TIAA CREF Investment Management LLC lowered its position in Parker Drilling Company (NYSE:PKD) by 13.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 909,416 shares of the oil and gas company’s stock after selling 135,329 shares during the period. TIAA CREF Investment Management LLC’s holdings in Parker Drilling were worth $1,591,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. SG Americas Securities LLC purchased a new position in Parker Drilling during the first quarter valued at approximately $126,000. American International Group Inc. increased its position in 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 last quarter. Chicago Partners Investment Group LLC purchased a new position in Parker Drilling during the first quarter valued at approximately $148,000. Cornerstone Capital Management Holdings LLC. increased its position in 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 last quarter. Finally, Metropolitan Life Insurance Co. NY increased its position in Parker Drilling by 2.4% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 77,163 shares of the oil and gas company’s stock valued at $201,000 after buying an additional 1,824 shares during the last quarter. 65.76% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Parker Drilling Company (PKD) remained flat at $1.25 during midday trading on Friday. 38,311 shares of the company traded hands. The stock’s market cap is $172.29 million. The stock has a 50-day moving average price of $1.29 and a 200-day moving average price of $1.64. Parker Drilling Company has a 1-year low of $1.15 and a 1-year high of $2.90.
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 (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.27) by $0.04. Parker Drilling had a negative net margin of 41.31% and a negative return on equity of 43.64%. The company had revenue of $109.60 million during the quarter, compared to analyst estimates of $112.25 million. During the same quarter last year, the business posted ($0.32) EPS. Parker Drilling’s quarterly revenue was up 4.1% compared to the same quarter last year. On average, analysts forecast that Parker Drilling Company will post ($0.88) EPS for the current year.
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PKD has been the topic of several research reports. Zacks Investment Research downgraded Parker Drilling from a “buy” rating to a “hold” rating in a research report on Wednesday, April 26th. Macquarie raised Parker Drilling from an “underperform” rating to a “neutral” rating in a research report on Tuesday, May 9th. ValuEngine downgraded Parker Drilling from a “sell” rating to a “strong sell” rating in a research report on Friday, June 2nd. Finally, Seaport Global Securities reaffirmed a “neutral” rating on shares of Parker Drilling in a research report on Friday, August 4th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. Parker Drilling currently has an average rating of “Hold” and a consensus target price of $3.31.
About Parker Drilling
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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