PARKER DRILLING/SH PAR $ (NYSE:PKD) Raised to Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of PARKER DRILLING/SH PAR $ (NYSE:PKD) from a hold rating to a buy rating in a report published on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $21.00 price objective 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 lifted their target price 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.

PKD opened at $19.30 on Wednesday. PARKER DRILLING/SH PAR $ has a fifty-two week low of $14.57 and a fifty-two week high of $24.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.53 and a quick ratio of 2.40. The stock’s fifty day moving average price is $19.42.

PARKER DRILLING/SH PAR $ (NYSE:PKD) last posted its earnings results on Tuesday, May 7th. The oil and gas company reported ($9.63) earnings per share for the quarter, missing the Zacks’ 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. On average, sell-side analysts predict that PARKER DRILLING/SH PAR $ will post -7.81 EPS for the current year.

In other news, major shareholder Skyway Master Fund L.P. Varde bought 124,000 shares of the company’s stock in a transaction dated Wednesday, May 8th. The stock was bought at an average price of $20.10 per share, with a total value of $2,492,400.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.26% of the stock is currently owned by company insiders.

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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