Independence Contract Drilling, Inc. (ICD) Price Target Cut to $6.00
Independence Contract Drilling, Inc. (NYSE:ICD) had its price target lowered by equities research analysts at Royal Bank Of Canada from $7.00 to $6.00 in a report released on Friday. The brokerage presently has an “outperform” rating on the oil and gas company’s stock. Royal Bank Of Canada’s target price indicates a potential upside of 57.89% from the company’s current price.
A number of other equities research analysts also recently weighed in on the company. Zacks Investment Research downgraded Independence Contract Drilling from a “hold” rating to a “sell” rating in a research report on Wednesday, September 6th. ValuEngine downgraded Independence Contract Drilling from a “sell” rating to a “strong sell” rating in a research report on Friday, September 8th. Morgan Stanley downgraded Independence Contract Drilling from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $8.50 to $5.00 in a research report on Wednesday, June 21st. Finally, Cowen and Company reissued a “buy” rating and set a $5.00 target price on shares of Independence Contract Drilling in a research report on Friday, August 11th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $6.30.
Shares of Independence Contract Drilling (NYSE ICD) opened at 3.80 on Friday. The firm’s market cap is $143.18 million. Independence Contract Drilling has a 52 week low of $2.91 and a 52 week high of $7.30. The firm’s 50-day moving average price is $3.33 and its 200 day moving average price is $4.15.
Independence Contract Drilling (NYSE:ICD) last released its earnings results on Thursday, July 27th. The oil and gas company reported ($0.13) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.13). Independence Contract Drilling had a negative return on equity of 8.62% and a negative net margin of 40.75%. The business had revenue of $21.29 million for the quarter, compared to the consensus estimate of $21.24 million. During the same period last year, the business earned ($0.07) earnings per share. The firm’s revenue for the quarter was up 40.4% compared to the same quarter last year. Equities analysts anticipate that Independence Contract Drilling will post ($0.48) EPS for the current year.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Federated Investors Inc. PA boosted its holdings in Independence Contract Drilling by 14.9% during 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 in the last quarter. Dimensional Fund Advisors LP acquired a new stake in Independence Contract Drilling during the first quarter valued at approximately $1,413,000. Vanguard Group Inc. boosted its holdings in Independence Contract Drilling by 10.7% during 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 in the last quarter. Viking Fund Management LLC boosted its holdings in Independence Contract Drilling by 2.0% during 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 in the last quarter. Finally, FMR LLC boosted its holdings in Independence Contract Drilling by 67.4% during 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 in the last quarter. 80.78% of the stock is currently owned by institutional investors.
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 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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