Parker Drilling Company (PKD) Downgraded to Hold at Zacks Investment Research
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.
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.
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