Parker Drilling Company (PKD) Downgraded by Zacks Investment Research to “Hold”
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.
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