Zacks Investment Research cut shares of Parker Drilling Company (NYSE:PKD) from a buy rating to a hold rating in a research note published on Friday morning.

According to Zacks, “Parker Drilling Company provides high-performance contract drilling solutions, rental tools and project management services to the worldwide energy industry. “

Several other brokerages also recently weighed in on PKD. Macquarie upgraded Parker Drilling from an underperform rating to a neutral rating in a research note on Tuesday, May 9th. ValuEngine downgraded Parker Drilling from a sell rating to a strong sell rating in a research note on Friday, June 2nd. Finally, Seaport Global Securities reiterated a neutral rating on shares of Parker Drilling in a research note on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. Parker Drilling presently has a consensus rating of Hold and an average target price of $2.92.

Shares of Parker Drilling (NYSE PKD) traded up 4.35% during trading on Friday, hitting $1.20. 183,953 shares of the stock traded hands. The stock has a 50 day moving average of $1.24 and a 200 day moving average of $1.53. Parker Drilling has a 52-week low of $1.10 and a 52-week high of $2.90. The firm’s market cap is $165.40 million.

Parker Drilling (NYSE:PKD) last released its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.04. The firm had revenue of $109.60 million for the quarter, compared to the consensus estimate of $112.25 million. Parker Drilling had a negative return on equity of 43.64% and a negative net margin of 41.31%. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the business posted ($0.32) EPS. Analysts expect that Parker Drilling will post ($0.88) EPS for the current year.

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Hedge funds and other institutional investors have recently made changes to their positions in the stock. Chicago Partners Investment Group LLC bought a new position in shares of Parker Drilling during the first quarter valued at $148,000. Cornerstone Capital Management Holdings LLC. increased its position in shares of Parker Drilling by 16.8% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 93,818 shares of the oil and gas company’s stock valued at $163,000 after buying an additional 13,494 shares during the period. American International Group Inc. increased its position in shares of Parker Drilling by 7.0% in the first quarter. American International Group Inc. now owns 74,392 shares of the oil and gas company’s stock valued at $130,000 after buying an additional 4,889 shares during the period. SG Americas Securities LLC bought a new position in shares of Parker Drilling during the first quarter valued at $126,000. Finally, JPMorgan Chase & Co. increased its position in shares of Parker Drilling by 20.5% in the first quarter. JPMorgan Chase & Co. now owns 3,211,560 shares of the oil and gas company’s stock valued at $5,620,000 after buying an additional 546,640 shares during the period. Institutional investors own 65.52% of the company’s stock.

Parker Drilling Company Profile

Parker Drilling Company (Parker Drilling) is a provider of contract drilling, and drilling-related services and rental tools and services. The Company’s business consists of two business lines: drilling services and rental tools services. Its Rental Tools Services business includes U.S. Rental Tools and International Rental Tools segments, and its Drilling Services business includes its U.S.

Analyst Recommendations for Parker Drilling (NYSE:PKD)

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