Parker Drilling CompanyNYSE
Parker Drilling May Be Undervalued, But It Will Need Time
Stephen Simpson, CFA
Stephen Simpson, CFA
Thu, Oct. 27, 4:44 PM
Wed, Oct. 26, 5:35 PM
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Tue, Aug. 2, 4:37 PM
Fri, May 27, 3:27 PM
- Parker Drilling (PKD -1.7%) its customer awarded an extension and additional rig to its operations and maintenance contract on Sakhalin Island in Russia.
- The new contract extends through June 2019 and covers a newly constructed fourth customer-owned extended-reach drilling rig; the prior contract term was set to expire in Q3 2017.
- PKD says it expects the extension and the new rig to add at least $180M in revenue backlog over the course of the contract.
Mon, May 16, 7:15 PM
- Drilling companies will be the last to recover among the oil and gas industry when the recovery eventually arrives, Moody's says.
- North American land-based drillers will be stressed through the end of next year as contracts, signed when demand for their services was higher, expire and as prices for their services remain depressed, according to the report.
- The ratings agency predicts that Parker Drilling (NYSE:PKD) and Pioneer Energy Services (NYSE:PES) could breach one of their existing financial covenants by the middle of next year.
- Moody's thinks the best-positioned companies through the ongoing rout are Helmerich and Payne (NYSE:HP) and Precision Drilling (NYSE:PDS), which have "the most high-quality rigs, which will be the first to re-enter the market when industry conditions improve sometime after 2017."
Tue, May 3, 5:22 PM
- Parker Drilling (NYSE:PKD): Q1 EPS of -$0.18 beats by $0.03.
- Revenue of $130.5M (-36.1% Y/Y) beats by $5.91M.
Mon, May 2, 5:35 PM
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Fri, Mar. 4, 3:28 PM
- Moody's downgrades five more oil and gas names, all with negative outlooks, but shares are unaffected amid a strong showing today in the energy sector:
- Helmerich & Payne (HP +5%) to Baa1, citing significantly decreasing cash flow resulting from the collapse in U.S. onshore drilling activity.
- Nabors Industries (NBR +0.6%) to Ba2, expecting high business and financial risks in a persistently weak global rig market, causing material degradation in credit metrics through 2017.
- Parker Drilling (PKD +0.1%) to B3, reflecting the challenging outlook for land drilling and rentals tools businesses in North America.
- Pioneer Energy Services (PES +16.5%) to Caa3, driven by the material deterioration in credit metrics through 2015 and expectations of continued deterioration through 2016.
- Precision Drilling (PDS +11.9%) to B2, reflecting lower cash flow and weak leverage resulting from the collapse in drilling activity.
Thu, Mar. 3, 12:53 PM
Wed, Feb. 17, 9:30 PM
- Parker Drilling (NYSE:PKD): Q4 EPS of -$0.19 misses by $0.01.
- Revenue of $148.75M (-38.8% Y/Y) beats by $1.05M.
Tue, Feb. 16, 5:35 PM| Tue, Feb. 16, 5:35 PM
Thu, Jan. 21, 12:45 PM
Dec. 28, 2015, 11:45 AM
- WTI crude is down 3.2% to $36.90/barrel, and Brent crude down 2.5% to $36.95/barrel, leaving prices close to 11-year lows. Energy industry firms are among the biggest decliners on a day the S&P is down 0.6%.
- Fears about excess supply appear to be weighing once more. OPEC figures point to a global oil supply glut of more than 2M barrels (over 2% of global demand); a smaller glut is expected next year. Meanwhile, Japanese government data indicates the country's oil product sales fell to a 46-year low in November, and European data suggests the continent's oil product demand growth turned negative in October.
- The biggest casualties include Whiting Petroleum (WLL -9.9%), Oasis Petroleum (OAS -8.2%), Vanguard Natural Resources (VNR -12.5%), Denbury Resources (DNR -8%), SandRidge Energy (SD -8.1%), SandRidge Permian Trust (PER -10.9%), SandRidge Mississippian Trust (SDT -7.5%), U.S. Silica (SLCA -6.2%), Marathon Oil (MRO -6.7%), C&J Energy Services (CJES -8.1%), MV Oil Trust (MVO -9.2%), Bonanza Creek (BCEI -6.4%), Parker Drilling (PKD -7.9%), and Continental Resources (CLR -5.9%).
- Other notable decliners include Kinder Morgan (KMI -5%), Williams Partners (WPZ -4.4%), EOG Resources (EOG -3.4%), Cheniere Energy (CQP -3.6%), SeaDrill (SDRL -3.5%), Encana (ECA -2.8%), Devon Energy (DVN -2.7%), Ensco (ESV -3.8%), Hercules Offshore (HERO -4.7%), Atwood Oceanics (ATW -4.9%), Helmerich & Payne (HP -3.8%), and Pioneer Natural (PXD -2.6%).
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Nov. 3, 2015, 5:47 PM
- Parker Drilling (NYSE:PKD): Q3 EPS of -$0.10 beats by $0.03.
- Revenue of $173.4M (-28.4% Y/Y) beats by $5.84M.
Nov. 2, 2015, 5:35 PM
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Aug. 18, 2015, 12:45 PM