Brokerages Set Parker Drilling Co. (NYSE:PKD) Price Target at $2.63
Shares of Parker Drilling Co. (NYSE:PKD) have received a consensus recommendation of “Hold” from the eight research firms that are covering the firm. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $2.80.
PKD has been the topic of several recent analyst reports. Nomura set a $4.00 target price on shares of Parker Drilling and gave the stock a “buy” rating in a research report on Tuesday, August 16th. Zacks Investment Research upgraded shares of Parker Drilling from a “sell” rating to a “hold” rating in a research report on Thursday, July 28th. Edward Jones upgraded shares of Parker Drilling from a “hold” rating to a “buy” rating in a research report on Wednesday, August 31st. Macquarie lowered shares of Parker Drilling from a “neutral” rating to an “underperform” rating and set a $1.50 target price on the stock. in a research report on Tuesday, August 9th. Finally, DA Davidson began coverage on shares of Parker Drilling in a research report on Wednesday. They issued a “buy” rating and a $3.50 price target on the stock.
In other news, Chairman Gary G. Rich bought 80,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 1st. The shares were purchased at an average price of $2.18 per share, for a total transaction of $174,400.00. Following the completion of the transaction, the chairman now owns 719,903 shares in the company, valued at $1,569,388.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.68% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Brookfield Asset Management Inc. increased its position in Parker Drilling by 33.4% in the first quarter. Brookfield Asset Management Inc. now owns 2,534,925 shares of the company’s stock worth $5,374,000 after buying an additional 634,925 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Parker Drilling by 0.6% in the first quarter. Geode Capital Management LLC now owns 783,221 shares of the company’s stock worth $1,660,000 after buying an additional 4,812 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Parker Drilling by 178.3% in the first quarter. Renaissance Technologies LLC now owns 220,100 shares of the company’s stock worth $467,000 after buying an additional 141,000 shares in the last quarter. Brigade Capital Management LP acquired a new position in shares of Parker Drilling during the first quarter worth approximately $4,388,000. Finally, Metropolitan Life Insurance Co. NY increased its position in shares of Parker Drilling by 45.5% in the first quarter. Metropolitan Life Insurance Co. NY now owns 130,684 shares of the company’s stock worth $277,000 after buying an additional 40,848 shares in the last quarter. 64.37% of the stock is currently owned by institutional investors.
Shares of Parker Drilling (NYSE:PKD) opened at 2.29 on Wednesday. The stock’s market cap is $284.19 million. Parker Drilling has a 52-week low of $0.98 and a 52-week high of $3.57. The stock’s 50 day moving average is $2.17 and its 200 day moving average is $2.29.
Parker Drilling (NYSE:PKD) last issued its earnings results on Tuesday, August 2nd. The company reported ($0.32) earnings per share for the quarter, topping the consensus estimate of ($0.35) by $0.03. Parker Drilling had a negative net margin of 39.42% and a negative return on equity of 18.78%. The company had revenue of $105.30 million for the quarter, compared to analyst estimates of $105.80 million. During the same period in the prior year, the business posted ($0.11) earnings per share. The firm’s revenue for the quarter was down 43.4% compared to the same quarter last year. On average, equities analysts expect that Parker Drilling will post ($1.32) earnings per share for the current fiscal year.
Parker Drilling Company Profile
Parker Drilling Company (Parker Drilling) is a provider of contract drilling, and drilling-related services and rental tools. The Company’s business consists of two business lines: drilling services and rental tools services. Its Rental Tools Services business includes its Rental Tools segment, and its Drilling Services business includes its U.S.
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