Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Parker Drilling Starting Slow, But On A Better Path

I liked Parker Drilling (NYSE:PKD) and its turnaround/self-improvement story about six months ago, and while the idea worked pretty well for a short time (the stock rose about 30% in the first month after that article), performance has trailed off noticeably since March as the company warned that 2014 would be off to a slower start. With that, the shares have been left behind by other small-cap energy service providers and contract drillers.

The sluggish start to 2014 is disappointing, but the Parker Drilling story is still worth a closer look. The company is the leading player in domestic drilling barges, earning a dayrate premium for the quality and capabilities of its rigs. The company's international land rig...

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