Standpoint Research Downgrades Parker Drilling (PKD) to Hold

Standpoint Research downgraded Parker Drilling (NYSE: PKD) from Buy to Hold.

Standpoint analyst, Ronnie Moas, said, "PKD shares are up > 34% since our February 28, 2011 recommendation and are up by > 3400 bps versus the S&P-500 in the last month. PKD has been upgraded three times since our call, is fairly valued at this time and we would sell into this move...PKD only turned a profit of $0.07 trailing twelve months earnings and is now at 13X estimates for 2012 that are speculative with oil at $105. PKD remains attractive on some valuation measures, but this is the lowest quality name in thre industry...We continue to hold drillers Ensco (NYSE: ESV), Noble (NYSE: NE) and Diamond Offshore (NYSE: DO)."


For more ratings news on Parker Drilling click here and for the rating history of Parker Drilling click here.

Shares of Parker Drilling closed at $6.91 yesterday.

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