Saba Capital Management, L.P. Acquires 645,810 Shares of Parker Drilling (PKD) Stock

Parker Drilling (NYSE:PKD) major shareholder Saba Capital Management, L.P. purchased 645,810 shares of the business’s stock in a transaction that occurred on Friday, June 22nd. The shares were purchased at an average price of $0.34 per share, for a total transaction of $219,575.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

  • On Monday, June 25th, Saba Capital Management, L.P. purchased 727,582 shares of Parker Drilling stock. The shares were purchased at an average price of $0.33 per share, for a total transaction of $240,102.06.
  • On Monday, June 18th, Saba Capital Management, L.P. purchased 222,662 shares of Parker Drilling stock. The shares were purchased at an average price of $0.35 per share, for a total transaction of $77,931.70.

Shares of Parker Drilling opened at $0.36 on Thursday, Marketbeat reports. The company has a debt-to-equity ratio of 2.17, a quick ratio of 2.81 and a current ratio of 3.14. The stock has a market capitalization of $48.51 million, a price-to-earnings ratio of -0.43 and a beta of 1.71. Parker Drilling has a one year low of $0.31 and a one year high of $1.44.

Parker Drilling (NYSE:PKD) last issued its 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 for the quarter, compared to the consensus estimate of $109.80 million. Parker Drilling had a negative net margin of 23.72% and a negative return on equity of 32.58%. equities analysts forecast that Parker Drilling will post -0.73 EPS for the current fiscal year.

A number of hedge funds have recently modified their holdings of PKD. Saba Capital Management L.P. grew its stake in Parker Drilling by 171.1% in the 1st quarter. Saba Capital Management L.P. now owns 9,015,494 shares of the oil and gas company’s stock worth $5,725,000 after acquiring an additional 5,689,405 shares in the last quarter. Brigade Capital Management LP lifted its position in shares of Parker Drilling by 14.5% in the 4th quarter. Brigade Capital Management LP now owns 11,465,000 shares of the oil and gas company’s stock worth $11,465,000 after purchasing an additional 1,455,000 shares during the period. Towle & Co. lifted its position in shares of Parker Drilling by 9.7% in the 4th quarter. Towle & Co. now owns 10,910,061 shares of the oil and gas company’s stock worth $10,910,000 after purchasing an additional 966,742 shares during the period. Mutual Advisors LLC purchased a new stake in shares of Parker Drilling in the 1st quarter worth approximately $421,000. Finally, Renaissance Technologies LLC lifted its position in shares of Parker Drilling by 31.5% in the 4th quarter. Renaissance Technologies LLC now owns 2,162,400 shares of the oil and gas company’s stock worth $2,162,000 after purchasing an additional 518,000 shares during the period. Institutional investors and hedge funds own 67.13% of the company’s stock.

Several equities analysts recently commented on PKD shares. Zacks Investment Research downgraded shares of Parker Drilling from a “hold” rating to a “sell” rating in a report on Thursday, March 8th. ValuEngine upgraded shares of Parker Drilling from a “sell” rating to a “hold” rating in a report on Saturday, June 2nd.

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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