Independence Contract Drilling Inc (ICD) Given Average Rating of “Buy” by Brokerages

Shares of Independence Contract Drilling Inc (NYSE:ICD) have earned a consensus rating of “Buy” from the eight ratings firms that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $5.94.

ICD has been the subject of a number of recent research reports. ValuEngine upgraded shares of Independence Contract Drilling from a “strong sell” rating to a “sell” rating in a research note on Friday, November 10th. FBR & Co reiterated a “buy” rating on shares of Independence Contract Drilling in a research note on Tuesday, October 31st. Royal Bank of Canada set a $5.00 price target on shares of Independence Contract Drilling and gave the stock a “buy” rating in a research note on Thursday, December 21st. Zacks Investment Research upgraded shares of Independence Contract Drilling from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, B. Riley decreased their price target on shares of Independence Contract Drilling from $8.75 to $7.75 and set a “buy” rating for the company in a research note on Wednesday, November 22nd.

Shares of Independence Contract Drilling (NYSE ICD) traded up $0.01 during trading on Tuesday, reaching $5.19. 217,586 shares of the company were exchanged, compared to its average volume of 125,920. Independence Contract Drilling has a one year low of $2.72 and a one year high of $7.25. The company has a quick ratio of 1.84, a current ratio of 2.01 and a debt-to-equity ratio of 0.20.

Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings results on Tuesday, October 31st. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). Independence Contract Drilling had a negative return on equity of 8.28% and a negative net margin of 34.87%. The firm had revenue of $23.45 million during the quarter, compared to analysts’ expectations of $23.54 million. During the same quarter in the prior year, the firm earned ($0.17) EPS. The firm’s revenue was up 62.1% compared to the same quarter last year. equities research analysts anticipate that Independence Contract Drilling will post -0.52 EPS for the current fiscal year.

Large investors have recently modified their holdings of the company. Rhumbline Advisers lifted its position in shares of Independence Contract Drilling by 23.1% during the 2nd quarter. Rhumbline Advisers now owns 36,824 shares of the oil and gas company’s stock worth $143,000 after buying an additional 6,920 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Independence Contract Drilling by 12.9% during the 2nd quarter. Goldman Sachs Group Inc. now owns 60,414 shares of the oil and gas company’s stock worth $235,000 after buying an additional 6,917 shares during the last quarter. California State Teachers Retirement System lifted its position in shares of Independence Contract Drilling by 0.8% during the 2nd quarter. California State Teachers Retirement System now owns 60,763 shares of the oil and gas company’s stock worth $236,000 after buying an additional 500 shares during the last quarter. National Investment Services Inc. WI lifted its position in shares of Independence Contract Drilling by 70.7% during the 4th quarter. National Investment Services Inc. WI now owns 111,983 shares of the oil and gas company’s stock worth $446,000 after buying an additional 46,397 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of Independence Contract Drilling by 22.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 121,019 shares of the oil and gas company’s stock worth $460,000 after buying an additional 22,420 shares during the last quarter. Institutional investors and hedge funds 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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