Zacks Investment Research upgraded shares of Independence Contract Drilling (NYSE:ICD) from a hold rating to a buy rating in a research note released on Friday morning. Zacks Investment Research currently has $5.00 price objective on the oil and gas company’s stock.

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. “

Other research analysts also recently issued reports about the stock. B. Riley set a $8.00 price target on shares of Independence Contract Drilling and gave the stock a buy rating in a research report on Wednesday, July 25th. Morgan Stanley increased their price objective on shares of Independence Contract Drilling from $5.00 to $5.50 and gave the stock an equal weight rating in a research note on Monday, August 6th. ValuEngine raised shares of Independence Contract Drilling from a hold rating to a buy rating in a research note on Monday, October 8th. Finally, Royal Bank of Canada reissued a buy rating and issued a $6.00 price objective on shares of Independence Contract Drilling in a research note on Friday, August 17th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Independence Contract Drilling has an average rating of Buy and an average target price of $6.20.

ICD traded down $0.08 during trading on Friday, hitting $4.41. The company’s stock had a trading volume of 177,435 shares, compared to its average volume of 134,308. The company has a current ratio of 1.39, a quick ratio of 1.26 and a debt-to-equity ratio of 0.26. Independence Contract Drilling has a one year low of $2.72 and a one year high of $5.48. The company has a market capitalization of $188.21 million, a PE ratio of -8.32 and a beta of 2.63.

Independence Contract Drilling (NYSE:ICD) last released its quarterly earnings results on Thursday, August 2nd. The oil and gas company reported ($0.08) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.09) by $0.01. Independence Contract Drilling had a negative net margin of 19.21% and a negative return on equity of 7.34%. The business had revenue of $25.75 million for the quarter, compared to the consensus estimate of $25.70 million. Equities analysts forecast that Independence Contract Drilling will post -0.25 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in ICD. Schwab Charles Investment Management Inc. increased its stake in shares of Independence Contract Drilling by 47.8% in the first quarter. Schwab Charles Investment Management Inc. now owns 68,000 shares of the oil and gas company’s stock worth $258,000 after purchasing an additional 22,000 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Independence Contract Drilling by 567.7% in the first quarter. JPMorgan Chase & Co. now owns 86,378 shares of the oil and gas company’s stock worth $326,000 after purchasing an additional 73,442 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Independence Contract Drilling by 27.8% in the first quarter. Dimensional Fund Advisors LP now owns 958,671 shares of the oil and gas company’s stock worth $3,624,000 after purchasing an additional 208,736 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Independence Contract Drilling by 64.9% during the first quarter. Russell Investments Group Ltd. now owns 216,418 shares of the oil and gas company’s stock valued at $818,000 after acquiring an additional 85,203 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Independence Contract Drilling by 57.6% during the first quarter. The Manufacturers Life Insurance Company now owns 29,223 shares of the oil and gas company’s stock valued at $110,000 after acquiring an additional 10,678 shares in the last quarter. 75.83% of the stock is owned by hedge funds and other institutional investors.

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 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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