Parker Drilling (PKD) Debt Trading 1.5% Higher

An issue of Parker Drilling (NYSE:PKD) bonds rose 1.5% against their face value during trading on Wednesday. The debt issue has a 7.5% coupon and will mature on August 1, 2020. The bonds in the issue are now trading at $87.50 and were trading at $83.00 last week. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its share price.

Several research firms have recently commented on PKD. Zacks Investment Research upgraded Parker Drilling from a “sell” rating to a “hold” rating in a research report on Tuesday, May 8th. ValuEngine upgraded Parker Drilling from a “sell” rating to a “hold” rating in a research report on Saturday, June 2nd.

Parker Drilling traded down $0.03, reaching $0.43, during midday trading on Wednesday, Marketbeat reports. The company had a trading volume of 2,705,800 shares, compared to its average volume of 1,222,533. The firm has a market cap of $55.70 million, a PE ratio of -0.51 and a beta of 1.82. Parker Drilling has a 12-month low of $0.31 and a 12-month high of $1.44. The company has a current ratio of 3.14, a quick ratio of 2.81 and a debt-to-equity ratio of 2.17.

Parker Drilling (NYSE:PKD) last released its earnings results on Tuesday, May 1st. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.21). The firm had revenue of $109.68 million during the quarter, compared to analyst estimates of $109.80 million. Parker Drilling had a negative return on equity of 32.58% and a negative net margin of 23.72%. equities analysts forecast that Parker Drilling will post -0.73 EPS for the current year.

In related news, major shareholder Saba Capital Management, L.P. bought 222,662 shares of the firm’s stock in a transaction that occurred on Monday, June 18th. The stock was purchased at an average cost of $0.35 per share, for a total transaction of $77,931.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders purchased 1,596,054 shares of company stock valued at $537,609. 3.26% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in PKD. Schwab Charles Investment Management Inc. lifted its holdings in Parker Drilling by 129.4% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 554,116 shares of the oil and gas company’s stock worth $555,000 after buying an additional 312,551 shares during the last quarter. California Public Employees Retirement System lifted its holdings in Parker Drilling by 9.9% during the 4th quarter. California Public Employees Retirement System now owns 877,763 shares of the oil and gas company’s stock worth $878,000 after buying an additional 79,001 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Parker Drilling by 31.5% during the 4th quarter. Renaissance Technologies LLC now owns 2,162,400 shares of the oil and gas company’s stock worth $2,162,000 after buying an additional 518,000 shares during the last quarter. Deutsche Bank AG lifted its holdings in Parker Drilling by 140.5% during the 4th quarter. Deutsche Bank AG now owns 300,994 shares of the oil and gas company’s stock worth $300,000 after buying an additional 175,841 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Parker Drilling by 51.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 204,936 shares of the oil and gas company’s stock worth $205,000 after buying an additional 69,715 shares during the last quarter. Hedge funds and other institutional investors own 67.13% of the company’s stock.

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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