Parker Drilling (NYSE:PKD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and 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. “
Parker Drilling opened at $0.59 on Friday, Marketbeat.com reports. The stock has a market capitalization of $82.24 million, a P/E ratio of -0.70 and a beta of 1.82. Parker Drilling has a one year low of $0.58 and a one year high of $0.59. 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 posted its quarterly earnings results on Tuesday, May 1st. The oil and gas company reported ($0.21) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.21). The business had revenue of $109.68 million during the quarter, compared to the consensus estimate of $109.80 million. Parker Drilling had a negative return on equity of 32.58% and a negative net margin of 23.72%. analysts predict that Parker Drilling will post -0.61 EPS for the current year.
A number of large investors have recently bought and sold shares of the stock. California Public Employees Retirement System grew its stake in Parker Drilling by 7.1% in the third quarter. California Public Employees Retirement System now owns 798,762 shares of the oil and gas company’s stock worth $879,000 after purchasing an additional 52,962 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Parker Drilling by 51.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 204,936 shares of the oil and gas company’s stock worth $205,000 after purchasing an additional 69,715 shares in the last quarter. Two Sigma Investments LP grew its stake in Parker Drilling by 170.2% in the fourth quarter. Two Sigma Investments LP now owns 138,791 shares of the oil and gas company’s stock worth $139,000 after purchasing an additional 87,425 shares in the last quarter. Cubist Systematic Strategies LLC grew its stake in Parker Drilling by 67.7% in the first quarter. Cubist Systematic Strategies LLC now owns 218,184 shares of the oil and gas company’s stock worth $139,000 after purchasing an additional 88,110 shares in the last quarter. Finally, Millennium Management LLC acquired a new position in Parker Drilling in the fourth quarter worth about $118,000. Institutional investors and hedge funds own 65.01% of the company’s stock.
About Parker Drilling
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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