Hedge Funds Are Buying Parker Drilling Company (PKD)

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With a general bullishness amongst the heavyweights, specific money managers have jumped into Parker Drilling Company (NYSE:PKD) headfirst. D E Shaw assembled the most outsized position in Parker Drilling Company (NYSE:PKD). D E Shaw had $0.1 million invested in the company at the end of the quarter. Michael Platt and William Reeves’s BlueCrest Capital Mgmt. also made an investment in the stock during the quarter.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Parker Drilling Company (NYSE:PKD) but similarly valued. These stocks are PICO Holdings Inc (NASDAQ:PICO), RigNet Inc (NASDAQ:RNET), JP Energy Partners LP (NYSE:JPEP), and Macatawa Bank Corporation (NASDAQ:MCBC). This group of stocks’ market valuations are similar to PKD’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
PICO 10 44194 2
RNET 7 14157 0
JPEP 3 2470 -1
MCBC 2 8021 0

As you can see these stocks had an average of 5.5 hedge funds with bullish positions and the average amount invested in these stocks was $17 million. That figure was $11 million in PKD’s case. PICO Holdings Inc (NASDAQ:PICO) is the most popular stock in this table. On the other hand Macatawa Bank Corporation (NASDAQ:MCBC) is the least popular one with only 2 bullish hedge fund positions. Compared to these stocks Parker Drilling Company (NYSE:PKD) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

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