Seeking Alpha

Parker Drilling up sharply after strong Q3, outlook

  • Parker Drilling (PKD +11%) shares set a new 52-week high earlier and remain up more than 10% after Q3 earnings beat estimates and revenues rose 44% Y/Y.
  • Q3 revenues in U.S. rental tools from the U.S. Gulf of Mexico offshore drilling market rose 14% Q/Q, benefiting from PKD's growing presence in the Gulf offshore drilling market while continuing to manage challenges of the soft U.S. land drilling market.
  • PKD expects drilling demand in the Gulf of Mexico's inland waters to improve from current levels and support solid results from its barge drilling business; expects tender activity and contract renewals to provide ample opportunities to re-contract rigs as they come to term and further strengthen international drilling rig fleet utilization.

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