Independence Contract Drilling Inc (ICD) Receives Consensus Recommendation of “Buy” from Brokerages

Independence Contract Drilling Inc (NYSE:ICD) has earned an average recommendation of “Buy” from the eight research firms that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $5.94.

Several analysts have commented on ICD shares. ValuEngine upgraded shares of Independence Contract Drilling from a “strong sell” rating to a “sell” rating in a report on Friday, November 10th. 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. FBR & Co reaffirmed a “buy” rating on shares of Independence Contract Drilling in a research note on Tuesday, October 31st. B. Riley decreased their target price on shares of Independence Contract Drilling from $8.75 to $7.75 and set a “buy” rating for the company in a research note on Wednesday, November 22nd. Finally, Royal Bank of Canada decreased their target price on shares of Independence Contract Drilling from $7.00 to $6.00 and set an “outperform” rating for the company in a research note on Friday, September 29th.

Independence Contract Drilling (ICD) traded up $0.24 during trading on Friday, hitting $4.04. 105,500 shares of the stock were exchanged, compared to its average volume of 172,105. The company has a quick ratio of 1.84, a current ratio of 2.01 and a debt-to-equity ratio of 0.20. Independence Contract Drilling has a one year low of $2.72 and a one year high of $7.25.

Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings data on Tuesday, October 31st. The oil and gas company reported ($0.13) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.02). Independence Contract Drilling had a negative return on equity of 8.28% and a negative net margin of 34.87%. The company had revenue of $23.45 million during the quarter, compared to analysts’ expectations of $23.54 million. During the same quarter last year, the business earned ($0.17) earnings per share. The business’s quarterly revenue was up 62.1% on a year-over-year basis. sell-side analysts predict that Independence Contract Drilling will post -0.53 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in ICD. FMR LLC increased its position in shares of Independence Contract Drilling by 617.7% during the second quarter. FMR LLC now owns 1,191,439 shares of the oil and gas company’s stock valued at $4,635,000 after acquiring an additional 1,025,425 shares in the last quarter. Sterling Capital Management LLC bought a new stake in shares of Independence Contract Drilling during the second quarter valued at approximately $1,660,000. Dimensional Fund Advisors LP bought a new stake in shares of Independence Contract Drilling during the first quarter valued at approximately $1,413,000. Royce & Associates LP increased its position in shares of Independence Contract Drilling by 14.7% during the second quarter. Royce & Associates LP now owns 1,875,978 shares of the oil and gas company’s stock valued at $7,298,000 after acquiring an additional 240,892 shares in the last quarter. Finally, Federated Investors Inc. PA increased its position in shares of Independence Contract Drilling by 14.9% during the second quarter. Federated Investors Inc. PA now owns 1,468,900 shares of the oil and gas company’s stock valued at $5,714,000 after acquiring an additional 190,000 shares in the last quarter. 78.24% of the stock is owned by institutional investors.

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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.

Analyst Recommendations for Independence Contract Drilling (NYSE:ICD)

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