Equities Analysts Set Expectations for Independence Contract Drilling Inc’s Q3 2019 Earnings (ICD)

Share on StockTwits

Independence Contract Drilling Inc (NYSE:ICD) – Analysts at Capital One Financial issued their Q3 2019 earnings per share (EPS) estimates for Independence Contract Drilling in a research note issued to investors on Monday, March 18th. Capital One Financial analyst L. Lemoine expects that the oil and gas company will post earnings of ($0.01) per share for the quarter. Capital One Financial currently has a “Equal Weight” rating on the stock.

Several other equities research analysts have also recently weighed in on ICD. Zacks Investment Research raised Independence Contract Drilling from a “hold” rating to a “buy” rating and set a $3.75 price objective on the stock in a research note on Tuesday, January 29th. ValuEngine lowered Independence Contract Drilling from a “hold” rating to a “sell” rating in a research report on Saturday, February 23rd. 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 company. Independence Contract Drilling presently has an average rating of “Hold” and an average target price of $5.94.

Shares of NYSE ICD opened at $2.86 on Wednesday. The company has a current ratio of 1.86, a quick ratio of 1.80 and a debt-to-equity ratio of 0.33. Independence Contract Drilling has a 1-year low of $2.70 and a 1-year high of $5.32. The company has a market cap of $221.78 million, a price-to-earnings ratio of -16.82 and a beta of 2.09.

Independence Contract Drilling (NYSE:ICD) last issued its earnings results on Friday, March 1st. The oil and gas company reported $0.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.03. Independence Contract Drilling had a negative return on equity of 3.06% and a negative net margin of 14.02%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP acquired a new position in shares of Independence Contract Drilling in the 3rd quarter valued at $86,000. ClariVest Asset Management LLC purchased a new stake in Independence Contract Drilling in the fourth quarter valued at $69,000. Jane Street Group LLC purchased a new stake in Independence Contract Drilling in the fourth quarter valued at $73,000. Advisory Services Network LLC boosted its holdings in Independence Contract Drilling by 253.0% in the fourth quarter. Advisory Services Network LLC now owns 23,634 shares of the oil and gas company’s stock valued at $74,000 after purchasing an additional 16,939 shares during the last quarter. Finally, Jefferies Group LLC purchased a new stake in Independence Contract Drilling in the third quarter valued at $145,000. 44.37% of the stock is currently owned by hedge funds and other institutional investors.

In other news, Director Msd Partners, L.P. bought 9,198 shares of the business’s stock in a transaction that occurred on Monday, December 24th. The shares were purchased at an average cost of $2.97 per share, with a total value of $27,318.06. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Credit Opportunity Master Msd bought 9,888 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was purchased at an average cost of $2.86 per share, for a total transaction of $28,279.68. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 106,276 shares of company stock valued at $311,275. 12.60% of the stock is owned by company insiders.

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.

See Also: Conference Calls

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

Receive News & Ratings for Independence Contract Drilling Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Contract Drilling and related companies with MarketBeat.com's FREE daily email newsletter.