California State Teachers Retirement System decreased its position in Parker Drilling Co. (NYSE:PKD) by 2.6% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 254,686 shares of the company’s stock after selling 6,800 shares during the period. California State Teachers Retirement System owned approximately 0.21% of Parker Drilling worth $583,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Brookfield Asset Management Inc. boosted its stake in shares of Parker Drilling by 33.4% in the first quarter. Brookfield Asset Management Inc. now owns 2,534,925 shares of the company’s stock worth $5,374,000 after buying an additional 634,925 shares in the last quarter. Brigade Capital Management LP bought a new stake in shares of Parker Drilling during the first quarter worth about $4,388,000. Wilsey Asset Management Inc. boosted its stake in shares of Parker Drilling by 0.6% in the second quarter. Wilsey Asset Management Inc. now owns 2,066,722 shares of the company’s stock worth $4,732,000 after buying an additional 12,804 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Parker Drilling by 0.6% in the first quarter. Geode Capital Management LLC now owns 783,221 shares of the company’s stock worth $1,660,000 after buying an additional 4,812 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Parker Drilling by 7.4% in the second quarter. Bank of New York Mellon Corp now owns 748,911 shares of the company’s stock worth $1,715,000 after buying an additional 51,397 shares in the last quarter. Institutional investors own 64.37% of the company’s stock.
Parker Drilling Co. (NYSE:PKD) traded up 0.43% during mid-day trading on Friday, hitting $2.33. The stock had a trading volume of 164,696 shares. The stock’s market capitalization is $289.16 million. Parker Drilling Co. has a 52 week low of $0.98 and a 52 week high of $3.64. The company’s 50 day moving average is $2.17 and its 200-day moving average is $2.29.
Parker Drilling (NYSE:PKD) last issued its earnings results on Tuesday, August 2nd. The company reported ($0.32) earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.03. The company earned $105.30 million during the quarter, compared to analysts’ expectations of $105.80 million. Parker Drilling had a negative return on equity of 18.78% and a negative net margin of 39.42%. Parker Drilling’s quarterly revenue was down 43.4% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.11) EPS. On average, analysts expect that Parker Drilling Co. will post ($1.32) EPS for the current fiscal year.
A number of research firms recently weighed in on PKD. Nomura set a $4.00 price target on Parker Drilling and gave the company a “buy” rating in a research note on Tuesday, August 16th. Evercore ISI restated a “buy” rating and issued a $3.50 price target on shares of Parker Drilling in a research note on Tuesday, August 23rd. DA Davidson started coverage on Parker Drilling in a research report on Wednesday. They set a “buy” rating and a $3.50 price objective on the stock. Edward Jones upgraded Parker Drilling from a “hold” rating to a “buy” rating in a research report on Wednesday, August 31st. Finally, Seaport Global Securities reiterated a “neutral” rating on shares of Parker Drilling in a research report on Friday, August 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $2.80.
In related news, Chairman Gary G. Rich bought 80,000 shares of the company’s stock in a transaction that occurred on Thursday, September 1st. The stock was bought at an average cost of $2.18 per share, for a total transaction of $174,400.00. Following the acquisition, the chairman now directly owns 719,903 shares of the company’s stock, valued at approximately $1,569,388.54. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.68% 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. The Company’s business consists of two business lines: drilling services and rental tools services. Its Rental Tools Services business includes its Rental Tools segment, and its Drilling Services business includes its U.S.
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