Independence Contract Drilling (NYSE:ICD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $4.50 price target on the oil and gas company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 2.74% from the company’s previous close.
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. “
A number of other brokerages have also issued reports on ICD. ValuEngine raised Independence Contract Drilling from a “sell” rating to a “hold” rating in a research note on Tuesday, May 1st. B. Riley set a $8.00 price target on Independence Contract Drilling and gave the stock a “buy” rating in a research note on Monday, March 26th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $6.13.
Shares of NYSE:ICD opened at $4.38 on Tuesday. The company has a current ratio of 1.68, a quick ratio of 1.50 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $158.11 million, a PE ratio of -8.26 and a beta of 2.70. Independence Contract Drilling has a 1 year low of $2.72 and a 1 year high of $5.48.
Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings results on Thursday, April 26th. The oil and gas company reported ($0.11) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.01. The firm had revenue of $25.63 million for the quarter, compared to analyst estimates of $24.80 million. Independence Contract Drilling had a negative return on equity of 7.97% and a negative net margin of 23.25%. research analysts anticipate that Independence Contract Drilling will post -0.28 EPS for the current fiscal year.
A number of institutional investors have recently made changes to their positions in ICD. Wells Fargo & Company MN lifted its position in Independence Contract Drilling by 40.9% during the fourth quarter. Wells Fargo & Company MN now owns 51,032 shares of the oil and gas company’s stock worth $203,000 after buying an additional 14,812 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Independence Contract Drilling by 13.3% during the fourth quarter. Bank of New York Mellon Corp now owns 145,885 shares of the oil and gas company’s stock worth $580,000 after buying an additional 17,133 shares in the last quarter. BlackRock Inc. lifted its position in Independence Contract Drilling by 1.4% during the fourth quarter. BlackRock Inc. now owns 1,636,687 shares of the oil and gas company’s stock worth $6,514,000 after buying an additional 23,024 shares in the last quarter. Deutsche Bank AG lifted its position in Independence Contract Drilling by 63.9% during the fourth quarter. Deutsche Bank AG now owns 105,410 shares of the oil and gas company’s stock worth $418,000 after buying an additional 41,112 shares in the last quarter. Finally, Two Sigma Investments LP purchased a new position in Independence Contract Drilling during the fourth quarter worth approximately $107,000. Hedge funds and other institutional investors own 77.10% 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 pad-optimal ShaleDriller rigs that are engineered and designed to optimize the development of various oil and natural gas properties in the Permian Basin.
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