Independence Contract Drilling, Inc. (NYSE:ICD) – Analysts at B. Riley cut their Q3 2018 earnings per share estimates for Independence Contract Drilling in a note issued to investors on Wednesday. B. Riley analyst T. Curran now anticipates that the oil and gas company will post earnings of $0.02 per share for the quarter, down from their previous estimate of $0.05. B. Riley currently has a “Buy” rating and a $7.75 price target on the stock. B. Riley also issued estimates for Independence Contract Drilling’s Q4 2018 earnings at $0.02 EPS.

Several other research analysts also recently commented on the stock. ValuEngine raised shares of Independence Contract Drilling from a “strong sell” rating to a “sell” rating in a report on Friday, November 10th. Zacks Investment Research raised shares of Independence Contract Drilling from a “sell” rating to a “hold” rating in a report on Tuesday, October 31st. FBR & Co reissued a “buy” rating on shares of Independence Contract Drilling in a report on Tuesday, October 31st. Cowen set a $5.00 price target on shares of Independence Contract Drilling and gave the company a “buy” rating in a report on Wednesday, October 18th. Finally, Royal Bank Of Canada cut their price target on shares of Independence Contract Drilling from $7.00 to $6.00 and set an “outperform” rating for the company in a report on Friday, September 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $6.45.

Shares of Independence Contract Drilling (NYSE:ICD) traded up $0.13 during trading hours on Monday, reaching $3.86. 83,500 shares of the company’s stock traded hands, compared to its average volume of 175,362. The company has a quick ratio of 1.84, a current ratio of 2.01 and a debt-to-equity ratio of 0.20. Independence Contract Drilling has a 1 year low of $2.72 and a 1 year high of $7.30.

Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings results on Tuesday, October 31st. The oil and gas company reported ($0.13) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.02). Independence Contract Drilling had a negative net margin of 34.87% and a negative return on equity of 8.28%. The firm had revenue of $23.45 million during the quarter, compared to the consensus estimate of $23.54 million. During the same period in the previous year, the business earned ($0.17) earnings per share. The firm’s revenue for the quarter was up 62.1% on a year-over-year basis.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Royce & Associates LP lifted its holdings in shares of Independence Contract Drilling by 14.7% during the 2nd quarter. Royce & Associates LP now owns 1,875,978 shares of the oil and gas company’s stock worth $7,298,000 after acquiring an additional 240,892 shares during the last quarter. Federated Investors Inc. PA lifted its holdings in shares of Independence Contract Drilling by 14.9% during the 2nd quarter. Federated Investors Inc. PA now owns 1,468,900 shares of the oil and gas company’s stock worth $5,714,000 after acquiring an additional 190,000 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Independence Contract Drilling by 6.3% during the 2nd quarter. Vanguard Group Inc. now owns 1,341,715 shares of the oil and gas company’s stock worth $5,219,000 after acquiring an additional 79,035 shares during the last quarter. FMR LLC lifted its holdings in shares of Independence Contract Drilling by 617.7% during the 2nd quarter. FMR LLC now owns 1,191,439 shares of the oil and gas company’s stock worth $4,635,000 after acquiring an additional 1,025,425 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Independence Contract Drilling by 28.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 606,926 shares of the oil and gas company’s stock worth $2,306,000 after acquiring an additional 133,668 shares during the last quarter. 78.18% of the stock is owned by institutional investors.

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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.

Earnings History and Estimates for Independence Contract Drilling (NYSE:ICD)

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