Independence Contract Drilling (NYSE:ICD) has been given a $6.00 price target by equities research analysts at Morgan Stanley in a report released on Thursday. The brokerage presently has a “hold” rating on the oil and gas company’s stock. Morgan Stanley’s price objective indicates a potential upside of 36.05% from the company’s previous close.

Several other brokerages have also issued reports on ICD. Zacks Investment Research lowered Independence Contract Drilling from a “buy” rating to a “hold” rating in a research note on Tuesday. ValuEngine upgraded Independence Contract Drilling from a “hold” rating to a “buy” rating in a research note on Monday, October 8th. B. Riley set a $8.00 price target on Independence Contract Drilling and gave the company a “buy” rating in a research note on Sunday, October 7th. Finally, Royal Bank of Canada restated a “buy” rating and set a $6.00 price target on shares of Independence Contract Drilling in a research note on Friday, August 17th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $6.20.

Shares of ICD opened at $4.41 on Thursday. Independence Contract Drilling has a 12-month low of $2.72 and a 12-month high of $5.48. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.26 and a current ratio of 1.39. The stock has a market cap of $188.21 million, a P/E ratio of -8.32 and a beta of 2.63.

Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings results on Thursday, August 2nd. The oil and gas company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.01. Independence Contract Drilling had a negative return on equity of 7.34% and a negative net margin of 19.21%. The firm had revenue of $25.75 million for the quarter, compared to analyst estimates of $25.70 million. Analysts anticipate that Independence Contract Drilling will post -0.25 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC boosted its holdings in Independence Contract Drilling by 603.1% during the second quarter. Acadian Asset Management LLC now owns 47,609 shares of the oil and gas company’s stock valued at $196,000 after purchasing an additional 40,838 shares in the last quarter. Millennium Management LLC boosted its holdings in Independence Contract Drilling by 57.5% during the first quarter. Millennium Management LLC now owns 294,569 shares of the oil and gas company’s stock valued at $1,113,000 after purchasing an additional 107,522 shares in the last quarter. Marquette Asset Management LLC acquired a new stake in Independence Contract Drilling during the second quarter valued at approximately $168,000. JPMorgan Chase & Co. boosted its holdings in Independence Contract Drilling by 567.7% during the first quarter. JPMorgan Chase & Co. now owns 86,378 shares of the oil and gas company’s stock valued at $326,000 after purchasing an additional 73,442 shares in the last quarter. Finally, National Investment Services Inc. WI boosted its holdings in Independence Contract Drilling by 84.8% during the third quarter. National Investment Services Inc. WI now owns 195,054 shares of the oil and gas company’s stock valued at $964,000 after purchasing an additional 89,523 shares in the last quarter. Hedge funds and other institutional investors own 75.83% of the company’s stock.

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 pad-optimal ShaleDriller rigs that are engineered and designed to optimize the development of various oil and natural gas properties in the Permian Basin.

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Analyst Recommendations for Independence Contract Drilling (NYSE:ICD)

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