Independence Contract Drilling Inc (NYSE:ICD)’s stock price shot up 10.3% during mid-day trading on Thursday . The stock traded as high as $1.22 and last traded at $1.18, 205,100 shares were traded during trading. A decline of 7% from the average session volume of 219,788 shares. The stock had previously closed at $1.07.
Several research firms have recently issued reports on ICD. Royal Bank of Canada set a $4.00 price objective on Independence Contract Drilling and gave the stock a “buy” rating in a research report on Friday, August 2nd. ValuEngine raised Independence Contract Drilling from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd. TheStreet cut Independence Contract Drilling from a “c-” rating to a “d+” rating in a research report on Wednesday, June 12th. Zacks Investment Research cut Independence Contract Drilling from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 3rd. Finally, B. Riley decreased their target price on Independence Contract Drilling from $5.75 to $5.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. Independence Contract Drilling has a consensus rating of “Hold” and a consensus target price of $3.69.
The stock has a market capitalization of $80.03 million, a price-to-earnings ratio of -6.94 and a beta of 1.90. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.25 and a current ratio of 1.29. The business has a 50-day moving average of $1.31 and a 200-day moving average of $2.40.
Independence Contract Drilling (NYSE:ICD) last announced its earnings results on Thursday, August 1st. The oil and gas company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). The firm had revenue of $52.88 million during the quarter, compared to analyst estimates of $51.70 million. Independence Contract Drilling had a negative net margin of 13.58% and a negative return on equity of 0.97%. On average, research analysts predict that Independence Contract Drilling Inc will post -0.11 earnings per share for the current fiscal year.
In other news, Director Thomas R. Bates, Jr. bought 25,000 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was purchased at an average cost of $1.86 per share, with a total value of $46,500.00. Following the transaction, the director now directly owns 151,110 shares in the company, valued at $281,064.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last three months, insiders purchased 31,000 shares of company stock valued at $61,410. Insiders own 3.10% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. BNP Paribas Arbitrage SA lifted its position in Independence Contract Drilling by 1,030.5% during the 1st quarter. BNP Paribas Arbitrage SA now owns 10,141 shares of the oil and gas company’s stock worth $28,000 after acquiring an additional 9,244 shares during the period. B. Riley Financial Inc. acquired a new stake in Independence Contract Drilling during the 2nd quarter worth approximately $55,000. Jane Street Group LLC acquired a new stake in Independence Contract Drilling during the 4th quarter worth approximately $73,000. SG Americas Securities LLC acquired a new stake in Independence Contract Drilling during the 1st quarter worth approximately $110,000. Finally, Parametric Portfolio Associates LLC lifted its position in Independence Contract Drilling by 59.8% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 76,386 shares of the oil and gas company’s stock worth $121,000 after acquiring an additional 28,576 shares during the period. 73.98% of the stock is owned by institutional investors.
Independence Contract Drilling Company Profile (NYSE:ICD)
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 and the Haynesville Shale.
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