Independence Contract Drilling, Inc. (ICD) Announces Quarterly Earnings Results, Misses Expectations By $0.02 EPS
Independence Contract Drilling, Inc. (NYSE:ICD) posted its quarterly earnings data on Tuesday. The oil and gas company reported ($0.13) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.02), Bloomberg Earnings reports. Independence Contract Drilling had a negative return on equity of 8.62% and a negative net margin of 40.75%. The firm had revenue of $23.45 million for the quarter, compared to the consensus estimate of $23.54 million. During the same period in the prior year, the company earned ($0.17) EPS. The company’s revenue for the quarter was up 62.1% compared to the same quarter last year.
Independence Contract Drilling (NYSE ICD) traded down 0.679% on Wednesday, hitting $3.218. 202,173 shares of the stock were exchanged. The firm’s market cap is $121.25 million. The company has a 50-day moving average price of $3.57 and a 200-day moving average price of $3.78. Independence Contract Drilling has a 52-week low of $2.72 and a 52-week high of $7.30.
ICD has been the subject of several recent analyst reports. Zacks Investment Research cut shares of Independence Contract Drilling from a “hold” rating to a “sell” rating in a research report on Thursday, July 20th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $7.00 price objective on shares of Independence Contract Drilling in a research report on Thursday, July 20th. Cowen and Company reaffirmed a “buy” rating and set a $5.00 price objective on shares of Independence Contract Drilling in a research report on Friday, August 11th. ValuEngine cut shares of Independence Contract Drilling from a “sell” rating to a “strong sell” rating in a research report on Friday, September 8th. Finally, FBR & Co reaffirmed a “buy” rating on shares of Independence Contract Drilling in a research report on Tuesday. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $6.13.
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An institutional investor recently raised its position in Independence Contract Drilling stock. California State Teachers Retirement System lifted its holdings in shares of Independence Contract Drilling, Inc. (NYSE:ICD) by 0.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,763 shares of the oil and gas company’s stock after purchasing an additional 500 shares during the quarter. California State Teachers Retirement System owned 0.16% of Independence Contract Drilling worth $236,000 at the end of the most recent quarter. Institutional investors and hedge funds own 80.80% 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 ShaleDriller rigs to optimize the development of various oil and gas properties in the Permian Basin. As of December 31, 2016, it had 12 rigs.
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