In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Parker Drilling Co (NYSE:PKD) reported that Highbridge Capital Management has picked up 10,351,974 of common stock as of 2017-03-06.
The acquisition brings the aggregate amount owned by Highbridge Capital Management to a total of 10,351,974 representing a 7.01% stake in the company.
For those not familiar with the company, Parker Drilling Company (Parker Drilling) is a provider of contract drilling, and drilling-related services and rental tools. The Company’s business consists of two business lines: drilling services and rental tools services. Its Rental Tools Services business includes its Rental Tools segment, and its Drilling Services business includes its U.S. (Lower 48) Drilling, and International & Alaska Drilling segments. The Company’s U.S. (Lower 48) Drilling segment provides drilling services with its Gulf of Mexico barge drilling rig fleet and through U.S. (Lower 48) based O&M services. Its International & Alaska Drilling segment provides drilling services, with Company-owned rigs, as well as through O&M contracts, and project related services. In its Rental Tools Services business, it provides rental equipment and services to exploration and production (E&P) companies, drilling contractors and service companies on land and offshore in the United States and select international markets.
A glance at Parker Drilling Co (NYSE:PKD)’s key stats reveals a current market capitalization of 225.73 million based on 125.23 Million shares outstanding and a price at last close of $1.85 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2017-02-24, Fontana picked up 160,000 at a purchase price of $1.90. This brings their total holding to 168,021 as of the date of the filing.
On the sell side, the most recent transaction saw Agnew unload 18,387 shares at a sale price of $2.80. This brings their total holding to 196,377.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Parker Drilling Co (NYSE:PKD) as things move forward to see if its progress aligns with these transactions.
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