Independence Contract Drilling, Inc. (NYSE:ICD)‘s stock had its “buy” rating reissued by equities researchers at FBR & Co in a research note issued on Tuesday.
Other analysts have also recently issued research reports about the company. Cowen and Company set a $5.00 target price on Independence Contract Drilling and gave the stock a “buy” rating in a report on Wednesday, October 18th. Royal Bank Of Canada reiterated a “buy” rating and set a $7.00 target price on shares of Independence Contract Drilling in a report on Thursday, July 20th. Zacks Investment Research upgraded Independence Contract Drilling from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. Finally, ValuEngine upgraded Independence Contract Drilling from a “strong sell” rating to a “sell” rating in a report on Monday, October 2nd. One equities 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 stock. The stock has a consensus rating of “Buy” and an average price target of $6.13.
Independence Contract Drilling (NYSE:ICD) last issued its earnings results on Tuesday, October 31st. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.11) by ($0.02). Independence Contract Drilling had a negative return on equity of 8.19% and a negative net margin of 34.87%. The firm had revenue of $23.45 million for the quarter, compared to analysts’ expectations of $23.54 million. During the same quarter in the previous year, the firm posted ($0.17) EPS. The firm’s revenue for the quarter was up 62.1% compared to the same quarter last year.
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Large investors have recently modified their holdings of the company. BB&T Securities LLC boosted its holdings 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 worth $156,000 after acquiring an additional 400 shares during the period. California State Teachers Retirement System boosted its holdings in Independence Contract Drilling by 0.8% in the 2nd quarter. California State Teachers Retirement System now owns 60,763 shares of the oil and gas company’s stock worth $236,000 after acquiring an additional 500 shares during the period. American International Group Inc. boosted its holdings in Independence Contract Drilling by 7.0% in the 1st 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 period. Goldman Sachs Group Inc. boosted its holdings 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 worth $235,000 after acquiring an additional 6,917 shares during the period. Finally, Rhumbline Advisers boosted its holdings 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 worth $143,000 after acquiring an additional 6,920 shares during the period. 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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