PARKER DRILLING/SH PAR $ (NYSE:PKD) Downgraded by Zacks Investment Research

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Zacks Investment Research lowered shares of PARKER DRILLING/SH PAR $ (NYSE:PKD) from a hold rating to a sell rating in a research report sent to investors on Tuesday, Zacks.com reports.

According to Zacks, “Parker Drilling Company provides drilling services and rental tools to the energy industry. The Company’s Drilling Services business serves operators through the use of Parker-owned and customer-owned rig fleets, specializing in remote and harsh environment regions. Its Rental Tools Services business supplies premium equipment and well services to operators on land and offshore markets. Parker Drilling Company is based in Houston, United States. “

Separately, Imperial Capital dropped their target price on PARKER DRILLING/SH PAR $ from $34.00 to $30.00 and set an outperform rating on the stock in a report on Thursday, September 12th.

NYSE:PKD opened at $18.57 on Tuesday. The business’s fifty day moving average price is $15.90 and its 200 day moving average price is $15.45. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.76 and a quick ratio of 2.61. PARKER DRILLING/SH PAR $ has a 12 month low of $10.67 and a 12 month high of $24.09.

PARKER DRILLING/SH PAR $ (NYSE:PKD) last posted its earnings results on Monday, August 5th. The oil and gas company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.24). The company had revenue of $156.03 million during the quarter, compared to analysts’ expectations of $157.62 million. As a group, equities research analysts predict that PARKER DRILLING/SH PAR $ will post -9.13 EPS for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. acquired a new position in PARKER DRILLING/SH PAR $ in the second quarter valued at $49,000. Tower Research Capital LLC TRC acquired a new position in PARKER DRILLING/SH PAR $ in the second quarter valued at $69,000. Wells Fargo & Company MN acquired a new position in PARKER DRILLING/SH PAR $ in the second quarter valued at $244,000. Nomura Asset Management Co. Ltd. acquired a new position in PARKER DRILLING/SH PAR $ in the second quarter valued at $288,000. Finally, Charles Schwab Investment Management Inc. acquired a new position in PARKER DRILLING/SH PAR $ in the second quarter valued at $394,000. Institutional investors own 50.48% of the company’s stock.

About PARKER DRILLING/SH PAR $

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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