B. Riley set a $8.00 target price on Independence Contract Drilling (NYSE:ICD) in a research report sent to investors on Monday morning. The brokerage currently has a buy rating on the oil and gas company’s stock.

Several other brokerages also recently issued reports on ICD. ValuEngine raised Independence Contract Drilling from a strong sell rating to a sell rating in a research report on Friday, November 10th. FBR & Co reaffirmed a buy rating on shares of Independence Contract Drilling in a research report on Tuesday, October 31st. Royal Bank of Canada set a $5.00 price target on Independence Contract Drilling and gave the company a buy rating in a research report on Thursday, December 21st. Zacks Investment Research raised Independence Contract Drilling from a sell rating to a hold rating in a research report on Wednesday, January 17th. Finally, Cowen set a $6.00 price target on Independence Contract Drilling and gave the company a buy rating in a research report on Thursday, January 11th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $6.00.

Shares of Independence Contract Drilling (NYSE ICD) opened at $4.26 on Monday. The stock has a market capitalization of $156.86, a PE ratio of -5.46 and a beta of 2.85. Independence Contract Drilling has a 1 year low of $2.72 and a 1 year high of $6.32. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.01 and a quick ratio of 1.84.

Several large investors have recently modified their holdings of the company. California State Teachers Retirement System grew its position in shares of Independence Contract Drilling by 0.8% in the second quarter. California State Teachers Retirement System now owns 60,763 shares of the oil and gas company’s stock valued at $236,000 after purchasing an additional 500 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Independence Contract Drilling by 12.9% in the second quarter. Goldman Sachs Group Inc. now owns 60,414 shares of the oil and gas company’s stock valued at $235,000 after purchasing an additional 6,917 shares during the last quarter. Rhumbline Advisers grew its position in shares of Independence Contract Drilling by 23.1% in the second quarter. Rhumbline Advisers now owns 36,824 shares of the oil and gas company’s stock valued at $143,000 after purchasing an additional 6,920 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of Independence Contract Drilling by 40.9% in the fourth quarter. Wells Fargo & Company MN now owns 51,032 shares of the oil and gas company’s stock valued at $203,000 after buying an additional 14,812 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Independence Contract Drilling by 13.3% in the fourth quarter. Bank of New York Mellon Corp now owns 145,885 shares of the oil and gas company’s stock valued at $580,000 after buying an additional 17,133 shares during the period. 78.26% of the stock is currently owned by institutional investors.

ILLEGAL ACTIVITY NOTICE: “Independence Contract Drilling (ICD) Given a $8.00 Price Target at B. Riley” was first published by TheOlympiaReport and is owned by of TheOlympiaReport. If you are reading this report on another website, it was illegally copied and reposted in violation of United States and international trademark & copyright laws. The legal version of this report can be read at https://theolympiareport.com/2018/02/15/independence-contract-drilling-icd-given-a-8-00-price-target-at-b-riley.html.

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)

Receive News & Ratings for Independence Contract Drilling Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Contract Drilling and related companies with MarketBeat.com's FREE daily email newsletter.