ValuEngine upgraded shares of Independence Contract Drilling (NYSE:ICD) from a hold rating to a buy rating in a research report report published on Monday morning.
A number of other equities analysts have also recently issued reports on the company. B. Riley set a $8.00 target price on Independence Contract Drilling and gave the stock a buy rating in a report on Sunday. Royal Bank of Canada reissued a buy rating and issued a $6.00 price target on shares of Independence Contract Drilling in a research note on Friday, August 17th. Zacks Investment Research raised Independence Contract Drilling from a hold rating to a buy rating and set a $4.25 price target for the company in a research note on Thursday, August 9th. Finally, Morgan Stanley increased their price target on Independence Contract Drilling from $5.00 to $5.50 and gave the company an equal weight rating in a research note on Monday, August 6th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $5.95.
Shares of ICD opened at $5.00 on Monday. Independence Contract Drilling has a 12-month low of $2.72 and a 12-month high of $5.48. The company has a quick ratio of 1.26, a current ratio of 1.39 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $188.21 million, a price-to-earnings ratio of -9.43 and a beta of 2.63.
Independence Contract Drilling (NYSE:ICD) last issued its earnings results on Thursday, August 2nd. The oil and gas company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. Independence Contract Drilling had a negative return on equity of 7.34% and a negative net margin of 19.21%. The business had revenue of $25.75 million during the quarter, compared to analysts’ expectations of $25.70 million. As a group, research analysts forecast that Independence Contract Drilling will post -0.25 earnings per share for the current fiscal year.
Hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company increased its stake in shares of Independence Contract Drilling by 57.6% in the first quarter. The Manufacturers Life Insurance Company now owns 29,223 shares of the oil and gas company’s stock valued at $110,000 after buying an additional 10,678 shares during the period. Marquette Asset Management LLC acquired a new stake in shares of Independence Contract Drilling in the second quarter valued at about $168,000. Acadian Asset Management LLC increased its stake in shares of Independence Contract Drilling by 603.1% in the second quarter. Acadian Asset Management LLC now owns 47,609 shares of the oil and gas company’s stock valued at $196,000 after buying an additional 40,838 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of Independence Contract Drilling by 47.8% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 68,000 shares of the oil and gas company’s stock valued at $258,000 after purchasing an additional 22,000 shares in the last quarter. Finally, Perella Weinberg Partners Capital Management LP bought a new stake in shares of Independence Contract Drilling during the 2nd quarter valued at about $269,000. 75.83% of the stock is owned by institutional investors.
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.
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