Zacks Investment Research downgraded shares of Parker Drilling (NYSE:PKD) from a hold rating to a sell rating in a report released on Thursday, March 8th.
According to Zacks, “Parker Drilling Company provides high-performance contract drilling solutions, rental tools and project management services to the worldwide energy industry. “
Parker Drilling (PKD) traded up $0.02 during midday trading on Thursday, hitting $0.79. The stock had a trading volume of 1,490,000 shares, compared to its average volume of 1,063,050. Parker Drilling has a 1 year low of $0.75 and a 1 year high of $1.85. The company has a debt-to-equity ratio of 1.96, a quick ratio of 2.76 and a current ratio of 3.07.
A number of hedge funds and other institutional investors have recently modified their holdings of PKD. Alliancebernstein L.P. raised its position in shares of Parker Drilling by 5.4% in the 2nd quarter. Alliancebernstein L.P. now owns 191,989 shares of the oil and gas company’s stock worth $259,000 after acquiring an additional 9,800 shares in the last quarter. Teachers Advisors LLC increased its position in Parker Drilling by 10.0% during the 2nd quarter. Teachers Advisors LLC now owns 376,394 shares of the oil and gas company’s stock valued at $508,000 after buying an additional 34,277 shares in the last quarter. Northern Trust Corp increased its position in Parker Drilling by 10.3% during the 2nd quarter. Northern Trust Corp now owns 2,378,934 shares of the oil and gas company’s stock valued at $3,211,000 after buying an additional 222,741 shares in the last quarter. Vanguard Group Inc. increased its position in Parker Drilling by 6.4% during the 2nd quarter. Vanguard Group Inc. now owns 6,095,922 shares of the oil and gas company’s stock valued at $8,230,000 after buying an additional 368,943 shares in the last quarter. Finally, Voya Investment Management LLC increased its position in Parker Drilling by 24.5% during the 2nd quarter. Voya Investment Management LLC now owns 79,644 shares of the oil and gas company’s stock valued at $108,000 after buying an additional 15,655 shares in the last quarter. 65.26% of the stock is owned by institutional investors and hedge funds.
ILLEGAL ACTIVITY NOTICE: “Parker Drilling (PKD) Stock Rating Lowered by Zacks Investment Research” was posted by BBNS and is owned by of BBNS. If you are viewing this report on another website, it was illegally copied and republished in violation of US and international copyright & trademark laws. The original version of this report can be accessed at https://baseballnewssource.com/2018/03/18/zacks-investment-research-lowers-parker-drilling-pkd-to-sell/2007842.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Parker Drilling Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Parker Drilling and related companies with MarketBeat.com's FREE daily email newsletter.