Parker Drilling (PKD) Upgraded by ValuEngine to Buy

ValuEngine upgraded shares of Parker Drilling (NYSE:PKD) from a hold rating to a buy rating in a report issued on Monday.

Separately, Zacks Investment Research raised shares of Parker Drilling from a sell rating to a hold rating in a report on Wednesday, June 13th.

NYSE:PKD opened at $3.05 on Monday. The company has a current ratio of 2.75, a quick ratio of 2.45 and a debt-to-equity ratio of 2.40. The company has a market capitalization of $27.77 million, a P/E ratio of -0.24 and a beta of 1.55. Parker Drilling has a 12 month low of $2.93 and a 12 month high of $21.60.

Parker Drilling (NYSE:PKD) last posted its quarterly earnings results on Wednesday, August 1st. The oil and gas company reported ($2.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($2.37). The company had revenue of $118.60 million during the quarter. Parker Drilling had a negative return on equity of 33.04% and a negative net margin of 21.75%.

Institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC purchased a new stake in Parker Drilling in the 2nd quarter worth about $605,000. Saba Capital Management L.P. lifted its stake in Parker Drilling by 81.0% in the 2nd quarter. Saba Capital Management L.P. now owns 16,313,556 shares of the oil and gas company’s stock worth $6,199,000 after acquiring an additional 7,298,062 shares in the last quarter. Paloma Partners Management Co purchased a new stake in Parker Drilling in the 2nd quarter worth about $249,000. Cubist Systematic Strategies LLC lifted its stake in Parker Drilling by 29.2% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 281,897 shares of the oil and gas company’s stock worth $107,000 after acquiring an additional 63,713 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Parker Drilling by 12.1% in the 2nd quarter. Renaissance Technologies LLC now owns 2,678,100 shares of the oil and gas company’s stock worth $1,018,000 after acquiring an additional 288,300 shares in the last quarter.

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.

Read More: Stock Ratings and Recommendations: Understanding Analyst Upgrades and Downgrades

To view ValuEngine’s full report, visit ValuEngine’s official website.

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