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.

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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.

Earnings History for Independence Contract Drilling (NYSE:ICD)

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