Towle Co buys $14,827,545 stake in Parker Drilling Company (PKD)

Parker Drilling Company (PKD) : Towle Co scooped up 42,800 additional shares in Parker Drilling Company during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 3, 2016. The investment management firm now holds a total of 7,340,369 shares of Parker Drilling Company which is valued at $14,827,545.Parker Drilling Company makes up approximately 2.60% of Towle Co’s portfolio.

Other Hedge Funds, Including , California Public Employees Retirement System boosted its stake in PKD in the latest quarter, The investment management firm added 12,400 additional shares and now holds a total of 931,700 shares of Parker Drilling Company which is valued at $1,882,034.Simplex Trading boosted its stake in PKD in the latest quarter, The investment management firm added 355 additional shares and now holds a total of 432 shares of Parker Drilling Company which is valued at $937.

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.

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.

Many Wall Street Analysts have commented on Parker Drilling Company. Parker Drilling Company was Downgraded by Macquarie to ” Underperform” on Aug 9, 2016.

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.

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