Parker Drilling up sharply after strong Q3, outlook

|About: Parker Drilling Company (PKD)|By:, SA News Editor

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.