Morgan Stanley Trims Independence Contract Drilling (NYSE:ICD) Target Price to $4.00

Independence Contract Drilling (NYSE:ICD) had its target price lowered by Morgan Stanley from $5.50 to $4.00 in a research report sent to investors on Friday morning, BenzingaRatingsTable reports. The brokerage currently has an equal weight rating on the oil and gas company’s stock.

A number of other research analysts have also recently commented on ICD. Zacks Investment Research raised shares of HB Fuller from a sell rating to a hold rating in a report on Wednesday, July 3rd. B. Riley set a $42.00 target price on shares of Carbonite and gave the stock a buy rating in a report on Friday, May 3rd. ValuEngine lowered shares of Zosano Pharma from a buy rating to a hold rating in a report on Wednesday, May 1st. Finally, TheStreet lowered shares of Resolute Forest Products from a b- rating to a c+ rating in a report on Wednesday, June 12th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $4.94.

ICD stock opened at $1.29 on Friday. The company has a market capitalization of $97.89 million, a PE ratio of -7.59 and a beta of 1.92. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.16 and a quick ratio of 2.09. Independence Contract Drilling has a 12 month low of $1.26 and a 12 month high of $5.05. The business has a 50-day moving average of $1.71.

Independence Contract Drilling (NYSE:ICD) last posted its earnings results on Thursday, May 2nd. The oil and gas company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.06. The firm had revenue of $60.36 million during the quarter, compared to analysts’ expectations of $60.15 million. Independence Contract Drilling had a negative net margin of 10.27% and a negative return on equity of 0.35%. Sell-side analysts forecast that Independence Contract Drilling will post 0.01 EPS for the current fiscal year.

In other Independence Contract Drilling 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 stock was acquired at an average price of $1.86 per share, for a total transaction of $46,500.00. Following the acquisition, the director now directly owns 151,110 shares in the company, valued at $281,064.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders purchased 34,300 shares of company stock valued at $70,152. 3.10% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rhumbline Advisers grew its stake in Independence Contract Drilling by 55.4% in the 4th quarter. Rhumbline Advisers now owns 48,699 shares of the oil and gas company’s stock worth $152,000 after acquiring an additional 17,368 shares during the period. BlackRock Inc. grew its stake in Independence Contract Drilling by 40.3% in the 4th quarter. BlackRock Inc. now owns 2,536,793 shares of the oil and gas company’s stock worth $7,915,000 after acquiring an additional 729,189 shares during the period. Northern Trust Corp grew its stake in Independence Contract Drilling by 29.6% in the 4th quarter. Northern Trust Corp now owns 604,592 shares of the oil and gas company’s stock worth $1,886,000 after acquiring an additional 137,989 shares during the period. Dimensional Fund Advisors LP grew its stake in Independence Contract Drilling by 15.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,548,482 shares of the oil and gas company’s stock worth $4,833,000 after acquiring an additional 211,759 shares during the period. Finally, Geode Capital Management LLC grew its stake in Independence Contract Drilling by 44.4% in the 4th quarter. Geode Capital Management LLC now owns 414,608 shares of the oil and gas company’s stock worth $1,293,000 after acquiring an additional 127,457 shares during the period. Institutional investors and hedge funds own 73.91% 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 and the Haynesville Shale.

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