FBR & Co Reiterates “Buy” Rating for Independence Contract Drilling Inc (ICD)
Several other brokerages have also commented on ICD. Cowen and Company reiterated a buy rating and set a $5.00 price target on shares of Independence Contract Drilling in a research note on Friday, August 11th. Zacks Investment Research lowered shares of Independence Contract Drilling from a hold rating to a sell rating in a research note on Wednesday, September 6th. ValuEngine lowered shares of Independence Contract Drilling from a sell rating to a strong sell rating in a research note on Friday, September 8th. Finally, Royal Bank Of Canada reiterated a buy rating and set a $7.00 price target on shares of Independence Contract Drilling in a research note on Thursday, July 20th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. Independence Contract Drilling currently has an average rating of Buy and an average price target of $6.13.
Shares of Independence Contract Drilling (ICD) traded up $0.18 during trading hours on Tuesday, hitting $3.43. The company had a trading volume of 115,231 shares, compared to its average volume of 150,739. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.66 and a current ratio of 2.01. Independence Contract Drilling has a one year low of $2.72 and a one year high of $7.30.
Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings results 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 for the quarter, compared to analyst estimates of $23.54 million. During the same quarter in the prior year, the business earned ($0.17) earnings per share. Independence Contract Drilling’s revenue was up 62.1% compared to the same quarter last year. research analysts predict that Independence Contract Drilling will post -0.53 earnings per share for the current fiscal year.
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Hedge funds and other institutional investors have recently bought and sold shares of the business. Federated Investors Inc. PA increased its stake in Independence Contract Drilling by 14.9% in 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 purchasing an additional 190,000 shares during the period. Dimensional Fund Advisors LP acquired a new position in Independence Contract Drilling in the first quarter valued at $1,413,000. Vanguard Group Inc. increased its stake in Independence Contract Drilling by 10.7% in the first quarter. Vanguard Group Inc. now owns 1,262,680 shares of the oil and gas company’s stock valued at $6,957,000 after purchasing an additional 121,655 shares during the period. Viking Fund Management LLC increased its stake in Independence Contract Drilling by 2.0% in the second quarter. Viking Fund Management LLC now owns 520,000 shares of the oil and gas company’s stock valued at $2,023,000 after purchasing an additional 10,000 shares during the period. Finally, FMR LLC increased its stake in Independence Contract Drilling by 67.4% in the first quarter. FMR LLC now owns 166,014 shares of the oil and gas company’s stock valued at $915,000 after purchasing an additional 66,856 shares during the period. Institutional investors own 80.80% 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 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.
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