Q3 2016 Earnings Estimate for Parker Drilling Co. (PKD) Issued By DA Davidson
Parker Drilling Co. (NYSE:PKD) – Stock analysts at DA Davidson issued their Q3 2016 earnings per share (EPS) estimates for shares of Parker Drilling in a research report issued on Wednesday. DA Davidson analyst S. Randhawa forecasts that the brokerage will post earnings of ($0.42) per share for the quarter. DA Davidson currently has a “Buy” rating and a $3.50 price target on the stock. DA Davidson also issued estimates for Parker Drilling’s Q4 2016 earnings at ($0.39) EPS, FY2016 earnings at ($1.32) EPS, Q1 2017 earnings at ($0.26) EPS, Q2 2017 earnings at ($0.23) EPS, Q3 2017 earnings at ($0.18) EPS, Q4 2017 earnings at ($0.15) EPS, FY2017 earnings at ($0.81) EPS and FY2018 earnings at ($0.10) EPS.
Parker Drilling (NYSE:PKD) last released its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.32) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.35) by $0.03. Parker Drilling had a negative return on equity of 18.78% and a negative net margin of 39.42%. The company earned $105.30 million during the quarter, compared to the consensus estimate of $105.80 million. During the same quarter in the prior year, the firm posted ($0.11) earnings per share. The firm’s revenue was down 43.4% compared to the same quarter last year.
A number of other equities research analysts also recently issued reports on PKD. Seaport Global Securities reiterated a “neutral” rating on shares of Parker Drilling in a research report on Friday, August 19th. Evercore ISI reiterated a “buy” rating and set a $3.50 price target on shares of Parker Drilling in a research report on Tuesday, August 23rd. Macquarie cut shares of Parker Drilling from a “neutral” rating to an “underperform” rating and set a $1.50 price objective for the company. in a research note on Tuesday, August 9th. Edward Jones raised shares of Parker Drilling from a “hold” rating to a “buy” rating in a research note on Wednesday, August 31st. Finally, Zacks Investment Research raised shares of Parker Drilling from a “sell” rating to a “hold” rating in a research note on Thursday, July 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $2.80.
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Parker Drilling (NYSE:PKD) opened at 2.29 on Monday. The firm’s market cap is $284.19 million. The stock has a 50 day moving average price of $2.17 and a 200 day moving average price of $2.29. Parker Drilling has a 1-year low of $0.98 and a 1-year high of $3.57.
Hedge funds have recently added to or reduced their stakes in the company. Brigade Capital Management LP boosted its stake in Parker Drilling by 40.1% in the second quarter. Brigade Capital Management LP now owns 2,900,000 shares of the company’s stock valued at $6,641,000 after buying an additional 830,000 shares during the last quarter. Teachers Advisors Inc. boosted its stake in Parker Drilling by 28.4% in the second quarter. Teachers Advisors Inc. now owns 246,780 shares of the company’s stock valued at $565,000 after buying an additional 54,615 shares during the last quarter. Engineers Gate Manager LP purchased a new stake in Parker Drilling during the second quarter valued at approximately $120,000. BlackRock Fund Advisors boosted its stake in Parker Drilling by 0.9% in the second quarter. BlackRock Fund Advisors now owns 3,163,389 shares of the company’s stock valued at $7,244,000 after buying an additional 28,497 shares during the last quarter. Finally, BlackRock Investment Management LLC boosted its stake in Parker Drilling by 6.0% in the second quarter. BlackRock Investment Management LLC now owns 506,663 shares of the company’s stock valued at $1,160,000 after buying an additional 28,727 shares during the last quarter. 64.37% of the stock is owned by hedge funds and other institutional investors.
In other news, Chairman Gary G. Rich bought 80,000 shares of the stock in a transaction on Thursday, September 1st. The stock was purchased at an average cost of $2.18 per share, with a total value of $174,400.00. Following the purchase, the chairman now owns 719,903 shares of the company’s stock, valued at $1,569,388.54. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.68% of the stock is currently owned by company insiders.
Parker Drilling Company Profile
Parker Drilling Company (Parker Drilling) is a provider of contract drilling, and drilling-related services and rental tools. The Company’s business consists of two business lines: drilling services and rental tools services. Its Rental Tools Services business includes its Rental Tools segment, and its Drilling Services business includes its U.S.
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