PARKER DRILLING/SH PAR $ (NYSE:PKD) Upgraded to “Buy” by Zacks Investment Research

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Zacks Investment Research upgraded shares of PARKER DRILLING/SH PAR $ (NYSE:PKD) from a hold rating to a buy rating in a report published on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $22.00 price objective on the oil and gas company’s stock.

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 cut their target price on shares of 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 traded up $0.36 on Thursday, reaching $20.39. 12,760 shares of the company’s stock traded hands, compared to its average volume of 57,940. PARKER DRILLING/SH PAR $ has a 12 month low of $10.67 and a 12 month high of $24.09. The company has a quick ratio of 2.61, a current ratio of 2.76 and a debt-to-equity ratio of 0.60. The stock has a 50-day simple moving average of $18.78 and a 200 day simple moving average of $18.41.

PARKER DRILLING/SH PAR $ (NYSE:PKD) last issued its quarterly earnings results on Tuesday, November 5th. The oil and gas company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.25. The business had revenue of $160.08 million for the quarter, compared to the consensus estimate of $150.20 million. As a group, analysts expect that PARKER DRILLING/SH PAR $ will post 0.51 EPS for the current fiscal year.

Several institutional investors have recently modified their holdings of PKD. JPMorgan Chase & Co. bought a new position in shares of PARKER DRILLING/SH PAR $ in the second quarter worth approximately $49,000. Tower Research Capital LLC TRC bought a new position in shares of PARKER DRILLING/SH PAR $ in the second quarter worth approximately $69,000. Wells Fargo & Company MN bought a new position in shares of PARKER DRILLING/SH PAR $ in the second quarter worth approximately $244,000. Nomura Asset Management Co. Ltd. bought a new position in shares of PARKER DRILLING/SH PAR $ in the second quarter worth approximately $288,000. Finally, Charles Schwab Investment Management Inc. bought a new position in shares of PARKER DRILLING/SH PAR $ in the second quarter worth approximately $394,000. Hedge funds and other 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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