Independence Contract Drilling Inc (NYSE:ICD) – Research analysts at Capital One Financial issued their Q2 2019 earnings estimates for shares of Independence Contract Drilling in a research note issued to investors on Thursday, August 1st, according to Zacks Investment Research. Capital One Financial analyst L. Lemoine expects that the oil and gas company will post earnings per share of ($0.02) for the quarter. Capital One Financial also issued estimates for Independence Contract Drilling’s Q3 2019 earnings at ($0.02) EPS, Q4 2019 earnings at $0.00 EPS and FY2020 earnings at $0.02 EPS.
Independence Contract Drilling (NYSE:ICD) last posted its quarterly earnings results on Thursday, August 1st. The oil and gas company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.03). The firm had revenue of $52.88 million during the quarter, compared to the consensus estimate of $51.70 million. Independence Contract Drilling had a negative net margin of 13.58% and a negative return on equity of 0.97%.
A number of other analysts also recently issued reports on the company. ValuEngine raised Independence Contract Drilling from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd. Zacks Investment Research lowered shares of Independence Contract Drilling from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 3rd. TheStreet lowered shares of Independence Contract Drilling from a “c-” rating to a “d+” rating in a research report on Wednesday, June 12th. Royal Bank of Canada set a $4.00 target price on shares of Independence Contract Drilling and gave the stock a “buy” rating in a research report on Friday, August 2nd. Finally, B. Riley reduced their target price on shares of Independence Contract Drilling from $5.75 to $5.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $3.69.
Shares of Independence Contract Drilling stock traded down $0.04 on Monday, hitting $0.99. 125,500 shares of the company’s stock traded hands, compared to its average volume of 214,192. The company has a fifty day moving average of $1.22 and a two-hundred day moving average of $2.29. The company has a market capitalization of $78.50 million, a price-to-earnings ratio of -5.81 and a beta of 1.90. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.29 and a quick ratio of 1.25. Independence Contract Drilling has a one year low of $0.99 and a one year high of $5.05.
Institutional investors and hedge funds have recently bought and sold shares of the company. Susquehanna International Group LLP acquired a new position in shares of Independence Contract Drilling in the 2nd quarter valued at about $29,000. BlackRock Inc. boosted its position in Independence Contract Drilling by 12.0% during the second quarter. BlackRock Inc. now owns 2,799,854 shares of the oil and gas company’s stock worth $4,425,000 after purchasing an additional 299,723 shares during the period. Parametric Portfolio Associates LLC boosted its position in shares of Independence Contract Drilling by 59.8% in the second quarter. Parametric Portfolio Associates LLC now owns 76,386 shares of the oil and gas company’s stock valued at $121,000 after acquiring an additional 28,576 shares during the period. Northern Trust Corp boosted its position in shares of Independence Contract Drilling by 2.2% in the second quarter. Northern Trust Corp now owns 626,792 shares of the oil and gas company’s stock valued at $990,000 after acquiring an additional 13,668 shares during the period. Finally, B. Riley Financial Inc. bought a new stake in shares of Independence Contract Drilling in the second quarter valued at approximately $55,000. 76.16% of the stock is owned by institutional investors.
In other news, Director Thomas R. Bates, Jr. acquired 25,000 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The shares were purchased at an average price of $1.86 per share, for a total transaction of $46,500.00. Following the completion of the acquisition, the director now owns 151,110 shares of the company’s stock, valued at approximately $281,064.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.10% of the stock is owned by corporate insiders.
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 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.