Zacks Investment Research upgraded shares of Independence Contract (NYSE:ICD) from a sell rating to a hold rating in a report released on Thursday morning.
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. “
ICD has been the subject of a number of other reports. Cowen set a $6.00 price objective on Independence Contract and gave the stock a buy rating in a report on Thursday, January 11th. B. Riley lowered their price target on Independence Contract from $8.75 to $7.75 and set a buy rating for the company in a report on Wednesday, November 22nd. Royal Bank of Canada set a $5.00 price target on Independence Contract and gave the company a buy rating in a report on Thursday, December 21st. Finally, TheStreet upgraded Independence Contract from a d rating to a c- rating in a report on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $6.25.
Independence Contract (NYSE:ICD) last released its quarterly earnings data on Monday, February 26th. The oil and gas company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.01). The firm had revenue of $25.04 million for the quarter, compared to analyst estimates of $24.43 million. Independence Contract had a negative return on equity of 8.24% and a negative net margin of 27.00%. The company’s quarterly revenue was up 39.1% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.14) earnings per share. analysts forecast that Independence Contract will post -0.28 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in ICD. Northern Trust Corp increased its holdings in Independence Contract by 61.2% in the 2nd quarter. Northern Trust Corp now owns 467,479 shares of the oil and gas company’s stock valued at $1,819,000 after purchasing an additional 177,525 shares in the last quarter. Vanguard Group Inc. increased its holdings in Independence Contract by 6.3% in the 2nd quarter. Vanguard Group Inc. now owns 1,341,715 shares of the oil and gas company’s stock valued at $5,219,000 after purchasing an additional 79,035 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Independence Contract by 84.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 473,258 shares of the oil and gas company’s stock valued at $1,841,000 after purchasing an additional 216,772 shares in the last quarter. State Street Corp increased its holdings in Independence Contract by 9.4% in the 2nd quarter. State Street Corp now owns 461,957 shares of the oil and gas company’s stock valued at $1,799,000 after purchasing an additional 39,570 shares in the last quarter. Finally, California State Teachers Retirement System increased its holdings in Independence Contract by 0.8% in the 2nd quarter. California State Teachers Retirement System now owns 60,763 shares of the oil and gas company’s stock valued at $236,000 after purchasing an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 74.96% of the company’s stock.
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Independence Contract 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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