Parker Drilling Company (PKD) Earns “Neutral” Rating from Seaport Global Securities

Parker Drilling Company (NYSE:PKD)‘s stock had its “neutral” rating reissued by analysts at Seaport Global Securities in a note issued to investors on Friday, August 4th.

Several other analysts have also recently issued reports on PKD. Zacks Investment Research cut Parker Drilling from a “buy” rating to a “hold” rating in a report on Wednesday, April 26th. Macquarie upgraded Parker Drilling from an “underperform” rating to a “neutral” rating in a report on Tuesday, May 9th. Finally, ValuEngine cut Parker Drilling from a “sell” rating to a “strong sell” rating in a report on Friday, June 2nd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $3.31.

Parker Drilling (NYSE:PKD) opened at 1.15 on Friday. The stock’s market capitalization is $158.51 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 $1.27 and a 200-day moving average of $1.58.

Parker Drilling (NYSE:PKD) last posted its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.23) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.27) by $0.04. Parker Drilling had a negative return on equity of 43.64% and a negative net margin of 41.31%. The firm had revenue of $109.60 million during the quarter, compared to the consensus estimate of $112.25 million. During the same period in the prior year, the company earned ($0.32) EPS. The firm’s revenue was up 4.1% compared to the same quarter last year. On average, equities research analysts forecast that Parker Drilling will post ($0.88) earnings per share for the current year.

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Several institutional investors have recently added to or reduced their stakes in PKD. FMR LLC boosted its position in 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 worth $12,519,000 after buying an additional 4,021,846 shares in the last quarter. Donald Smith & CO. Inc. boosted its position in Parker Drilling by 36.6% in the first quarter. Donald Smith & CO. Inc. now owns 4,878,302 shares of the oil and gas company’s stock worth $8,537,000 after buying an additional 1,307,257 shares in the last quarter. Sanders Morris Harris Inc. boosted its position in Parker Drilling by 5,549.9% in the first quarter. Sanders Morris Harris Inc. now owns 564,993 shares of the oil and gas company’s stock worth $989,000 after buying an additional 554,993 shares in the last quarter. JPMorgan Chase & Co. boosted its position in 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 worth $5,620,000 after buying an additional 546,640 shares in the last quarter. Finally, Shell Asset Management Co. acquired a new position in Parker Drilling during the first quarter worth $906,000. Institutional investors and hedge funds own 65.52% of the company’s stock.

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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