Nomura Reaffirms “Buy” Rating for Parker Drilling Co. (PKD)
Other equities analysts also recently issued reports about the stock. Edward Jones upgraded shares of Parker Drilling from a hold rating to a buy rating in a report on Wednesday, August 31st. Zacks Investment Research upgraded shares of Parker Drilling from a sell rating to a hold rating in a report on Thursday, July 28th. Macquarie downgraded shares of Parker Drilling from a neutral rating to an underperform rating and set a $1.50 price objective on the stock. in a report on Tuesday, August 9th. Evercore ISI reiterated a buy rating and issued a $3.50 price objective on shares of Parker Drilling in a report on Tuesday, August 23rd. Finally, DA Davidson initiated coverage on shares of Parker Drilling in a report on Wednesday, October 5th. They issued a buy rating and a $3.50 price objective on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $2.80.
Parker Drilling (NYSE:PKD) opened at 2.00 on Monday. The stock’s 50 day moving average is $2.14 and its 200-day moving average is $2.25. The company’s market capitalization is $248.97 million. Parker Drilling has a 12-month low of $0.98 and a 12-month high of $3.16.
Parker Drilling (NYSE:PKD) last posted its quarterly earnings results on Thursday, October 27th. The company reported ($0.37) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.42) by $0.05. Parker Drilling had a negative net margin of 45.16% and a negative return on equity of 28.44%. The firm had revenue of $97.19 million for the quarter, compared to analyst estimates of $92.86 million. During the same period in the prior year, the firm posted ($0.10) earnings per share. The company’s quarterly revenue was down 44.0% compared to the same quarter last year. On average, equities analysts predict that Parker Drilling will post ($1.30) earnings per share for the current fiscal year.
In other news, Chairman Gary G. Rich acquired 80,000 shares of the business’s stock in a transaction that occurred on Thursday, September 1st. The stock was acquired at an average price of $2.18 per share, with a total value of $174,400.00. Following the completion of the transaction, the chairman now directly owns 719,903 shares of the company’s stock, valued at approximately $1,569,388.54. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.68% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of PKD. California State Teachers Retirement System boosted its position in Parker Drilling by 0.4% in the third quarter. California State Teachers Retirement System now owns 255,786 shares of the company’s stock worth $555,000 after buying an additional 1,100 shares during the period. BlackRock Investment Management LLC boosted its position in Parker Drilling by 0.3% in the third quarter. BlackRock Investment Management LLC now owns 508,068 shares of the company’s stock worth $1,103,000 after buying an additional 1,405 shares during the period. BlackRock Group LTD boosted its position in Parker Drilling by 2.7% in the third quarter. BlackRock Group LTD now owns 150,403 shares of the company’s stock worth $326,000 after buying an additional 3,999 shares during the period. Alambic Investment Management L.P. boosted its position in Parker Drilling by 6.5% in the second quarter. Alambic Investment Management L.P. now owns 68,510 shares of the company’s stock worth $157,000 after buying an additional 4,200 shares during the period. Finally, BlackRock Advisors LLC boosted its position in Parker Drilling by 10.3% in the third quarter. BlackRock Advisors LLC now owns 61,884 shares of the company’s stock worth $134,000 after buying an additional 5,755 shares during the period. 63.91% of the stock is owned by hedge funds and other institutional investors.
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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