According to Zacks, “Independence Contract Drilling Inc. provides land drilling services for oil and natural gas producers primarily in the United States. The Company provides the US E&P industry a fleet of ShaleDriller (TM) rigs for drilling and development of shale and tight oil basins in North America. Independence Contract Drilling, Inc. is based in Houston, Texas. “
Several other research firms have also weighed in on ICD. Royal Bank of Canada lowered shares of Independence Contract Drilling from an outperform rating to a sector perform rating and lowered their price objective for the stock from $4.00 to $2.00 in a research note on Wednesday, September 25th. Morgan Stanley reduced their price objective on shares of Independence Contract Drilling from $3.00 to $2.00 and set an equal weight rating for the company in a research report on Monday, October 7th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Independence Contract Drilling presently has a consensus rating of Hold and an average price target of $2.69.
Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings results on Thursday, October 31st. The oil and gas company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.02. The firm had revenue of $45.07 million during the quarter, compared to analysts’ expectations of $45.05 million. Independence Contract Drilling had a negative return on equity of 2.47% and a negative net margin of 15.55%. On average, research analysts expect that Independence Contract Drilling will post -0.22 earnings per share for the current fiscal year.
Several hedge funds have recently made changes to their positions in ICD. Susquehanna International Group LLP acquired a new stake in Independence Contract Drilling in the second quarter valued at approximately $29,000. B. Riley Financial Inc. purchased a new position in Independence Contract Drilling in the second quarter valued at about $55,000. Parametric Portfolio Associates LLC grew its holdings in Independence Contract Drilling by 59.8% during the second quarter. Parametric Portfolio Associates LLC now owns 76,386 shares of the oil and gas company’s stock valued at $121,000 after purchasing an additional 28,576 shares during the period. Fort Washington Investment Advisors Inc. OH bought a new stake in Independence Contract Drilling in the 2nd quarter valued at about $149,000. Finally, Municipal Employees Retirement System of Michigan bought a new stake in shares of Independence Contract Drilling in the second quarter valued at approximately $185,000. 74.65% 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 and the Haynesville Shale.
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