Royal Bank Of Canada Reaffirms “Buy” Rating for Independence Contract Drilling, Inc. (ICD)
Independence Contract Drilling, Inc. (NYSE:ICD)‘s stock had its “buy” rating reaffirmed by equities researchers at Royal Bank Of Canada in a research report issued on Thursday. They presently have a $7.00 target price on the oil and gas company’s stock. Royal Bank Of Canada’s target price would indicate a potential upside of 70.32% from the company’s previous close.
ICD has been the subject of several other research reports. Zacks Investment Research cut shares of Independence Contract Drilling from a “hold” rating to a “sell” rating in a research note on Thursday. ValuEngine cut shares of Independence Contract Drilling from a “hold” rating to a “sell” rating in a research note on Friday, May 26th. Finally, Morgan Stanley cut shares of Independence Contract Drilling from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $8.50 to $5.00 in a research note on Wednesday, June 21st. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. Independence Contract Drilling presently has a consensus rating of “Hold” and an average target price of $7.08.
Shares of Independence Contract Drilling (ICD) traded down 2.61% on Thursday, hitting $4.11. 239,188 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $3.71 and its 200 day moving average is $5.02. The firm’s market cap is $154.87 million. Independence Contract Drilling has a 12 month low of $3.21 and a 12 month high of $7.30.
Independence Contract Drilling (NYSE:ICD) last posted its quarterly earnings results on Thursday, April 27th. The oil and gas company reported ($0.14) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.14). Independence Contract Drilling had a negative net margin of 41.32% and a negative return on equity of 7.32%. The company had revenue of $20.20 million for the quarter, compared to analyst estimates of $19.86 million. During the same quarter in the previous year, the firm posted ($0.02) earnings per share. The company’s quarterly revenue was down 10.1% compared to the same quarter last year. On average, equities analysts predict that Independence Contract Drilling will post ($0.44) earnings per share for the current year.
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Several large investors have recently made changes to their positions in ICD. Russell Investments Group Ltd. acquired a new stake in shares of Independence Contract Drilling during the fourth quarter worth about $734,000. State Street Corp raised its stake in Independence Contract Drilling by 22.6% in the fourth quarter. State Street Corp now owns 422,486 shares of the oil and gas company’s stock worth $2,829,000 after buying an additional 78,016 shares in the last quarter. Two Sigma Investments LP raised its stake in Independence Contract Drilling by 17.5% in the fourth quarter. Two Sigma Investments LP now owns 190,476 shares of the oil and gas company’s stock worth $1,276,000 after buying an additional 28,388 shares in the last quarter. Teachers Advisors LLC raised its stake in Independence Contract Drilling by 35.4% in the fourth quarter. Teachers Advisors LLC now owns 65,273 shares of the oil and gas company’s stock worth $437,000 after buying an additional 17,080 shares in the last quarter. Finally, Highbridge Capital Management LLC purchased a new stake in Independence Contract Drilling during the fourth quarter worth approximately $330,000. 80.62% of the stock is owned by institutional investors.
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