Independence Contract Drilling (NYSE:ICD) Issues Quarterly Earnings Results, Misses Expectations By $0.03 EPS

Independence Contract Drilling (NYSE:ICD) released its quarterly earnings results on Thursday. The oil and gas company reported ($0.07) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.03), Bloomberg Earnings reports. 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 1.00%.

NYSE ICD traded up $0.09 during midday trading on Friday, hitting $1.21. The company had a trading volume of 185,408 shares, compared to its average volume of 424,417. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.16 and a quick ratio of 2.09. The business has a 50-day moving average of $1.46. Independence Contract Drilling has a twelve month low of $1.05 and a twelve month high of $5.05.

In related news, Director Thomas R. Bates, Jr. acquired 25,000 shares of the company’s stock in a transaction on Friday, June 7th. The stock was purchased at an average cost of $1.86 per share, with a total value of $46,500.00. Following the acquisition, the director now directly owns 151,110 shares of the company’s stock, valued at $281,064.60. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders acquired a total of 34,300 shares of company stock valued at $70,152 over the last ninety days. Insiders own 3.10% of the company’s stock.

Several research firms recently issued reports on ICD. B. Riley reduced their price target on Independence Contract Drilling from $5.75 to $5.00 and set a “buy” rating for the company in a research note on Friday. TheStreet downgraded Independence Contract Drilling from a “c-” rating to a “d+” rating in a research note on Wednesday, June 12th. Zacks Investment Research downgraded Independence Contract Drilling from a “hold” rating to a “strong sell” rating in a research note on Saturday. Morgan Stanley dropped their price objective on Independence Contract Drilling from $5.50 to $4.00 and set an “equal weight” rating for the company in a report on Friday, July 12th. Finally, ValuEngine raised Independence Contract Drilling from a “sell” rating to a “hold” rating in a report on Friday. One investment 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 stock currently has an average rating of “Hold” and an average target price of $4.19.

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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Earnings History for Independence Contract Drilling (NYSE:ICD)

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