Independence Contract Drilling, Inc. (ICD) Receives Average Recommendation of “Buy” from Analysts

Shares of Independence Contract Drilling, Inc. (NYSE:ICD) have received an average recommendation of “Buy” from the nine research firms that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $5.94.

Several analysts have commented on the stock. B. Riley dropped their target price on shares of Independence Contract Drilling from $8.75 to $7.75 and set a “buy” rating on the stock in a report on Wednesday, November 22nd. ValuEngine upgraded shares of Independence Contract Drilling from a “strong sell” rating to a “sell” rating in a report on Friday, November 10th. Royal Bank Of Canada dropped their target price on shares of Independence Contract Drilling from $7.00 to $6.00 and set an “outperform” rating on the stock in a report on Friday, September 29th. Cowen Inc set a $5.00 target price on shares of Independence Contract Drilling and gave the stock a “buy” rating in a report on Wednesday, October 18th. Finally, Zacks Investment Research downgraded shares of Independence Contract Drilling from a “hold” rating to a “sell” rating in a report on Wednesday, September 6th.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BB&T Securities LLC raised its holdings in shares of Independence Contract Drilling by 1.0% in the second quarter. BB&T Securities LLC now owns 40,300 shares of the oil and gas company’s stock valued at $156,000 after purchasing an additional 400 shares during the last quarter. California State Teachers Retirement System raised its holdings in shares of Independence Contract Drilling by 0.8% in the second quarter. California State Teachers Retirement System now owns 60,763 shares of the oil and gas company’s stock valued at $236,000 after purchasing an additional 500 shares during the last quarter. American International Group Inc. raised its holdings in shares of Independence Contract Drilling by 7.0% in the first quarter. American International Group Inc. now owns 18,453 shares of the oil and gas company’s stock valued at $102,000 after purchasing an additional 1,214 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Independence Contract Drilling by 12.9% in the second quarter. Goldman Sachs Group Inc. now owns 60,414 shares of the oil and gas company’s stock valued at $235,000 after purchasing an additional 6,917 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of Independence Contract Drilling by 23.1% in the second quarter. Rhumbline Advisers now owns 36,824 shares of the oil and gas company’s stock valued at $143,000 after purchasing an additional 6,920 shares during the last quarter. Institutional investors own 80.39% of the company’s stock.

Shares of Independence Contract Drilling (ICD) traded down $0.10 during mid-day trading on Monday, reaching $3.76. 13,504 shares of the company’s stock traded hands, compared to its average volume of 176,109. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.84 and a current ratio of 2.01. Independence Contract Drilling has a 52-week low of $2.72 and a 52-week high of $7.30.

Independence Contract Drilling (NYSE:ICD) last announced its earnings results on Tuesday, October 31st. The oil and gas company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The company had revenue of $23.45 million for the quarter, compared to analyst estimates of $23.54 million. Independence Contract Drilling had a negative return on equity of 8.28% and a negative net margin of 34.87%. The business’s quarterly revenue was up 62.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.17) earnings per share. analysts forecast that Independence Contract Drilling will post -0.53 EPS for the current year.

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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.

Analyst Recommendations for Independence Contract Drilling (NYSE:ICD)

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