PARKER DRILLING/SH PAR $ (NYSE:PKD) Rating Increased to Buy at Zacks Investment Research

PARKER DRILLING/SH PAR $ (NYSE:PKD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday, Zacks.com reports. The firm presently has a $22.00 price objective on the oil and gas company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 7.90% from the company’s previous close.

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 price objective 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.

Shares of NYSE PKD traded up $0.36 during midday trading on Thursday, reaching $20.39. 12,760 shares of the stock were exchanged, compared to its average volume of 57,940. The business has a 50-day simple moving average of $18.78 and a two-hundred day simple moving average of $18.41. PARKER DRILLING/SH PAR $ has a 12 month low of $10.67 and a 12 month high of $24.09. The company has a current ratio of 2.76, a quick ratio of 2.61 and a debt-to-equity ratio of 0.60.

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PARKER DRILLING/SH PAR $ (NYSE:PKD) last issued its quarterly earnings data on Tuesday, November 5th. The oil and gas company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.25. The company had revenue of $160.08 million for the quarter, compared to analyst estimates of $150.20 million. Equities research analysts predict that PARKER DRILLING/SH PAR $ will post 0.51 EPS for the current year.

A number of hedge funds have recently modified their holdings of PKD. JPMorgan Chase & Co. acquired a new stake in PARKER DRILLING/SH PAR $ in the 2nd quarter valued at $49,000. Tower Research Capital LLC TRC acquired a new stake in PARKER DRILLING/SH PAR $ in the 2nd quarter valued at $69,000. Wells Fargo & Company MN acquired a new stake in PARKER DRILLING/SH PAR $ in the 2nd quarter valued at $244,000. Nomura Asset Management Co. Ltd. acquired a new stake in PARKER DRILLING/SH PAR $ in the 2nd quarter valued at $288,000. Finally, Charles Schwab Investment Management Inc. acquired a new stake in PARKER DRILLING/SH PAR $ in the 2nd quarter valued at $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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