Zacks Investment Research downgraded shares of Parker Drilling Company (NYSE:PKD) from a buy rating to a hold rating in a research note issued to investors on Thursday.

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 research analysts have also recently issued reports on the company. Macquarie upgraded Parker Drilling from an underperform rating to a neutral rating in a research note on Tuesday, May 9th. Seaport Global Securities restated a neutral rating on shares of Parker Drilling in a research note on Friday, August 4th. Finally, ValuEngine cut Parker Drilling from a sell rating to a strong sell rating in a research note on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $2.92.

Parker Drilling (NYSE PKD) traded up 6.818% during midday trading on Thursday, hitting $1.175. 316,477 shares of the stock traded hands. The stock’s market cap is $161.95 million. Parker Drilling has a 12 month low of $1.10 and a 12 month high of $2.90. The company has a 50-day moving average of $1.22 and a 200-day moving average of $1.50.

Parker Drilling (NYSE:PKD) last issued its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.04. The business had revenue of $109.60 million during 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 company’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the company earned ($0.32) earnings per share. On average, equities research analysts anticipate that Parker Drilling will post ($0.88) earnings per share for the current year.

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A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC boosted its position in shares of Parker Drilling by 128.4% in the first quarter. FMR LLC now owns 7,153,956 shares of the oil and gas company’s stock valued at $12,519,000 after buying an additional 4,021,846 shares in the last quarter. 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. boosted 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 in the last quarter. American International Group Inc. boosted 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 in the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of Parker Drilling during the first quarter valued at $126,000. Institutional investors own 65.50% 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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