Analysts Issue Forecasts for Parker Drilling Co.’s Q3 2016 Earnings (PKD)
Parker Drilling Co. (NYSE:PKD) – Equities research analysts at DA Davidson issued their Q3 2016 earnings estimates for shares of Parker Drilling in a research report issued to clients and investors on Wednesday. DA Davidson analyst S. Randhawa anticipates that the firm will post earnings per share of ($0.42) for the quarter. DA Davidson has a “Buy” rating and a $3.50 price objective on the stock. DA Davidson also issued estimates for Parker Drilling’s Q4 2016 earnings at ($0.39) EPS, FY2016 earnings at ($1.32) EPS, Q1 2017 earnings at ($0.26) EPS, Q2 2017 earnings at ($0.23) EPS, Q3 2017 earnings at ($0.18) EPS, Q4 2017 earnings at ($0.15) EPS, FY2017 earnings at ($0.81) EPS and FY2018 earnings at ($0.10) EPS.
PKD has been the subject of several other reports. Seaport Global Securities restated a “neutral” rating on shares of Parker Drilling in a report on Friday, August 19th. Evercore ISI restated a “buy” rating and issued a $3.50 target price on shares of Parker Drilling in a report on Tuesday, August 23rd. Nomura set a $4.00 target price on Parker Drilling and gave the company a “buy” rating in a report on Tuesday, August 16th. Macquarie cut Parker Drilling from a “neutral” rating to an “underperform” rating and set a $1.50 target price for the company. in a report on Tuesday, August 9th. Finally, Edward Jones upgraded Parker Drilling from a “hold” rating to a “buy” rating in a report on Wednesday, August 31st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. Parker Drilling presently has an average rating of “Hold” and a consensus target price of $2.80.
Parker Drilling (NYSE:PKD) opened at 2.35 on Monday. Parker Drilling has a 52 week low of $0.98 and a 52 week high of $3.33. The company has a 50-day moving average of $2.18 and a 200-day moving average of $2.30. The company’s market cap is $291.64 million.
Parker Drilling (NYSE:PKD) last released its earnings results on Tuesday, August 2nd. The company reported ($0.32) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.35) by $0.03. The firm had revenue of $105.30 million for the quarter, compared to the consensus estimate of $105.80 million. Parker Drilling had a negative net margin of 39.42% and a negative return on equity of 18.78%. The company’s revenue was down 43.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.11) EPS.
In other Parker Drilling news, Chairman Gary G. Rich purchased 80,000 shares of the firm’s stock in a transaction dated Thursday, September 1st. The shares were acquired at an average price of $2.18 per share, with a total value of $174,400.00. Following the purchase, the chairman now directly owns 719,903 shares in the company, valued at approximately $1,569,388.54. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.68% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Brigade Capital Management LP purchased a new position in Parker Drilling during the first quarter valued at about $4,388,000. Brookfield Asset Management Inc. raised 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 valued at $5,374,000 after buying an additional 634,925 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Parker Drilling by 2.6% in the second quarter. Dimensional Fund Advisors LP now owns 10,383,000 shares of the company’s stock valued at $23,777,000 after buying an additional 263,600 shares during the last quarter. Renaissance Technologies LLC raised its position in Parker Drilling by 178.3% in the first quarter. Renaissance Technologies LLC now owns 220,100 shares of the company’s stock valued at $467,000 after buying an additional 141,000 shares during the last quarter. Finally, Nationwide Fund Advisors raised its position in Parker Drilling by 62.5% in the second quarter. Nationwide Fund Advisors now owns 314,722 shares of the company’s stock valued at $721,000 after buying an additional 121,000 shares during the last quarter. 64.37% of the stock is currently owned by institutional investors and hedge funds.
About Parker Drilling
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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