Q2 2019 Earnings Estimate for Independence Contract Drilling Inc Issued By B. Riley (ICD)

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Independence Contract Drilling Inc (NYSE:ICD) – Investment analysts at B. Riley lowered their Q2 2019 EPS estimates for shares of Independence Contract Drilling in a research note issued on Wednesday, November 7th. B. Riley analyst T. Curran now expects that the oil and gas company will earn $0.07 per share for the quarter, down from their previous forecast of $0.08. B. Riley currently has a “Buy” rating and a $8.00 target price on the stock. B. Riley also issued estimates for Independence Contract Drilling’s Q4 2019 earnings at $0.11 EPS, FY2019 earnings at $0.31 EPS and FY2020 earnings at $0.58 EPS.

ICD has been the topic of a number of other research reports. Morgan Stanley set a $6.00 price objective on shares of Independence Contract Drilling and gave the stock a “hold” rating in a report on Thursday, October 11th. Zacks Investment Research lowered shares of Independence Contract Drilling from a “buy” rating to a “hold” rating in a research report on Tuesday, October 9th. ValuEngine upgraded shares of Independence Contract Drilling from a “hold” rating to a “buy” rating in a research report on Monday, October 8th. Finally, Royal Bank of Canada reiterated a “buy” rating and issued a $6.00 target price on shares of Independence Contract Drilling in a research report on Friday, August 17th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Independence Contract Drilling currently has an average rating of “Buy” and an average target price of $6.20.

ICD stock opened at $3.71 on Thursday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.26 and a current ratio of 1.72. Independence Contract Drilling has a fifty-two week low of $3.26 and a fifty-two week high of $5.48. The stock has a market capitalization of $149.57 million, a P/E ratio of -7.00 and a beta of 2.60.

Independence Contract Drilling (NYSE:ICD) last released its quarterly earnings data on Tuesday, November 6th. The oil and gas company reported ($0.05) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.05). Independence Contract Drilling had a negative net margin of 16.35% and a negative return on equity of 6.05%. The business had revenue of $28.44 million for the quarter, compared to analysts’ expectations of $28.80 million.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Acadian Asset Management LLC grew its position in Independence Contract Drilling by 603.1% in the 2nd quarter. Acadian Asset Management LLC now owns 47,609 shares of the oil and gas company’s stock valued at $196,000 after buying an additional 40,838 shares in the last quarter. Millennium Management LLC grew its position in Independence Contract Drilling by 57.5% in the 1st quarter. Millennium Management LLC now owns 294,569 shares of the oil and gas company’s stock valued at $1,113,000 after buying an additional 107,522 shares in the last quarter. Marquette Asset Management LLC bought a new position in Independence Contract Drilling in the 2nd quarter valued at about $168,000. National Investment Services Inc. WI grew its position in Independence Contract Drilling by 84.8% in the 3rd quarter. National Investment Services Inc. WI now owns 195,054 shares of the oil and gas company’s stock valued at $964,000 after buying an additional 89,523 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in Independence Contract Drilling by 567.7% in the 1st quarter. JPMorgan Chase & Co. now owns 86,378 shares of the oil and gas company’s stock valued at $326,000 after buying an additional 73,442 shares in the last quarter. Hedge funds and other institutional investors own 75.61% of the company’s stock.

About Independence Contract Drilling

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.

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Earnings History and Estimates for Independence Contract Drilling (NYSE:ICD)

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