Zacks Investment Research cut shares of Independence Contract Drilling (NYSE:ICD) from a buy rating to a hold rating in a report published on Tuesday morning.
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. “
Other research analysts have also recently issued reports about the stock. B. Riley set a $8.00 price target on shares of Independence Contract Drilling and gave the company a buy rating in a research report on Wednesday, July 25th. ValuEngine upgraded shares of Independence Contract Drilling from a hold rating to a buy rating in a research report on Monday, October 8th. Royal Bank of Canada restated a buy rating and issued a $6.00 target price on shares of Independence Contract Drilling in a report on Friday, August 17th. Finally, Morgan Stanley raised their target price on shares of Independence Contract Drilling from $5.00 to $5.50 and gave the stock an equal weight rating in a report on Monday, August 6th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Independence Contract Drilling presently has an average rating of Buy and a consensus target price of $6.20.
Shares of NYSE ICD opened at $4.48 on Tuesday. Independence Contract Drilling has a one year low of $2.72 and a one year high of $5.48. The company has a current ratio of 1.39, a quick ratio of 1.26 and a debt-to-equity ratio of 0.26. The company has a market cap of $188.21 million, a price-to-earnings ratio of -8.45 and a beta of 2.63.
Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings results on Thursday, August 2nd. The oil and gas company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. Independence Contract Drilling had a negative net margin of 19.21% and a negative return on equity of 7.34%. The business had revenue of $25.75 million for the quarter, compared to analysts’ expectations of $25.70 million. As a group, sell-side analysts predict that Independence Contract Drilling will post -0.25 EPS for the current fiscal year.
Several institutional investors have recently modified their holdings of ICD. The Manufacturers Life Insurance Company grew its holdings in shares of Independence Contract Drilling by 57.6% in the first quarter. The Manufacturers Life Insurance Company now owns 29,223 shares of the oil and gas company’s stock worth $110,000 after purchasing an additional 10,678 shares during the last quarter. Marquette Asset Management LLC bought a new position in shares of Independence Contract Drilling in the second quarter worth approximately $168,000. Acadian Asset Management LLC grew its holdings in shares of Independence Contract Drilling by 603.1% in the second quarter. Acadian Asset Management LLC now owns 47,609 shares of the oil and gas company’s stock worth $196,000 after purchasing an additional 40,838 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of Independence Contract Drilling by 47.8% in the first quarter. Schwab Charles Investment Management Inc. now owns 68,000 shares of the oil and gas company’s stock worth $258,000 after purchasing an additional 22,000 shares during the last quarter. Finally, Perella Weinberg Partners Capital Management LP bought a new position in shares of Independence Contract Drilling in the second quarter worth approximately $269,000. Hedge funds and other institutional investors own 75.83% 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.
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