A number of other equities analysts have also recently weighed in on PKD. Zacks Investment Research upgraded shares of Parker Drilling from a sell rating to a hold rating in a research report on Thursday, July 28th. Macquarie cut shares of Parker Drilling from a neutral rating to an underperform rating and set a $1.50 price objective for the company. in a research report on Tuesday, August 9th. Nomura set a $4.00 price objective on shares of Parker Drilling and gave the stock a buy rating in a research report on Tuesday, August 16th. Seaport Global Securities restated a neutral rating on shares of Parker Drilling in a research report on Friday, August 19th. Finally, Evercore ISI restated a buy rating and set a $3.50 price objective on shares of Parker Drilling in a research report on Tuesday, August 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. Parker Drilling currently has a consensus rating of Hold and a consensus price target of $2.80.
Shares of Parker Drilling (NYSE:PKD) traded up 3.712% during trading on Wednesday, hitting $2.375. 55,241 shares of the company’s stock were exchanged. Parker Drilling has a 12-month low of $0.98 and a 12-month high of $3.57. The company has a 50-day moving average of $2.17 and a 200-day moving average of $2.30. The company’s market cap is $294.74 million.
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 consensus estimate of ($0.35) by $0.03. Parker Drilling had a negative net margin of 39.42% and a negative return on equity of 18.78%. The firm earned $105.30 million during the quarter, compared to analysts’ expectations of $105.80 million. During the same period in the previous year, the business posted ($0.11) EPS. The business’s revenue was down 43.4% compared to the same quarter last year. On average, equities analysts expect that Parker Drilling will post ($1.32) earnings per share for the current fiscal year.
In other Parker Drilling news, Chairman Gary G. Rich bought 80,000 shares of the company’s stock in a transaction dated Thursday, September 1st. The stock was acquired at an average price of $2.18 per share, with a total value of $174,400.00. Following the completion of the acquisition, the chairman now directly owns 719,903 shares of the company’s stock, valued at $1,569,388.54. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 3.68% of the company’s stock.
Several large investors have recently added to or reduced their stakes in PKD. Brookfield Asset Management Inc. raised its stake in 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 during the last quarter. Geode Capital Management LLC raised 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. Renaissance Technologies LLC raised its stake in shares of Parker Drilling by 178.3% in the first quarter. Renaissance Technologies LLC now owns 220,100 shares of the company’s stock worth $467,000 after buying an additional 141,000 shares in the last quarter. Brigade Capital Management LP purchased a new stake in shares of Parker Drilling during the first quarter worth about $4,388,000. Finally, Metropolitan Life Insurance Co. NY raised its stake in shares of Parker Drilling by 45.5% in the first quarter. Metropolitan Life Insurance Co. NY now owns 130,684 shares of the company’s stock worth $277,000 after buying an additional 40,848 shares in the last quarter. 64.37% of the stock is 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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