Independence Contract Drilling, Inc. (NYSE:ICD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Independence Contract Drilling Inc. provides land drilling services for oil and natural gas producers primarily in the United States. The Company provides the US E&P industry a fleet of ShaleDriller (TM) rigs for drilling and development of shale and tight oil basins in North America. Independence Contract Drilling, Inc. is based in Houston, Texas. “
ICD has been the topic of a number of other research reports. Cowen and Company set a $5.00 target price on shares of Independence Contract Drilling and gave the company a “buy” rating in a research report on Wednesday, October 18th. Royal Bank Of Canada cut their target price on shares of Independence Contract Drilling from $7.00 to $6.00 and set an “outperform” rating on the stock in a research report on Friday, September 29th. ValuEngine upgraded shares of Independence Contract Drilling from a “strong sell” rating to a “sell” rating in a research report on Monday, October 2nd. Finally, FBR & Co restated a “buy” rating on shares of Independence Contract Drilling in a research report on Tuesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $6.13.
Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings data on Tuesday, October 31st. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The firm had revenue of $23.45 million during the quarter, compared to the consensus estimate of $23.54 million. Independence Contract Drilling had a negative net margin of 34.87% and a negative return on equity of 8.19%. The business’s revenue was up 62.1% compared to the same quarter last year. During the same period last year, the business earned ($0.17) earnings per share.
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Hedge funds have recently added to or reduced their stakes in the stock. American International Group Inc. lifted its holdings in Independence Contract Drilling by 7.0% in the first quarter. American International Group Inc. now owns 18,453 shares of the oil and gas company’s stock valued at $102,000 after buying an additional 1,214 shares during the period. Rhumbline Advisers lifted its holdings 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 buying an additional 6,920 shares during the period. National Investment Services Inc. WI acquired a new position in Independence Contract Drilling in the second quarter valued at $154,000. BB&T Securities LLC lifted its holdings 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 buying an additional 400 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Independence Contract Drilling by 256.4% in the first quarter. Goldman Sachs Group Inc. now owns 53,497 shares of the oil and gas company’s stock valued at $295,000 after purchasing an additional 38,485 shares in the last quarter. Institutional investors and hedge funds own 80.80% of the company’s stock.
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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