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. “
A number of other research firms also recently issued reports on ICD. TheStreet downgraded shares of Independence Contract Drilling from a c- rating to a d+ rating in a report on Wednesday, June 12th. ValuEngine upgraded shares of Independence Contract Drilling from a sell rating to a hold rating in a report on Friday. B. Riley lowered their target price on shares of Independence Contract Drilling from $5.75 to $5.00 and set a buy rating for the company in a report on Friday. Finally, Morgan Stanley lowered their target price on shares of Independence Contract Drilling from $5.50 to $4.00 and set an equal weight rating for the company in a report on Friday, July 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $4.19.
Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings results on Thursday, August 1st. The oil and gas company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). Independence Contract Drilling had a negative return on equity of 1.00% and a negative net margin of 13.58%. The firm had revenue of $52.88 million for the quarter, compared to analysts’ expectations of $51.70 million. As a group, analysts expect that Independence Contract Drilling will post 0.01 EPS for the current fiscal year.
In related news, Director Thomas R. Bates, Jr. bought 25,000 shares of the stock in a transaction that occurred on Friday, June 7th. The stock was purchased at an average cost of $1.86 per share, for a total transaction of $46,500.00. Following the completion of the acquisition, the director now owns 151,110 shares in the company, valued at $281,064.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders purchased 31,300 shares of company stock valued at $62,202. 3.10% of the stock is owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA grew its stake in 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 worth $28,000 after buying an additional 9,244 shares during the period. Jane Street Group LLC purchased a new stake in Independence Contract Drilling during the fourth quarter worth approximately $73,000. Advisory Services Network LLC grew its stake in Independence Contract Drilling by 253.0% during the fourth quarter. Advisory Services Network LLC now owns 23,634 shares of the oil and gas company’s stock worth $74,000 after buying an additional 16,939 shares during the period. American International Group Inc. grew its stake in Independence Contract Drilling by 40.9% during the fourth quarter. American International Group Inc. now owns 32,089 shares of the oil and gas company’s stock worth $100,000 after buying an additional 9,318 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in Independence Contract Drilling during the first quarter worth approximately $110,000. Institutional investors own 73.98% of the company’s stock.
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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