Independence Contract Drilling, Inc. (ICD) Releases Quarterly Earnings Results, Misses Estimates By $0.02 EPS
Independence Contract Drilling, Inc. (NYSE:ICD) announced its quarterly earnings results on Tuesday. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.02), Bloomberg Earnings reports. The company had revenue of $23.45 million for the quarter, compared to analyst estimates of $23.54 million. Independence Contract Drilling had a negative return on equity of 8.62% and a negative net margin of 40.75%. The firm’s quarterly revenue was up 62.1% on a year-over-year basis. During the same quarter last year, the company posted ($0.17) earnings per share.
Independence Contract Drilling (ICD) traded down 2.16% during mid-day trading on Wednesday, reaching $3.17. The company had a trading volume of 254,503 shares. Independence Contract Drilling has a 12-month low of $2.72 and a 12-month high of $7.30. The firm’s market capitalization is $119.44 million. The firm has a 50-day moving average price of $3.57 and a 200 day moving average price of $3.78.
An institutional investor recently raised its position in Independence Contract Drilling stock. California State Teachers Retirement System increased its holdings in Independence Contract Drilling, Inc. (NYSE:ICD) by 0.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm 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 as of its most recent filing with the Securities & Exchange Commission. 80.80% of the stock is currently owned by institutional investors.
Several research analysts have recently issued reports on ICD shares. Zacks Investment Research downgraded shares of Independence Contract Drilling from a “hold” rating to a “sell” rating in a report on Wednesday, September 6th. Cowen and Company set a $5.00 price target on shares of Independence Contract Drilling and gave the stock a “buy” rating in a report on Wednesday, October 18th. Royal Bank Of Canada lowered their price target on shares of Independence Contract Drilling from $7.00 to $6.00 and set an “outperform” rating for the company in a report on Friday, September 29th. ValuEngine upgraded shares of Independence Contract Drilling from a “strong sell” rating to a “sell” rating in a report on Monday, October 2nd. Finally, FBR & Co reiterated a “buy” rating on shares of Independence Contract Drilling in a report on Tuesday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. Independence Contract Drilling currently has an average rating of “Buy” and a consensus target price of $6.13.
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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