Independence Contract Drilling Inc (NYSE:ICD) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Independence Contract Drilling Inc (NYSE:ICD) have been assigned an average recommendation of “Hold” from the seven research firms that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $4.33.

Several equities analysts recently commented on the stock. B. Riley dropped their price objective on shares of Independence Contract Drilling from $5.75 to $5.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Royal Bank of Canada set a $4.00 price objective on shares of Independence Contract Drilling and gave the company a “buy” rating in a research note on Friday, August 2nd. Zacks Investment Research downgraded shares of Independence Contract Drilling from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 3rd. TheStreet downgraded shares of Independence Contract Drilling from a “c-” rating to a “d+” rating in a research note on Wednesday, June 12th. Finally, Morgan Stanley dropped their price objective on shares of Independence Contract Drilling from $5.50 to $4.00 and set an “equal weight” rating for the company in a research note on Friday, July 12th.

NYSE:ICD traded up $0.04 on Wednesday, hitting $1.14. The company had a trading volume of 153,500 shares, compared to its average volume of 216,566. The stock has a market capitalization of $85.08 million, a price-to-earnings ratio of -6.71 and a beta of 1.90. The company has a current ratio of 1.29, a quick ratio of 1.25 and a debt-to-equity ratio of 0.34. The firm has a 50 day moving average of $1.26 and a two-hundred day moving average of $2.35. Independence Contract Drilling has a 52 week low of $1.02 and a 52 week high of $5.05.

Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings data on Thursday, August 1st. The oil and gas company reported ($0.07) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.03). The company had revenue of $52.88 million during the quarter, compared to the consensus estimate of $51.70 million. Independence Contract Drilling had a negative net margin of 13.58% and a negative return on equity of 0.97%. As a group, equities analysts forecast that Independence Contract Drilling will post -0.11 EPS for the current year.

In other Independence Contract Drilling news, Director Thomas R. Bates, Jr. purchased 25,000 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was purchased at an average price of $1.86 per share, with a total value of $46,500.00. Following the completion of the purchase, the director now owns 151,110 shares of the company’s stock, valued at $281,064.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have bought 31,000 shares of company stock valued at $61,410 in the last ninety days. Insiders own 3.10% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA raised its stake in shares of Independence Contract Drilling by 1,030.5% during the first quarter. BNP Paribas Arbitrage SA now owns 10,141 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 9,244 shares during the last quarter. Susquehanna International Group LLP bought a new position in shares of Independence Contract Drilling during the second quarter valued at $29,000. B. Riley Financial Inc. bought a new position in shares of Independence Contract Drilling during the second quarter valued at $55,000. Jane Street Group LLC bought a new position in shares of Independence Contract Drilling during the fourth quarter valued at $73,000. Finally, SG Americas Securities LLC bought a new position in shares of Independence Contract Drilling during the first quarter valued at $110,000. 76.16% of the stock is owned by hedge funds and other 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 pad-optimal ShaleDriller rigs that are engineered and designed to optimize the development of various oil and natural gas properties in the Permian Basin and the Haynesville Shale.

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