Research analysts at DA Davidson assumed coverage on shares of Parker Drilling Co. (NYSE:PKD) in a research report issued on Wednesday. The brokerage set a “buy” rating and a $3.50 price target on the stock. DA Davidson’s price objective points to a potential upside of 50.86% from the stock’s current price.
A number of other analysts also recently weighed in on the stock. Edward Jones upgraded shares of Parker Drilling from a “hold” rating to a “buy” rating in a report on Wednesday, August 31st. Evercore ISI reiterated a “buy” rating and set a $3.50 price target on shares of Parker Drilling in a report on Tuesday, August 23rd. Seaport Global Securities reiterated a “neutral” rating on shares of Parker Drilling in a report on Friday, August 19th. Nomura set a $4.00 price target on shares of Parker Drilling and gave the company a “buy” rating in a report on Tuesday, August 16th. Finally, Macquarie downgraded shares of Parker Drilling from a “neutral” rating to an “underperform” rating and set a $1.50 price target on the stock. in a report on Tuesday, August 9th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $2.80.
Parker Drilling (NYSE:PKD) opened at 2.32 on Wednesday. The firm’s 50 day moving average is $2.17 and its 200-day moving average is $2.29. The company’s market cap is $287.91 million. Parker Drilling has a 52 week low of $0.98 and a 52 week high of $3.64.
Parker Drilling (NYSE:PKD) last posted its earnings results on Tuesday, August 2nd. The company reported ($0.32) earnings per share for the quarter, topping analysts’ consensus estimates 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 had revenue of $105.30 million for the quarter, compared to the consensus estimate of $105.80 million. During the same period in the previous year, the firm posted ($0.11) EPS. The business’s quarterly revenue was down 43.4% on a year-over-year basis. On average, analysts predict that Parker Drilling will post ($1.32) earnings per share for the current fiscal year.
In related news, Chairman Gary G. Rich acquired 80,000 shares of the stock in a transaction on Thursday, September 1st. The stock was bought at an average cost of $2.18 per share, with a total value of $174,400.00. Following the transaction, the chairman now directly owns 719,903 shares in the company, valued at $1,569,388.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.68% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Brigade Capital Management LP boosted its stake in shares of Parker Drilling by 40.1% in the second quarter. Brigade Capital Management LP now owns 2,900,000 shares of the company’s stock valued at $6,641,000 after buying an additional 830,000 shares during the last quarter. Teachers Advisors Inc. boosted its stake in shares of Parker Drilling by 28.4% in the second quarter. Teachers Advisors Inc. now owns 246,780 shares of the company’s stock valued at $565,000 after buying an additional 54,615 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in shares of Parker Drilling during the second quarter valued at $120,000. BlackRock Fund Advisors boosted its stake in shares of Parker Drilling by 0.9% in the second quarter. BlackRock Fund Advisors now owns 3,163,389 shares of the company’s stock valued at $7,244,000 after buying an additional 28,497 shares during the last quarter. Finally, BlackRock Investment Management LLC boosted its stake in shares of Parker Drilling by 6.0% in the second quarter. BlackRock Investment Management LLC now owns 506,663 shares of the company’s stock valued at $1,160,000 after buying an additional 28,727 shares during the last quarter. 64.37% of the stock is owned by institutional investors.
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.