Independence Contract Drilling, Inc. (ICD) Sets New 12-Month Low at $2.90

Independence Contract Drilling, Inc. (NYSE:ICD) shares hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $2.90 and last traded at $2.89, with a volume of 234,206 shares traded. The stock had previously closed at $2.94.

Several research analysts have issued reports on the stock. FBR & Co reissued a “buy” rating on shares of Independence Contract Drilling in a research report on Tuesday. Zacks Investment Research raised shares of Independence Contract Drilling from a “sell” rating to a “hold” rating in a research report on Tuesday. ValuEngine downgraded shares of Independence Contract Drilling from a “sell” rating to a “strong sell” rating in a research report on Friday, September 8th. Royal Bank Of Canada reissued a “buy” rating and set a $7.00 price objective on shares of Independence Contract Drilling in a research report on Thursday, July 20th. Finally, Cowen and Company reissued a “buy” rating and set a $5.00 price objective on shares of Independence Contract Drilling in a research report on Friday, August 11th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $6.13.

The stock’s market cap is $122.08 million. The firm’s 50 day moving average is $3.57 and its 200 day moving average is $3.78.

Independence Contract Drilling (NYSE:ICD) last released its quarterly earnings results on Tuesday, October 24th. The oil and gas company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The firm had revenue of $23.45 million for the quarter, compared to the consensus estimate of $23.54 million. Independence Contract Drilling had a negative return on equity of 8.62% and a negative net margin of 40.75%. The firm’s revenue was up 62.1% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.17) EPS. On average, analysts expect that Independence Contract Drilling, Inc. will post ($0.52) EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in ICD. American International Group Inc. grew its position in shares of 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 acquiring an additional 1,214 shares during the last quarter. Rhumbline Advisers grew its position in Independence Contract Drilling by 23.1% in the 2nd quarter. Rhumbline Advisers now owns 36,824 shares of the oil and gas company’s stock valued at $143,000 after buying an additional 6,920 shares in the last quarter. National Investment Services Inc. WI bought a new position in Independence Contract Drilling in the 2nd quarter valued at about $154,000. BB&T Securities LLC grew its position in Independence Contract Drilling by 1.0% in the 2nd quarter. BB&T Securities LLC now owns 40,300 shares of the oil and gas company’s stock valued at $156,000 after buying an additional 400 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Independence Contract Drilling by 12.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 60,414 shares of the oil and gas company’s stock valued at $235,000 after buying an additional 6,917 shares in the last quarter. Institutional investors and hedge funds own 80.80% of the company’s stock.

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Independence Contract Drilling Company Profile

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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