Independence Contract Drilling (ICD) Given a $6.00 Price Target by Cowen Analysts

Independence Contract Drilling (NYSE:ICD) received a $6.00 price target from research analysts at Cowen in a research note issued to investors on Thursday. The brokerage presently has a “buy” rating on the oil and gas company’s stock. Cowen’s price objective would indicate a potential upside of 26.32% from the stock’s previous close.

A number of other research analysts have also weighed in on ICD. Zacks Investment Research lowered Independence Contract Drilling from a “hold” rating to a “sell” rating in a report on Wednesday, January 3rd. Royal Bank of Canada cut their price objective on Independence Contract Drilling from $7.00 to $6.00 and set an “outperform” rating on the stock in a report on Friday, September 29th. ValuEngine raised Independence Contract Drilling from a “strong sell” rating to a “sell” rating in a report on Monday, October 2nd. B. Riley cut their price objective on Independence Contract Drilling from $8.75 to $7.75 and set a “buy” rating on the stock in a report on Wednesday, November 22nd. Finally, FBR & Co restated a “buy” rating on shares of Independence Contract Drilling in a research note on Tuesday, October 31st. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $5.94.

Independence Contract Drilling (NYSE ICD) opened at $4.75 on Thursday. The company has a quick ratio of 1.84, a current ratio of 2.01 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $173.58, a PE ratio of -6.01 and a beta of 2.80. Independence Contract Drilling has a 1-year low of $2.72 and a 1-year high of $7.25.

Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings data on Tuesday, October 31st. The oil and gas company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The firm had revenue of $23.45 million during the quarter, compared to analyst estimates of $23.54 million. Independence Contract Drilling had a negative net margin of 34.87% and a negative return on equity of 8.28%. The firm’s revenue for the quarter was up 62.1% on a year-over-year basis. During the same period in the prior year, the company posted ($0.17) earnings per share. sell-side analysts anticipate that Independence Contract Drilling will post -0.53 EPS for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC boosted its stake in shares of Independence Contract Drilling by 617.7% in the second quarter. FMR LLC now owns 1,191,439 shares of the oil and gas company’s stock worth $4,635,000 after buying an additional 1,025,425 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Independence Contract Drilling by 84.5% in the second quarter. Dimensional Fund Advisors LP now owns 473,258 shares of the oil and gas company’s stock worth $1,841,000 after buying an additional 216,772 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Independence Contract Drilling by 61.2% in the second quarter. Northern Trust Corp now owns 467,479 shares of the oil and gas company’s stock worth $1,819,000 after buying an additional 177,525 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Independence Contract Drilling by 6.3% in the second quarter. Vanguard Group Inc. now owns 1,341,715 shares of the oil and gas company’s stock worth $5,219,000 after buying an additional 79,035 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Independence Contract Drilling by 22.4% in the second quarter. Bank of New York Mellon Corp now owns 130,742 shares of the oil and gas company’s stock worth $508,000 after buying an additional 23,894 shares during the last quarter. Hedge funds and other institutional investors own 78.24% of the company’s stock.

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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 ShaleDriller rigs to optimize the development of various oil and gas properties in the Permian Basin. As of December 31, 2016, it had 12 rigs.

Analyst Recommendations for Independence Contract Drilling (NYSE:ICD)

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