ValuEngine upgraded shares of Independence Contract Drilling (NYSE:ICD) from a sell rating to a hold rating in a report published on Friday morning, ValuEngine reports.
Other research analysts have also issued reports about the company. Zacks Investment Research lowered Independence Contract Drilling from a buy rating to a hold rating in a report on Wednesday, July 24th. Morgan Stanley decreased their target price on Independence Contract Drilling from $5.50 to $4.00 and set an equal weight rating on the stock in a report on Friday, July 12th. TheStreet lowered Independence Contract Drilling from a c- rating to a d+ rating in a report on Wednesday, June 12th. Finally, B. Riley decreased their target price on Independence Contract Drilling from $5.75 to $5.00 and set a buy rating on the stock in a report on Friday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $4.19.
Shares of NYSE:ICD traded up $0.09 during trading on Friday, hitting $1.21. 185,408 shares of the company were exchanged, compared to its average volume of 402,185. The stock has a market capitalization of $101.74 million, a PE ratio of -7.12 and a beta of 1.91. Independence Contract Drilling has a fifty-two week low of $1.05 and a fifty-two week high of $5.05. The firm has a fifty day simple moving average of $1.46. The company has a current ratio of 2.16, a quick ratio of 2.09 and a debt-to-equity ratio of 0.34.
Independence Contract Drilling (NYSE:ICD) last posted its earnings results on Thursday, August 1st. The oil and gas company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). The business had revenue of $52.88 million for the quarter, compared to analyst estimates of $51.70 million. Independence Contract Drilling had a negative return on equity of 0.35% and a negative net margin of 10.27%. As a group, sell-side analysts predict that Independence Contract Drilling will post 0.01 EPS for the current fiscal year.
In other news, Director Thomas R. Bates, Jr. purchased 25,000 shares of Independence Contract Drilling stock in a transaction that occurred on Friday, June 7th. The stock was acquired at an average cost of $1.86 per share, for a total transaction of $46,500.00. Following the purchase, the director now directly owns 151,110 shares of the company’s stock, valued at approximately $281,064.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have purchased a total of 34,300 shares of company stock worth $70,152 over the last three months. 3.10% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in Independence Contract Drilling by 40.3% in the 4th quarter. BlackRock Inc. now owns 2,536,793 shares of the oil and gas company’s stock valued at $7,915,000 after purchasing an additional 729,189 shares during the period. Federated Investors Inc. PA lifted its position in shares of Independence Contract Drilling by 42.1% during the 1st quarter. Federated Investors Inc. PA now owns 2,038,500 shares of the oil and gas company’s stock valued at $5,647,000 after acquiring an additional 603,500 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Independence Contract Drilling by 15.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,548,482 shares of the oil and gas company’s stock valued at $4,833,000 after acquiring an additional 211,759 shares during the period. Foundry Partners LLC lifted its position in shares of Independence Contract Drilling by 8.0% during the 2nd quarter. Foundry Partners LLC now owns 1,040,725 shares of the oil and gas company’s stock valued at $1,644,000 after acquiring an additional 77,150 shares during the period. Finally, FMR LLC lifted its position in shares of Independence Contract Drilling by 14.9% during the 1st quarter. FMR LLC now owns 689,455 shares of the oil and gas company’s stock valued at $1,910,000 after acquiring an additional 89,500 shares during the period. Institutional investors and hedge funds own 74.01% of the company’s stock.
About Independence Contract Drilling
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 and the Haynesville Shale.
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