Parker Drilling (PKD) Debt Trading 6.5% Lower

An issue of Parker Drilling (NYSE:PKD) debt fell 6.5% as a percentage of its face value during trading on Thursday. The debt issue has a 6.75% coupon and will mature on July 15, 2022. The debt is now trading at $62.50 and was trading at $68.50 last week. Price moves in a company’s debt in credit markets often anticipate parallel moves in its stock price.

PKD has been the subject of several research reports. ValuEngine upgraded shares of Parker Drilling from a “hold” rating to a “buy” rating in a research report on Monday, October 8th. Zacks Investment Research upgraded shares of Parker Drilling from a “sell” rating to a “hold” rating in a research report on Tuesday, July 17th.

PKD traded down $0.24 during trading on Friday, hitting $1.64. 150,334 shares of the company traded hands, compared to its average volume of 95,064. The company has a debt-to-equity ratio of 3.41, a quick ratio of 2.45 and a current ratio of 2.62. Parker Drilling has a one year low of $1.57 and a one year high of $21.60.

Parker Drilling (NYSE:PKD) last posted its quarterly earnings results on Monday, November 5th. The oil and gas company reported ($2.99) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($3.19) by $0.20. The company had revenue of $123.40 million during the quarter. Parker Drilling had a negative net margin of 32.33% and a negative return on equity of 41.39%.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC grew its position in Parker Drilling by 29.2% during the second quarter. Cubist Systematic Strategies LLC now owns 281,897 shares of the oil and gas company’s stock valued at $107,000 after buying an additional 63,713 shares during the period. LMR Partners LLP boosted its position in Parker Drilling by 2,948.0% during the second quarter. LMR Partners LLP now owns 441,100 shares of the oil and gas company’s stock worth $168,000 after purchasing an additional 426,628 shares during the period. Paloma Partners Management Co bought a new position in Parker Drilling during the second quarter worth about $249,000. Millennium Management LLC bought a new position in Parker Drilling during the second quarter worth about $605,000. Finally, Renaissance Technologies LLC boosted its position in Parker Drilling by 12.1% during the second quarter. Renaissance Technologies LLC now owns 2,678,100 shares of the oil and gas company’s stock worth $1,018,000 after purchasing an additional 288,300 shares during the period.

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Parker Drilling Company Profile (NYSE:PKD)

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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