Morgan Stanley Lowers Independence Contract Drilling (NYSE:ICD) Price Target to $4.00

Independence Contract Drilling (NYSE:ICD) had its price objective cut by research analysts at Morgan Stanley from $5.50 to $4.00 in a research note issued to investors on Friday, BenzingaRatingsTable reports. The brokerage currently has an “equal weight” rating on the oil and gas company’s stock. Morgan Stanley’s target price points to a potential upside of 214.96% from the stock’s current price.

Several other equities research analysts have also commented on ICD. Zacks Investment Research raised HB Fuller from a “sell” rating to a “hold” rating in a research note on Wednesday, July 3rd. ValuEngine downgraded Zosano Pharma from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. B. Riley set a $42.00 price objective on Carbonite and gave the stock a “buy” rating in a research report on Friday, May 3rd. Finally, TheStreet downgraded Resolute Forest Products from a “b-” rating to a “c+” rating in a research report on Wednesday, June 12th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. Independence Contract Drilling has a consensus rating of “Hold” and a consensus price target of $4.94.

Shares of NYSE:ICD opened at $1.27 on Friday. The stock’s 50 day moving average price is $1.78. The stock has a market cap of $97.89 million, a price-to-earnings ratio of -7.47 and a beta of 1.91. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.16 and a quick ratio of 2.09. Independence Contract Drilling has a 12 month low of $1.26 and a 12 month high of $5.05.

Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings results on Thursday, May 2nd. The oil and gas company reported $0.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.06. The business had revenue of $60.36 million for the quarter, compared to analyst estimates of $60.15 million. Independence Contract Drilling had a negative return on equity of 0.35% and a negative net margin of 10.27%. On average, sell-side analysts expect that Independence Contract Drilling will post 0.02 EPS for the current year.

In related news, Director Thomas R. Bates, Jr. bought 25,000 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were acquired at an average price of $1.86 per share, for a total transaction of $46,500.00. Following the purchase, the director now owns 151,110 shares in the company, valued at approximately $281,064.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In the last 90 days, insiders bought 34,300 shares of company stock worth $70,152. Company insiders own 3.10% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Rhumbline Advisers grew its position in Independence Contract Drilling by 18.8% in the 1st quarter. Rhumbline Advisers now owns 57,836 shares of the oil and gas company’s stock worth $160,000 after purchasing an additional 9,137 shares during the last quarter. BNP Paribas Arbitrage SA increased its holdings in shares of Independence Contract Drilling by 1,030.5% in the first quarter. BNP Paribas Arbitrage SA now owns 10,141 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 9,244 shares during the last quarter. American International Group Inc. increased its holdings in shares of Independence Contract Drilling by 40.9% in the fourth quarter. American International Group Inc. now owns 32,089 shares of the oil and gas company’s stock valued at $100,000 after purchasing an additional 9,318 shares during the last quarter. Teton Advisors Inc. increased its holdings in shares of Independence Contract Drilling by 4.9% in the first quarter. Teton Advisors Inc. now owns 297,000 shares of the oil and gas company’s stock valued at $823,000 after purchasing an additional 14,000 shares during the last quarter. Finally, Walthausen & Co. LLC grew its position in Independence Contract Drilling by 5.6% in the fourth quarter. Walthausen & Co. LLC now owns 317,074 shares of the oil and gas company’s stock worth $989,000 after acquiring an additional 16,880 shares during the period. Institutional investors and hedge funds own 73.91% 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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