Standpoint Research Upgrades Parker Drilling (PKD) to Buy

Standpoint Research upgraded Parker Drilling (NYSE: PKD) from Hold to Buy with a $7.25 price target.

The firm states, "Parker Drilling is a name we have gone in-and-out of twice since 2009. We closed out the position with a 150% gain on May 6, 2009,
and then closed it out a second time on March 30, 2011 with a 34% gain. The stock has dropped by nearly 30% since our downgrade in late March and can be reinstated. This recommendation is most suited for those who are underweight energy and materials and/or with a low beta portfolio and are looking to trim those defensive bets on market weakness as we are doing here --"

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 $5.70 yesterday.

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