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. “
Other equities research analysts also recently issued reports about the company. Nomura set a $8.00 target price on Independent Contract Drilling and gave the company a buy rating in a report on Tuesday, August 16th. Iberia Capital reiterated an outperform rating and set a $7.00 target price (up from $5.00) on shares of Independent Contract Drilling in a report on Thursday, July 7th. DA Davidson initiated coverage on Independent Contract Drilling in a report on Thursday, September 15th. They set a buy rating and a $7.00 target price on the stock. FBR & Co reiterated a buy rating on shares of Independent Contract Drilling in a report on Friday, October 7th. Finally, Morgan Stanley reiterated a buy rating and set a $8.00 target price on shares of Independent Contract Drilling in a report on Monday, August 1st. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the stock. Independent Contract Drilling presently has an average rating of Buy and an average price target of $6.91.
Independent Contract Drilling (NYSE:ICD) opened at 5.63 on Tuesday. The firm’s 50-day moving average is $5.10 and its 200 day moving average is $4.83. Independent Contract Drilling has a one year low of $3.34 and a one year high of $7.93. The company’s market capitalization is $210.17 million.
Independent Contract Drilling (NYSE:ICD) last released its quarterly earnings data on Thursday, July 28th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.03. The company had revenue of $15.20 million for the quarter, compared to the consensus estimate of $15.15 million. Independent Contract Drilling had a negative return on equity of 1.95% and a negative net margin of 15.98%. The company’s quarterly revenue was down 28.0% compared to the same quarter last year. During the same period last year, the business posted ($0.03) EPS. On average, equities analysts expect that Independent Contract Drilling will post ($0.37) EPS for the current fiscal year.
In other Independent Contract Drilling news, major shareholder Resource Corp Sprott sold 1,000,000 shares of Independent Contract Drilling stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $4.50, for a total transaction of $4,500,000.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 11.50% of the company’s stock.
A number of large investors have recently bought and sold shares of ICD. Capital Research Global Investors purchased a new position in shares of Independent Contract Drilling during the second quarter valued at approximately $18,061,000. Van ECK Associates Corp purchased a new position in shares of Independent Contract Drilling during the second quarter valued at approximately $6,212,000. FMR LLC raised its position in shares of Independent Contract Drilling by 19.6% in the second quarter. FMR LLC now owns 4,377,091 shares of the company’s stock valued at $23,768,000 after buying an additional 716,656 shares during the last quarter. Encompass Capital Advisors LLC purchased a new position in shares of Independent Contract Drilling during the second quarter valued at approximately $3,178,000. Finally, Vanguard Group Inc. raised its position in shares of Independent Contract Drilling by 102.8% in the second quarter. Vanguard Group Inc. now owns 1,061,618 shares of the company’s stock valued at $5,764,000 after buying an additional 538,089 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.
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