News Spotlight: Parker Drilling Company (NYSE:PKD)

Parker Drilling Company (NYSE:PKD) stock observed trading -95.52% off 52-week high price. On the other end, the stock has been noted -3.00% away from low price over the last 52-weeks. The stock disclosed a move of -28.41% away from 50 day moving average and -71.10% away from 200 day moving average. Moving closer, we can see that shares have been trading -24.55% off 20-day moving average. It has market cap of $213.46M.

On Aug. 5, 2019, Parker Drilling Company (NYSE:PKD)  declared results for the second quarter ended June 30, 2019, which included a net income of $4.6 million, or diluted earnings of $0.31 per share on revenues of $156.0 million. Second quarter Adjusted EBITDA was $37.8 million (1).

Gary Rich, the Company’s President and CEO, said,Our second quarter results, as demonstrated by our positive net income and strong Adjusted EBITDA, is a testament to our strong operational execution, ability to capture additional opportunities and improved balance sheet.

In our rental tools business, our International rentals segment benefited from whipstock sales and continued demand for tubular running services, in particular our proprietary casing running tool. Our U.S. rental tools segment performed admirably in the second quarter in spite of the U.S. land rig count continuing to decline. Despite this softness, the U.S. offshore market continues to show modest signs of strength, and we are confident in our ability to perform well in both the U.S. land and offshore markets this year.

In our drilling services business, our ongoing shift to more capital efficient and increasingly profitable operating activities supported the second quarter results. We also benefited from ongoing O&M activities and improving rig utilization, in both our U.S. (lower 48) drilling and International and Alaska drilling segments, as rigs returned to service in the inland barge and Mexico markets.

Despite current market softness in the U.S., our diversified global exposure, ability to adjust capex spending, and improved capital structure provide us the ability to execute on profitable projects and deliver solid returns.

The USA based company Parker Drilling Company moved with change of -10.79% to $13.4 with the total traded volume of 101430 shares in recent session versus to an average volume of 64.37K. The stock was observed in the 5 days activity at -19.33%. The one month performance of stock was -29.70%. PKD’s shares are at -30.03% for the quarter and driving a -96.02% return over the course of the past year and is now at -42.94% since this point in 2018.The average volatility for the week and month was at 8.84% and 5.62% respectively. There are 15.93M shares outstanding and 15.04M shares are floated in market.

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