Parker Drilling Co. (PKD) Bonds Rise 5.6% During Trading
An issue of Parker Drilling Co. (NYSE:PKD) bonds rose 5.6% against their face value during trading on Wednesday. The high-yield issue of debt has a 6.75% coupon and will mature on July 15, 2022. The debt is now trading at $81.00 and was trading at $75.75 last week. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its stock price.
A number of brokerages have commented on PKD. Seaport Global Securities restated a “neutral” rating on shares of Parker Drilling in a research note on Friday, August 19th. Evercore ISI reiterated a “buy” rating and issued a $3.50 price target on shares of Parker Drilling in a research note on Tuesday, August 23rd. Macquarie cut Parker Drilling from a “neutral” rating to an “underperform” rating and set a $1.50 price target on the stock. in a research note on Tuesday, August 9th. DA Davidson assumed coverage on Parker Drilling in a research note on Wednesday, October 5th. They issued a “buy” rating and a $3.50 price target on the stock. Finally, Edward Jones upgraded Parker Drilling from a “hold” rating to a “buy” rating in a research note on Wednesday, August 31st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Parker Drilling presently has an average rating of “Hold” and a consensus price target of $2.80.
Shares of Parker Drilling Co. (NYSE:PKD) traded up 4.88% during mid-day trading on Wednesday, reaching $2.15. The company had a trading volume of 1,133,501 shares. The company’s market capitalization is $267.64 million. The company’s 50-day moving average price is $2.11 and its 200-day moving average price is $2.18. Parker Drilling Co. has a 52-week low of $0.98 and a 52-week high of $3.16.
Parker Drilling (NYSE:PKD) last posted its earnings results on Thursday, October 27th. The company reported ($0.37) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.42) by $0.05. The firm had revenue of $97.19 million for the quarter, compared to the consensus estimate of $92.86 million. Parker Drilling had a negative net margin of 45.16% and a negative return on equity of 28.44%. The business’s quarterly revenue was down 44.0% on a year-over-year basis. During the same period in the prior year, the business posted ($0.10) earnings per share. On average, analysts forecast that Parker Drilling Co. will post ($1.28) earnings per share for the current fiscal year.
In other Parker Drilling news, Chairman Gary G. Rich bought 80,000 shares of the stock in a transaction on Thursday, September 1st. The shares were purchased at an average cost of $2.18 per share, with a total value of $174,400.00. Following the completion of the transaction, the chairman now directly owns 719,903 shares of the company’s stock, valued at approximately $1,569,388.54. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 3.68% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the company. Phoenix Investment Adviser LLC acquired a new position in Parker Drilling during the second quarter valued at approximately $105,000. Engineers Gate Manager LP acquired a new position in Parker Drilling during the second quarter valued at approximately $120,000. Citadel Advisors LLC increased its position in Parker Drilling by 71.1% in the third quarter. Citadel Advisors LLC now owns 52,741 shares of the company’s stock valued at $114,000 after buying an additional 21,916 shares during the last quarter. Emerald Acquisition Ltd. purchased a new stake in Parker Drilling during the second quarter worth about $138,000. Finally, BlackRock Advisors LLC boosted its stake in Parker Drilling by 10.3% in the third quarter. BlackRock Advisors LLC now owns 61,884 shares of the company’s stock worth $134,000 after buying an additional 5,755 shares during the period. 63.60% of the stock is currently owned by hedge funds and other 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.
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