drilling Products, Inc. (NYSEMKT:SDPI) have more than doubled today after they announced a deal with Baker Hughes, one of the leading suppliers of oilfield products, technology, services and systems in the world. Superior Drilling will be providing them with their Strider Drill String Oscillation System, which utilizes their patent-pending technology to help reduce drill string friction on horizontal wells. Shipments for this deal are to begin sometime during the first quarter of 2016.

“This expanded relationship with Baker Hughes is a testament of the capability of the Strider and provides us an excellent, established sales channel for getting the Strider to market and on more wells, faster,” said Troy Meier CEO of Superior Drilling Products. “This is a very exciting time for Superior Drilling as we prove out our technologies which enable operators to reduce costs and improve their oil and natural gas well drilling efficiencies.”

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