Zacks Investment Research upgraded shares of Parker Drilling (NYSE:PKD) from a sell rating to a hold rating in a report issued on Wednesday.
According to Zacks, “Parker Drilling Company provides high-performance contract drilling solutions, rental tools and project management services to the worldwide energy industry. “
Separately, ValuEngine raised Parker Drilling from a sell rating to a hold rating in a report on Saturday, June 2nd.
PKD stock opened at $0.37 on Wednesday. Parker Drilling has a 52 week low of $0.35 and a 52 week high of $1.44. The company has a quick ratio of 2.81, a current ratio of 3.14 and a debt-to-equity ratio of 2.17. The company has a market cap of $55.75 million, a P/E ratio of -0.44 and a beta of 1.71.
Parker Drilling (NYSE:PKD) last issued its earnings results on Tuesday, May 1st. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.21). Parker Drilling had a negative return on equity of 32.58% and a negative net margin of 23.72%. The firm had revenue of $109.68 million for the quarter, compared to analysts’ expectations of $109.80 million. analysts anticipate that Parker Drilling will post -0.73 earnings per share for the current year.
Several hedge funds have recently modified their holdings of the company. Saba Capital Management L.P. increased its holdings in shares of Parker Drilling by 171.1% in the first quarter. Saba Capital Management L.P. now owns 9,015,494 shares of the oil and gas company’s stock worth $5,725,000 after purchasing an additional 5,689,405 shares during the last quarter. Cubist Systematic Strategies LLC increased its stake in Parker Drilling by 67.7% during the first quarter. Cubist Systematic Strategies LLC now owns 218,184 shares of the oil and gas company’s stock worth $139,000 after acquiring an additional 88,110 shares during the last quarter. Mutual Advisors LLC bought a new stake in Parker Drilling during the first quarter worth approximately $421,000. Millennium Management LLC bought a new stake in Parker Drilling during the fourth quarter worth approximately $118,000. Finally, Two Sigma Investments LP increased its stake in Parker Drilling by 170.2% during the fourth quarter. Two Sigma Investments LP now owns 138,791 shares of the oil and gas company’s stock worth $139,000 after acquiring an additional 87,425 shares during the last quarter. 67.13% of the stock is currently owned by hedge funds and other institutional investors.
Parker Drilling Company Profile
Parker Drilling Company provides contract drilling and drilling-related services, and rental tools and services to the energy industry. It operates through two business lines, Drilling Services and Rental Tools Services. The Drilling Services business line drills oil, natural gas, and geothermal wells with company-owned rigs and customer-owned rigs; and operates barge rigs for drilling oil and natural gas in the shallow waters in and along the inland waterways and coasts of Louisiana, Alabama, and Texas.
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