Penny Stocks: Superior Drilling Products is Gaining as Oil Price Grows

penny stocks

Superior Drilling Products (NYSE:SDPI) is on the rise today. The SDPI penny stock is up 9% and selling for $1.90 USD at the time of writing. 

Penny Stocks: Superior Drilling Products

SDPI stock went on a bit of a bull run as of yesterday, climbing from $1.54 to as high as $2.14 in less than 24-hours. 

The value of this penny stock increased by 33.59% last month and grew by 49.57% over the course of last year. As a result, financial analysts are becoming more bullish than ever on SDPI stock.

Experts on Wall Street have now set a price target of $2.7o for this penny stock.

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About Superior Drilling Products

The company does as its name suggests; it provides drilling and completion tool technology. SDPI leases and “sells drill bit and horizontal drill string enhancements tools and refurbish drill bits for the oilfield equipment & service (or OFS) providers.”

With close ties to the oil industry, SDPI looks to be reaping the benefits of increased oil prices this week. 

Moving into 2019, SDPI has plans in motion to triple its Middle East DnR fleet by Q1 2019. If it can be successful here and once oil prices continue to climb, this penny stock should grow with the company’s development.  

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The company’s fundamentals are improving; its Q3 2018 results showed growth in revenue of 7% and generated a cash flow of $1.9 million.

SDPI Penny Stock and Oil Prices

Oil prices have begun to increase this week, and this is good news for SDPI stock. An OPEC report showed that its production fell last month, which allayed concerns about oversupply. As a result, oil prices have risen. Brent crude was up 1.3%, selling for $62 a barrel while WTI crude oil was up 1.5%, selling for $52.85 a barrel.

If the oil industry continues to gather pace again, the SDPI penny stock will be kept busy as the oil business increases.

Featured Image: Depositphotos © Dismay25