ValuEngine upgraded shares of Independence Contract Drilling, Inc. (NYSE:ICD) from a strong sell rating to a sell rating in a research note issued to investors on Friday morning.
A number of other research analysts also recently commented on the stock. Zacks Investment Research raised shares of Independence Contract Drilling from a sell rating to a hold rating in a research report on Tuesday, October 31st. FBR & Co reissued a buy rating on shares of Independence Contract Drilling in a research report on Tuesday, October 31st. Cowen and Company set a $5.00 price objective on shares of Independence Contract Drilling and gave the stock a buy rating in a research report on Wednesday, October 18th. Finally, Royal Bank Of Canada lowered their price objective on shares of Independence Contract Drilling from $7.00 to $6.00 and set an outperform rating on the stock in a research report on Friday, September 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $6.13.
Independence Contract Drilling (NYSE:ICD) traded up $0.19 during midday trading on Friday, hitting $3.89. 101,600 shares of the company were exchanged, compared to its average volume of 173,100. The company has a current ratio of 2.01, a quick ratio of 1.84 and a debt-to-equity ratio of 0.20. Independence Contract Drilling has a 1 year low of $2.72 and a 1 year high of $7.30.
Independence Contract Drilling (NYSE:ICD) last posted its earnings results on Tuesday, October 31st. The oil and gas company reported ($0.13) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.11) by ($0.02). The company had revenue of $23.45 million during the quarter, compared to analysts’ expectations of $23.54 million. Independence Contract Drilling had a negative net margin of 34.87% and a negative return on equity of 8.28%. The company’s quarterly revenue was up 62.1% on a year-over-year basis. During the same period last year, the business earned ($0.17) earnings per share. research analysts forecast that Independence Contract Drilling will post -0.53 EPS for the current fiscal year.
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Institutional investors have recently modified their holdings of the business. American International Group Inc. grew its position in Independence Contract Drilling by 7.0% during the 1st quarter. American International Group Inc. now owns 18,453 shares of the oil and gas company’s stock worth $102,000 after purchasing an additional 1,214 shares during the last quarter. Rhumbline Advisers grew its position in Independence Contract Drilling by 23.1% during the 2nd quarter. Rhumbline Advisers now owns 36,824 shares of the oil and gas company’s stock worth $143,000 after purchasing an additional 6,920 shares during the last quarter. National Investment Services Inc. WI acquired a new stake in shares of Independence Contract Drilling in the 2nd quarter worth $154,000. BB&T Securities LLC lifted its stake in shares of Independence Contract Drilling by 1.0% in the 2nd quarter. BB&T Securities LLC now owns 40,300 shares of the oil and gas company’s stock worth $156,000 after acquiring an additional 400 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Independence Contract Drilling by 256.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 53,497 shares of the oil and gas company’s stock worth $295,000 after acquiring an additional 38,485 shares during the period. 80.48% 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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