Shares of Independence Contract Drilling, Inc. (NYSE:ICD) have been given a consensus recommendation of “Hold” by the eight ratings firms that are presently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $6.13.
A number of equities analysts recently weighed in on ICD shares. Zacks Investment Research downgraded shares of Independence Contract Drilling from a “hold” rating to a “sell” rating in a research note on Wednesday, September 6th. ValuEngine downgraded shares of Independence Contract Drilling from a “sell” rating to a “strong sell” rating in a research note on Friday, September 8th. Royal Bank Of Canada reissued a “buy” rating and set a $7.00 target price on shares of Independence Contract Drilling in a research note on Thursday, July 20th. Morgan Stanley downgraded shares of Independence Contract Drilling from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $8.50 to $5.00 in a research note on Wednesday, June 21st. Finally, Cowen and Company reissued a “buy” rating and set a $5.00 target price on shares of Independence Contract Drilling in a research note on Friday, August 11th.
Shares of Independence Contract Drilling (NYSE ICD) traded up 1.04% during trading on Friday, hitting $3.88. 70,028 shares of the stock traded hands. The firm’s market capitalization is $146.19 million. Independence Contract Drilling has a 1-year low of $2.91 and a 1-year high of $7.30. The firm has a 50-day moving average of $3.51 and a 200-day moving average of $3.99.
Independence Contract Drilling (NYSE:ICD) last announced its earnings results on Thursday, July 27th. The oil and gas company reported ($0.13) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.13). Independence Contract Drilling had a negative net margin of 40.75% and a negative return on equity of 8.62%. The business had revenue of $21.29 million during the quarter, compared to the consensus estimate of $21.24 million. During the same quarter last year, the firm earned ($0.07) earnings per share. Independence Contract Drilling’s quarterly revenue was up 40.4% on a year-over-year basis. On average, equities analysts forecast that Independence Contract Drilling will post ($0.50) earnings per share for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. American International Group Inc. raised its stake in Independence Contract Drilling by 7.0% during the first quarter. American International Group Inc. now owns 18,453 shares of the oil and gas company’s stock worth $102,000 after buying an additional 1,214 shares during the last quarter. Trexquant Investment LP increased its stake in Independence Contract Drilling by 5.1% in the first quarter. Trexquant Investment LP now owns 20,948 shares of the oil and gas company’s stock valued at $115,000 after purchasing an additional 1,008 shares in the last quarter. Rhumbline Advisers increased its stake in Independence Contract Drilling by 23.1% in the second quarter. Rhumbline Advisers now owns 36,824 shares of the oil and gas company’s stock valued at $143,000 after purchasing an additional 6,920 shares in the last quarter. National Investment Services Inc. WI bought a new stake in Independence Contract Drilling in the second quarter valued at $154,000. Finally, BB&T Securities LLC increased its stake in Independence Contract Drilling by 1.0% in the second quarter. BB&T Securities LLC now owns 40,300 shares of the oil and gas company’s stock valued at $156,000 after purchasing an additional 400 shares in the last quarter. 80.78% of the stock is owned by institutional investors and hedge funds.
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About Independence Contract Drilling
Independence Contract Drilling, Inc provides land-based contract drilling services for oil and natural gas producers in the United States. The company constructs, owns, and operates a fleet of ShaleDriller rigs to optimize the development of various oil and gas properties in the Permian Basin. As of December 31, 2016, it had 12 rigs.
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