Zacks Investment Research upgraded shares of Independence Contract Drilling (NYSE:ICD) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning.

According to Zacks, “Independence Contract Drilling Inc. provides land drilling services for oil and natural gas producers primarily in the United States. The Company provides the US E&P industry a fleet of ShaleDriller (TM) rigs for drilling and development of shale and tight oil basins in North America. Independence Contract Drilling, Inc. is based in Houston, Texas. “

A number of other equities analysts also recently weighed in on the stock. Cowen set a $6.00 price target on shares of Independence Contract Drilling and gave the stock a buy rating in a report on Thursday, January 11th. 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 report on Thursday, December 21st. B. Riley cut their price target on shares of Independence Contract Drilling from $8.75 to $7.75 and set a buy rating on the stock in a report on Wednesday, November 22nd. ValuEngine raised shares of Independence Contract Drilling from a strong sell rating to a sell rating in a report on Friday, November 10th. Finally, FBR & Co reissued a buy rating on shares of Independence Contract Drilling in a report on Tuesday, October 31st. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. The company has a consensus rating of Buy and an average price target of $5.94.

Independence Contract Drilling (NYSE ICD) traded up $0.01 during midday trading on Wednesday, hitting $5.19. 217,586 shares of the stock traded hands, compared to its average volume of 125,920. Independence Contract Drilling has a 12-month low of $2.72 and a 12-month high of $7.25. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.84 and a current ratio of 2.01. The company has a market cap of $196.74, a price-to-earnings ratio of -6.65 and a beta of 2.80.

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

Several large investors have recently modified their holdings of ICD. FMR LLC boosted its holdings in shares of Independence Contract Drilling by 617.7% in the 2nd 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. Sterling Capital Management LLC purchased a new stake in Independence Contract Drilling during the second quarter valued at about $1,660,000. Dimensional Fund Advisors LP lifted its holdings in Independence Contract Drilling by 84.5% during the second quarter. Dimensional Fund Advisors LP now owns 473,258 shares of the oil and gas company’s stock valued at $1,841,000 after purchasing an additional 216,772 shares during the last quarter. Northern Trust Corp lifted its holdings in Independence Contract Drilling by 61.2% during the second quarter. Northern Trust Corp now owns 467,479 shares of the oil and gas company’s stock valued at $1,819,000 after purchasing an additional 177,525 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Independence Contract Drilling by 6.3% during the second quarter. Vanguard Group Inc. now owns 1,341,715 shares of the oil and gas company’s stock valued at $5,219,000 after purchasing an additional 79,035 shares during the last quarter. 78.24% of the stock is currently owned by institutional investors.

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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 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.

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