Global Hunter Securities Initiates Coverage On Parker Drilling At Buy Rating And $9 PT

According to Global Hunter Securities, Parker Drilling PKD coverage is initiated with a Buy rating and a $9 price target. Global Hunter Securities reported that Parker Drilling offers multiple service lines and has exposure to a broad geography, and it believes the ongoing negative headlines to be fully factored into the stock. “Growth in domestic Rental Tools continues with further investment and high-quality service, offsetting what is expected to be a soft 2011 for its International Drilling segment. Prospects for its US Drilling and Project Management segments should also enhance near-term earnings. We are initiating coverage of PKD with a Buy rating and a $9 price target based on 5.0x 2012 EBITDA.” Parker Drilling closed yesterday at $6.59.