Zacks Investment Research upgraded shares of PARKER DRILLING/SH PAR $ (NYSE:PKD) from a hold rating to a buy rating in a report issued on Wednesday morning, Zacks.com reports. They currently have $21.00 price target 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 boosted their price target on PARKER DRILLING/SH PAR $ from $25.00 to $34.00 and gave the stock an outperform rating in a report on Thursday, May 23rd.
PARKER DRILLING/SH PAR $ (NYSE:PKD) last released its quarterly earnings results on Tuesday, May 7th. The oil and gas company reported ($9.63) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.55) by ($9.08). The firm had revenue of $157.40 million during the quarter, compared to the consensus estimate of $133.66 million. As a group, sell-side analysts anticipate that PARKER DRILLING/SH PAR $ will post -7.81 earnings per share for the current year.
In other news, major shareholder Skyway Master Fund L.P. Varde purchased 124,000 shares of PARKER DRILLING/SH PAR $ stock in a transaction dated Wednesday, May 8th. The shares were bought at an average cost of $20.10 per share, for a total transaction of $2,492,400.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.26% 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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