Independence Contract Drilling Inc (ICD) Receives Consensus Recommendation of “Buy” from Analysts
Shares of Independence Contract Drilling Inc (NYSE:ICD) have been assigned a consensus recommendation of “Buy” from the eight analysts that are covering the stock. One research analyst has rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $7.70.
A number of equities analysts have recently issued reports on the stock. FBR & Co raised their target price on shares of Independence Contract Drilling from $6.25 to $8.50 and gave the stock an “outperform” rating in a research report on Wednesday, December 28th. Zacks Investment Research lowered shares of Independence Contract Drilling from a “buy” rating to a “hold” rating in a research report on Wednesday, January 4th. Finally, Capital One Financial Corp. upgraded shares of Independence Contract Drilling from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, February 28th.
Shares of Independence Contract Drilling (NYSE:ICD) traded down 0.60% during trading on Monday, hitting $4.93. 123,232 shares of the stock traded hands. Independence Contract Drilling has a 12 month low of $3.76 and a 12 month high of $7.30. The stock’s market cap is $184.73 million. The firm’s 50-day moving average price is $5.36 and its 200-day moving average price is $5.74.
Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings results on Tuesday, February 28th. The oil and gas company reported ($0.14) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.01. The company had revenue of $18 million for the quarter, compared to analyst estimates of $17.39 million. Independence Contract Drilling had a negative net margin of 22.48% and a negative return on equity of 4.00%. The firm’s revenue was down 24.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.04) earnings per share. Analysts anticipate that Independence Contract Drilling will post ($0.38) EPS for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital Research Global Investors increased its position in Independence Contract Drilling by 38.6% in the third quarter. Capital Research Global Investors now owns 4,611,000 shares of the oil and gas company’s stock valued at $24,208,000 after buying an additional 1,284,828 shares during the period. Royce & Associates LP increased its position in Independence Contract Drilling by 547.4% in the fourth quarter. Royce & Associates LP now owns 1,294,786 shares of the oil and gas company’s stock valued at $8,675,000 after buying an additional 1,094,786 shares during the period. Scoria Capital Partners LP bought a new stake in Independence Contract Drilling during the third quarter worth approximately $4,463,000. Columbus Circle Investors boosted its stake in Independence Contract Drilling by 238.2% in the first quarter. Columbus Circle Investors now owns 889,146 shares of the oil and gas company’s stock worth $4,899,000 after buying an additional 626,241 shares in the last quarter. Finally, Federated Investors Inc. PA boosted its stake in Independence Contract Drilling by 67.4% in the fourth quarter. Federated Investors Inc. PA now owns 1,338,900 shares of the oil and gas company’s stock worth $8,971,000 after buying an additional 538,900 shares in the last quarter. 77.73% of the stock is owned by institutional investors and hedge funds.
About Independence Contract Drilling
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