Parker Drilling (PKD) Lowered to “Sell” at ValuEngine

ValuEngine cut shares of Parker Drilling (NYSE:PKD) from a hold rating to a sell rating in a research note published on Monday morning.

Separately, Zacks Investment Research upgraded Parker Drilling from a sell rating to a hold rating in a report on Thursday, June 28th.

Shares of NYSE:PKD opened at $0.37 on Monday. Parker Drilling has a one year low of $0.31 and a one year high of $1.44. The firm has a market cap of $52.97 million, a PE ratio of -0.44 and a beta of 1.82. The company has a debt-to-equity ratio of 2.17, a current ratio of 3.14 and a quick ratio of 2.81.

Parker Drilling (NYSE:PKD) last released its earnings results on Tuesday, May 1st. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.21). The company had revenue of $109.68 million during the quarter, compared to analyst estimates of $109.80 million. Parker Drilling had a negative return on equity of 32.58% and a negative net margin of 23.72%. equities research analysts expect that Parker Drilling will post -0.73 EPS for the current year.

In related news, major shareholder Saba Capital Management, L.P. purchased 727,582 shares of the company’s stock in a transaction dated Monday, June 25th. The shares were acquired at an average cost of $0.33 per share, with a total value of $240,102.06. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders bought 1,596,054 shares of company stock worth $537,609 over the last ninety days. 3.26% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Millennium Management LLC acquired a new position in Parker Drilling during the fourth quarter worth $118,000. Cubist Systematic Strategies LLC grew its position in shares of Parker Drilling by 67.7% in the first quarter. Cubist Systematic Strategies LLC now owns 218,184 shares of the oil and gas company’s stock valued at $139,000 after purchasing an additional 88,110 shares during the last quarter. Two Sigma Investments LP grew its position in shares of Parker Drilling by 170.2% in the fourth quarter. Two Sigma Investments LP now owns 138,791 shares of the oil and gas company’s stock valued at $139,000 after purchasing an additional 87,425 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Parker Drilling by 51.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 204,936 shares of the oil and gas company’s stock valued at $205,000 after purchasing an additional 69,715 shares during the last quarter. Finally, Deutsche Bank AG grew its position in shares of Parker Drilling by 140.5% in the fourth quarter. Deutsche Bank AG now owns 300,994 shares of the oil and gas company’s stock valued at $300,000 after purchasing an additional 175,841 shares during the last quarter. 67.13% of the stock is currently owned by institutional investors and hedge funds.

About Parker Drilling

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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