Independence Contract Drilling Inc (NYSE:ICD) Director Thomas R. Bates, Jr. bought 20,000 shares of the stock in a transaction on Thursday, October 17th. The shares were purchased at an average price of $0.83 per share, with a total value of $16,600.00. Following the acquisition, the director now owns 211,110 shares in the company, valued at approximately $175,221.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Independence Contract Drilling stock opened at $0.83 on Friday. Independence Contract Drilling Inc has a 1-year low of $0.80 and a 1-year high of $4.48. The company has a fifty day simple moving average of $1.20 and a 200 day simple moving average of $1.78. The company has a quick ratio of 1.25, a current ratio of 1.29 and a debt-to-equity ratio of 0.34.
Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings data on Thursday, August 1st. The oil and gas company reported ($0.07) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.03). The company 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 0.97%. On average, equities analysts expect that Independence Contract Drilling Inc will post -0.18 earnings per share for the current fiscal year.
A number of equities analysts have issued reports on the company. Zacks Investment Research cut Independence Contract Drilling from a “hold” rating to a “strong sell” rating in a report on Saturday, August 3rd. Royal Bank of Canada downgraded Independence Contract Drilling from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $4.00 to $2.00 in a report on Wednesday, September 25th. ValuEngine upgraded Independence Contract Drilling from a “sell” rating to a “hold” rating in a report on Friday, August 2nd. B. Riley decreased their price objective on Independence Contract Drilling from $5.75 to $5.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, Morgan Stanley decreased their price target on shares of Independence Contract Drilling from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $2.69.
Independence Contract Drilling Company Profile
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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