Saba Capital Management L.P. Buys 7,298,062 Shares of Parker Drilling (PKD)
Saba Capital Management L.P. grew its stake in Parker Drilling (NYSE:PKD) by 81.0% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,313,556 shares of the oil and gas company’s stock after purchasing an additional 7,298,062 shares during the quarter. Parker Drilling makes up about 0.4% of Saba Capital Management L.P.’s holdings, making the stock its 25th largest position. Saba Capital Management L.P. owned approximately 175.04% of Parker Drilling worth $6,199,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently bought and sold shares of PKD. Cubist Systematic Strategies LLC lifted its holdings in shares of Parker Drilling by 29.2% in the second quarter. Cubist Systematic Strategies LLC now owns 281,897 shares of the oil and gas company’s stock valued at $107,000 after purchasing an additional 63,713 shares in the last quarter. Millennium Management LLC bought a new position in shares of Parker Drilling in the fourth quarter valued at approximately $118,000. LMR Partners LLP lifted its holdings in shares of Parker Drilling by 2,948.0% in the second quarter. LMR Partners LLP now owns 441,100 shares of the oil and gas company’s stock valued at $168,000 after purchasing an additional 426,628 shares in the last quarter. Paloma Partners Management Co bought a new position in shares of Parker Drilling in the second quarter valued at approximately $249,000. Finally, Deutsche Bank AG lifted its holdings in shares of Parker Drilling by 140.5% in the fourth quarter. Deutsche Bank AG now owns 300,994 shares of the oil and gas company’s stock valued at $300,000 after purchasing an additional 175,841 shares in the last quarter.
PKD has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded Parker Drilling from a “sell” rating to a “hold” rating in a report on Wednesday, June 13th. ValuEngine upgraded Parker Drilling from a “sell” rating to a “hold” rating in a report on Saturday, June 2nd.
Shares of Parker Drilling stock opened at $2.96 on Thursday. The firm has a market cap of $29.17 million, a P/E ratio of -0.24 and a beta of 1.52. Parker Drilling has a 12 month low of $2.96 and a 12 month high of $21.60. The company has a debt-to-equity ratio of 2.40, a quick ratio of 2.45 and a current ratio of 2.75.
Parker Drilling (NYSE:PKD) last issued its quarterly earnings results on Wednesday, August 1st. The oil and gas company reported ($2.56) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.19) by ($2.37). The business had revenue of $118.60 million for the quarter. Parker Drilling had a negative return on equity of 33.04% and a negative net margin of 21.75%.
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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