DA Davidson assumed coverage on shares of Parker Drilling Co. (NYSE:PKD) in a research report sent to investors on Wednesday morning. The brokerage issued a buy rating and a $3.50 target price on the stock.
Other equities analysts have also recently issued reports about the company. Edward Jones raised Parker Drilling from a hold rating to a buy rating in a research note on Wednesday, August 31st. Zacks Investment Research raised Parker Drilling from a sell rating to a hold rating in a research note on Thursday, July 28th. Macquarie cut Parker Drilling from a neutral rating to an underperform rating and set a $1.50 price target on the stock. in a research note on Tuesday, August 9th. Nomura set a $4.00 price target on Parker Drilling and gave the stock a buy rating in a research note on Tuesday, August 16th. Finally, Evercore ISI reaffirmed a buy rating and issued a $3.50 price target on shares of Parker Drilling in a research note on Tuesday, August 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. Parker Drilling presently has a consensus rating of Hold and an average target price of $2.80.
Shares of Parker Drilling (NYSE:PKD) opened at 2.35 on Wednesday. The stock’s market capitalization is $291.64 million. The stock’s 50 day moving average price is $2.18 and its 200 day moving average price is $2.30. Parker Drilling has a 12 month low of $0.98 and a 12 month high of $3.33.
Parker Drilling (NYSE:PKD) last posted its earnings results on Tuesday, August 2nd. The company reported ($0.32) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.35) by $0.03. Parker Drilling had a negative return on equity of 18.78% and a negative net margin of 39.42%. The firm had revenue of $105.30 million for the quarter, compared to analysts’ expectations of $105.80 million. During the same period in the previous year, the firm earned ($0.11) earnings per share. The business’s revenue was down 43.4% compared to the same quarter last year. Analysts expect that Parker Drilling will post ($1.32) EPS for the current year.
In related news, Chairman Gary G. Rich bought 80,000 shares of the company’s stock in a transaction on Thursday, September 1st. The shares were acquired at an average cost of $2.18 per share, with a total value of $174,400.00. Following the completion of the acquisition, the chairman now owns 719,903 shares of the company’s stock, valued at approximately $1,569,388.54. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.68% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. Phoenix Investment Adviser LLC bought a new stake in Parker Drilling during the second quarter valued at approximately $105,000. Engineers Gate Manager LP bought a new stake in Parker Drilling during the second quarter valued at approximately $120,000. Emerald Acquisition Ltd. bought a new stake in Parker Drilling during the second quarter valued at approximately $138,000. Alambic Investment Management L.P. increased its stake in Parker Drilling by 6.5% in the second quarter. Alambic Investment Management L.P. now owns 68,510 shares of the company’s stock valued at $157,000 after buying an additional 4,200 shares during the period. Finally, GSA Capital Partners LLP bought a new stake in Parker Drilling during the second quarter valued at approximately $169,000. 64.37% of the stock is currently owned by institutional investors and hedge funds.
Parker Drilling Company Profile
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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