Parker Drilling Company (PKD) is Downgraded by Macquarie to Underperform

Parker Drilling Company (PKD) was Downgraded by Macquarie to ” Underperform”. Earlier the firm had a rating of “Neutral ” on the company shares. Macquarie advised their investors in a research report released on Aug 9, 2016.

On the company’s financial health, Parker Drilling Company reported $-0.32 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $-0.35. The company had revenue of $105.30 million for the quarter, compared to analysts expectations of $106.30 million. The company’s revenue was down -43.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.11 EPS.

Parker Drilling Company opened for trading at $2.08 and hit $2.26 on the upside on Monday, eventually ending the session at $2.25, with a gain of 9.76% or 0.2 points. The heightened volatility saw the trading volume jump to 7,51,209 shares. Company has a market cap of $281 M.

In a different news, on May 23, 2016, Jon-al Duplantier (Sr. VP, CAO & General Counsel) sold 10,000 shares at $2.17 per share price. According to the SEC, on Feb 25, 2016, Gary G Rich (CEO) purchased 40,000 shares at $1.28 per share price. On Dec 14, 2015, Leslie K Nagy (PAO & Controller) sold 2,071 shares at $2.15 per share price, according to the Form-4 filing with the securities and exchange commission.

Parker Drilling Company (Parker Drilling) is a provider of contract drilling and drilling-related services and rental tools. The Company owns and operates drilling rigs and drilling-related equipment and also performs drilling-related services referred to as Operations & Maintenance (O&M) work for customer-owned drilling rigs on a contracted basis. The Company’s rental tools business supplies equipment to exploration and production (E&P) companies drilling contractors and service companies on land and offshore in the United States and select international markets. The Company has five operating segments: Rental Tools U.S. Barge Drilling U.S. Drilling International Drilling and Technical Services. Parker Drilling operates in approximately 23 countries.

Parker Drilling Company

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