Independence Contract Drilling, Inc. (NYSE:ICD) Posts Quarterly Earnings Results, Meets Expectations

Independence Contract Drilling, Inc. (NYSE:ICD) announced its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.13), Bloomberg Earnings reports. The company had revenue of $21.29 million during the quarter, compared to the consensus estimate of $21.24 million. Independence Contract Drilling had a negative return on equity of 8.62% and a negative net margin of 40.75%. Independence Contract Drilling’s revenue for the quarter was up 40.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.07) EPS.

Independence Contract Drilling (ICD) opened at 3.46 on Thursday. Independence Contract Drilling has a 52-week low of $3.21 and a 52-week high of $7.30. The firm has a 50-day moving average of $3.67 and a 200-day moving average of $4.62. The stock’s market capitalization is $130.37 million.

A hedge fund recently raised its stake in Independence Contract Drilling stock. State Street Corp increased its stake in Independence Contract Drilling, Inc. (NYSE:ICD) by 9.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 461,957 shares of the oil and gas company’s stock after buying an additional 39,570 shares during the period. State Street Corp owned about 1.22% of Independence Contract Drilling worth $1,799,000 at the end of the most recent quarter. Institutional investors and hedge funds own 79.31% of the company’s stock.

A number of brokerages have issued reports on ICD. Cowen and Company reaffirmed a “buy” rating and set a $5.00 price target on shares of Independence Contract Drilling in a report on Friday, August 11th. Royal Bank Of Canada reiterated a “buy” rating and set a $7.00 target price on shares of Independence Contract Drilling in a research report on Thursday, July 20th. Zacks Investment Research cut Independence Contract Drilling from a “hold” rating to a “sell” rating in a research report on Thursday, July 20th. Morgan Stanley cut Independence Contract Drilling from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $8.50 to $5.00 in a research report on Wednesday, June 21st. Finally, ValuEngine cut Independence Contract Drilling from a “hold” rating to a “sell” rating in a research report on Friday, May 26th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $6.58.

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Earnings History for Independence Contract Drilling (NYSE:ICD)

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