SDPI Lacks Growth Catalysts
Superior Drilling Products' (SDPI) top-line in Q2 was the lowest in the past four years as the U.S. energy activity plummeted following the pandemic this year. While the completions activity may have neared a trough in Q3, the international activity front, which supported the company from a steeper fall, is heading for a deceleration in Q3. In particular, the capex cut by the international oil companies in Saudi Arabia pertaining to the onshore activities is worrisome for SDPI. Plus, the company's revenue source is concentrated on a few