PARKER DRILLING/SH PAR $ (NYSE:PKD) Downgraded by Zacks Investment Research

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PARKER DRILLING/SH PAR $ (NYSE:PKD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “Parker Drilling Company provides drilling services and rental tools to the energy industry. The Company’s Drilling Services business serves operators through the use of Parker-owned and customer-owned rig fleets, specializing in remote and harsh environment regions. Its Rental Tools Services business supplies premium equipment and well services to operators on land and offshore markets. Parker Drilling Company is based in Houston, United States. “

Separately, Imperial Capital cut their price objective on shares of PARKER DRILLING/SH PAR $ from $34.00 to $30.00 and set an “outperform” rating on the stock in a research report on Thursday, September 12th.

PKD stock opened at $20.10 on Tuesday. The company’s 50-day moving average is $15.87 and its 200-day moving average is $15.36. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.76 and a quick ratio of 2.61. PARKER DRILLING/SH PAR $ has a 1 year low of $10.67 and a 1 year high of $24.09.

PARKER DRILLING/SH PAR $ (NYSE:PKD) last released its quarterly earnings data on Monday, August 5th. The oil and gas company reported $0.31 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.55 by ($0.24). The firm had revenue of $156.03 million for the quarter, compared to the consensus estimate of $157.62 million. As a group, equities analysts predict that PARKER DRILLING/SH PAR $ will post -9.13 EPS for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. RBF Capital LLC acquired a new stake in shares of PARKER DRILLING/SH PAR $ in the 2nd quarter worth about $2,238,000. Brigade Capital Management LP acquired a new stake in shares of PARKER DRILLING/SH PAR $ in the 2nd quarter worth about $66,626,000. BlackRock Inc. acquired a new stake in shares of PARKER DRILLING/SH PAR $ in the 2nd quarter worth about $9,571,000. Bank of New York Mellon Corp acquired a new stake in shares of PARKER DRILLING/SH PAR $ in the 2nd quarter worth about $534,000. Finally, Wells Fargo & Company MN acquired a new stake in shares of PARKER DRILLING/SH PAR $ in the 2nd quarter worth about $244,000. Institutional investors own 50.48% of the company’s stock.

PARKER DRILLING/SH PAR $ 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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