Parker Drilling (NYSE:PKD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday.
According to Zacks, “Parker Drilling Company provides high-performance contract drilling solutions, rental tools and project management services to the worldwide energy industry. “
Shares of Parker Drilling opened at $0.59 on Friday, according to MarketBeat.com. Parker Drilling has a 12-month low of $0.58 and a 12-month high of $0.59. The firm has a market capitalization of $82.24 million, a P/E ratio of -0.70 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 announced its quarterly earnings results on Tuesday, May 1st. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.21). Parker Drilling had a negative return on equity of 32.58% and a negative net margin of 23.72%. The firm had revenue of $109.68 million during the quarter, compared to the consensus estimate of $109.80 million. analysts forecast that Parker Drilling will post -0.61 earnings per share for the current year.
Several institutional investors have recently made changes to their positions in the company. Saba Capital Management L.P. grew its stake in shares of Parker Drilling by 171.1% during the first quarter. Saba Capital Management L.P. now owns 9,015,494 shares of the oil and gas company’s stock valued at $5,725,000 after acquiring an additional 5,689,405 shares in the last quarter. Cubist Systematic Strategies LLC grew its stake in shares of Parker Drilling by 67.7% during 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 acquiring an additional 88,110 shares in the last quarter. Mutual Advisors LLC acquired a new stake in shares of Parker Drilling during the first quarter valued at about $421,000. Millennium Management LLC acquired a new stake in shares of Parker Drilling during the fourth quarter valued at about $118,000. Finally, Two Sigma Investments LP grew its stake in shares of Parker Drilling by 170.2% during 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 acquiring an additional 87,425 shares in the last quarter. Institutional investors own 65.01% of the company’s stock.
Parker Drilling 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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