B. Riley reissued their buy rating on shares of Independence Contract Drilling (NYSE:ICD) in a report issued on Tuesday. They currently have a $8.00 price objective on the oil and gas company’s stock. B. Riley also issued estimates for Independence Contract Drilling’s Q4 2018 earnings at ($0.02) EPS, FY2018 earnings at ($0.26) EPS, Q1 2019 earnings at $0.03 EPS, Q2 2019 earnings at $0.07 EPS, Q4 2019 earnings at $0.11 EPS, FY2019 earnings at $0.31 EPS and FY2020 earnings at $0.58 EPS.
Several other brokerages have also recently commented on ICD. Zacks Investment Research raised Independence Contract Drilling from a hold rating to a buy rating and set a $4.25 price target for the company in a research note on Thursday, August 9th. Royal Bank of Canada reissued a buy rating and issued a $6.00 price target on shares of Independence Contract Drilling in a research note on Friday, August 17th. Morgan Stanley boosted their price target on Independence Contract Drilling from $5.00 to $5.50 and gave the company an equal weight rating in a research note on Monday, August 6th. Finally, ValuEngine raised Independence Contract Drilling from a hold rating to a buy rating in a research note on Monday, October 8th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $6.20.
Shares of NYSE ICD opened at $3.71 on Tuesday. The company has a market capitalization of $148.42 million, a P/E ratio of -7.00 and a beta of 2.60. Independence Contract Drilling has a 52 week low of $3.26 and a 52 week high of $5.48. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.39 and a quick ratio of 1.26.
Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings results on Tuesday, November 6th. The oil and gas company reported ($0.05) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.05). The business had revenue of $28.44 million during the quarter, compared to analysts’ expectations of $28.80 million. Independence Contract Drilling had a negative return on equity of 6.01% and a negative net margin of 16.35%. As a group, equities analysts forecast that Independence Contract Drilling will post -0.22 earnings per share for the current year.
Institutional investors have recently made changes to their positions in the business. Acadian Asset Management LLC boosted its position in Independence Contract Drilling by 603.1% during the second quarter. Acadian Asset Management LLC now owns 47,609 shares of the oil and gas company’s stock worth $196,000 after purchasing an additional 40,838 shares during the period. Millennium Management LLC boosted its position in Independence Contract Drilling by 57.5% during the first quarter. Millennium Management LLC now owns 294,569 shares of the oil and gas company’s stock worth $1,113,000 after purchasing an additional 107,522 shares during the period. National Investment Services Inc. WI boosted its position in Independence Contract Drilling by 84.8% during the third quarter. National Investment Services Inc. WI now owns 195,054 shares of the oil and gas company’s stock worth $964,000 after purchasing an additional 89,523 shares during the period. Marquette Asset Management LLC bought a new stake in Independence Contract Drilling during the second quarter worth approximately $168,000. Finally, JPMorgan Chase & Co. boosted its position in Independence Contract Drilling by 567.7% during the first quarter. JPMorgan Chase & Co. now owns 86,378 shares of the oil and gas company’s stock worth $326,000 after purchasing an additional 73,442 shares during the period. 75.61% of the stock is owned by hedge funds and other institutional investors.
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.
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