Parker Drilling Co (NYSE:PKD) is Attracting Smart Money

In a just published Form 13, filed with the US Securities and Exchange Commission (SEC),...
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In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Parker Drilling Co (NYSE:PKD) reported that Brigade Capital has picked up 7,125,000 of common stock as of 2017-03-13.

The acquisition brings the aggregate amount owned by Brigade Capital to a total of 7,125,000 representing 5.20% 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 and services. The Company’s business consists of two business lines: drilling services and rental tools services. Its Rental Tools Services business includes U.S. Rental Tools and International Rental Tools segments, and its Drilling Services business includes its U.S. (Lower 48) Drilling, and International & Alaska Drilling segments. In its Drilling Services business, the Company drills oil and gas wells for customers in both the United States and international markets. In its Rental Tools Services business, the Company 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. As of December 31, 2016, the Company had operations in 20 countries.

A glance at Parker Drilling Co (NYSE:PKD)’s key stats reveals a current market capitalization of 206.44 Million based on 125.23 Million shares outstanding and a price at last close of $1.60 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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