Parker Drilling Company Third Quarter Earnings Sneak Peek

Parker Drilling Company (NYSE:PKD) will unveil its latest earnings on Thursday, November 3, 2011. Parker Drilling provides land and offshore contract drilling services and rental tools on a worldwide basis to independent and national oil and gas companies and integrated service providers.

Parker Drilling Company Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average estimate of analysts is for profit of 13 cents per share, a rise of 1200% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved up from 9 cents. Between one and three months ago, the average estimate moved up. It has been unchanged at 13 cents during the last month. For the year, analysts are projecting net income of 46 cents per share, a rise of more than fivefold from last year.

Past Earnings Performance: The company beat estimates last quarter after falling short in the prior two. In the second quarter, the company reported profit of 14 cents per share versus a mean estimate of net income of 8 cents per share. In the first quarter, the company missed estimates by one cent.

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Wall St. Revenue Expectations: On average, analysts predict $182.6 million in revenue this quarter, a rise of 6.2% from the year ago quarter. Analysts are forecasting total revenue of $706.3 million for the year, a rise of 7.1% from last year’s revenue of $659.5 million.

Analyst Ratings: Analysts are bullish on this stock with four analysts rating it as a buy, none rating it as a sell and one rating it as a hold.

A Look Back: In the second quarter, profit rose 2695.5% to $14.2 million (12 cents a share) from $507,000 (0 cents a share) the year earlier, exceeding analyst expectations. Revenue rose 10.4% to $172.8 million from $156.5 million.

Key Stats:

A year-over-year revenue increase in the second quarter snapped a streak of three consecutive quarters of revenue declines. Revenue fell 0.9% in the first quarter, 1.4% in the fourth quarter of the last fiscal year and 5.2% in the third quarter of the last fiscal year.

Competitors to Watch: Pioneer Drilling Company (AMEX:PDC), Rowan Companies, Inc. (NYSE:RDC), Pride International, Inc. (NYSE:PDE), Helmerich & Payne, Inc. (NYSE:HP), Atwood Oceanics, Inc. (NYSE:ATW), Patterson-UTI Energy, Inc. (NASDAQ:PTEN), Allis-Chalmers Energy Inc. (NYSE:ALY), Hercules Offshore, Inc. (NASDAQ:HERO), Vantage Drilling Company (AMEX:VTG), and Seahawk Drilling, Inc. (NASDAQ:HAWK).

Stock Price Performance: During September 30, 2011 to October 28, 2011, the stock price had risen $1.50 (34.2%) from $4.39 to $5.89. The stock price saw one of its best stretches over the last year between June 27, 2011 and July 8, 2011 when shares rose for nine-straight days, rising 18.7% (+$1.03) over that span. It saw one of its worst periods between August 29, 2011 and September 6, 2011 when shares fell for six-straight days, falling 10.4% (-60 cents) over that span. Shares are up $1.32 (+28.9%) year to date.

(Source: Xignite Financials)

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