Parker Drilling (PKD) Bond Prices Fall 5.5%

An issue of Parker Drilling (NYSE:PKD) bonds fell 5.5% against their face value during trading on Friday. The high-yield debt issue has a 6.75% coupon and is set to mature on July 15, 2022. The debt is now trading at $57.00 and was trading at $68.50 last week. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its share price.

Several brokerages have recently commented on PKD. ValuEngine raised shares of Parker Drilling from a “hold” rating to a “buy” rating in a research report on Monday, October 8th. Zacks Investment Research raised shares of Parker Drilling from a “sell” rating to a “hold” rating in a research report on Tuesday, July 17th.

Shares of PKD stock traded down $0.24 during trading hours on Friday, hitting $1.64. 150,300 shares of the company were exchanged, compared to its average volume of 90,803. The company has a quick ratio of 2.45, a current ratio of 2.75 and a debt-to-equity ratio of 2.40. Parker Drilling has a one year low of $1.57 and a one year high of $21.60.

Parker Drilling (NYSE:PKD) last issued its quarterly earnings results on Monday, November 5th. The oil and gas company reported ($2.99) EPS for the quarter, topping the consensus estimate of ($3.19) by $0.20. Parker Drilling had a negative net margin of 32.33% and a negative return on equity of 37.60%. The business had revenue of $123.40 million for the quarter.

Several hedge funds have recently modified their holdings of PKD. Cubist Systematic Strategies LLC lifted its holdings in Parker Drilling by 29.2% in the second quarter. Cubist Systematic Strategies LLC now owns 281,897 shares of the oil and gas company’s stock worth $107,000 after acquiring an additional 63,713 shares during the last quarter. LMR Partners LLP lifted its holdings in Parker Drilling by 2,948.0% in the second quarter. LMR Partners LLP now owns 441,100 shares of the oil and gas company’s stock worth $168,000 after acquiring an additional 426,628 shares during the last quarter. Paloma Partners Management Co bought a new position in Parker Drilling in the second quarter worth about $249,000. Millennium Management LLC bought a new position in Parker Drilling in the second quarter worth about $605,000. Finally, Renaissance Technologies LLC lifted its holdings in Parker Drilling by 12.1% in 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 acquiring an additional 288,300 shares during the last quarter.

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About Parker Drilling (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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