FBR & Co reissued their buy rating on shares of Independence Contract Drilling Inc (NYSE:ICD) in a research report sent to investors on Tuesday.

Several other brokerages have also commented on ICD. Cowen and Company reiterated a buy rating and set a $5.00 price target on shares of Independence Contract Drilling in a research note on Friday, August 11th. Zacks Investment Research lowered shares of Independence Contract Drilling from a hold rating to a sell rating in a research note on Wednesday, September 6th. ValuEngine lowered shares of Independence Contract Drilling from a sell rating to a strong sell rating in a research note on Friday, September 8th. Finally, Royal Bank Of Canada reiterated a buy rating and set a $7.00 price target on shares of Independence Contract Drilling in a research note on Thursday, July 20th. One 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. Independence Contract Drilling currently has an average rating of Buy and an average price target of $6.13.

Shares of Independence Contract Drilling (ICD) traded up $0.18 during trading hours on Tuesday, hitting $3.43. The company had a trading volume of 115,231 shares, compared to its average volume of 150,739. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.66 and a current ratio of 2.01. Independence Contract Drilling has a one year low of $2.72 and a one year high of $7.30.

Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings results on Tuesday, October 31st. The oil and gas company reported ($0.13) EPS for the quarter, missing the Thomson Reuters’ consensus estimate 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 company had revenue of $23.45 million for the quarter, compared to analyst estimates of $23.54 million. During the same quarter in the prior year, the business earned ($0.17) earnings per share. Independence Contract Drilling’s revenue was up 62.1% compared to the same quarter last year. research analysts predict that Independence Contract Drilling will post -0.53 earnings per share for the current fiscal year.

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Hedge funds and other institutional investors have recently bought and sold shares of the business. Federated Investors Inc. PA increased its stake in Independence Contract Drilling by 14.9% in the second quarter. Federated Investors Inc. PA now owns 1,468,900 shares of the oil and gas company’s stock valued at $5,714,000 after purchasing an additional 190,000 shares during the period. Dimensional Fund Advisors LP acquired a new position in Independence Contract Drilling in the first quarter valued at $1,413,000. Vanguard Group Inc. increased its stake in Independence Contract Drilling by 10.7% in the first quarter. Vanguard Group Inc. now owns 1,262,680 shares of the oil and gas company’s stock valued at $6,957,000 after purchasing an additional 121,655 shares during the period. Viking Fund Management LLC increased its stake in Independence Contract Drilling by 2.0% in the second quarter. Viking Fund Management LLC now owns 520,000 shares of the oil and gas company’s stock valued at $2,023,000 after purchasing an additional 10,000 shares during the period. Finally, FMR LLC increased its stake in Independence Contract Drilling by 67.4% in the first quarter. FMR LLC now owns 166,014 shares of the oil and gas company’s stock valued at $915,000 after purchasing an additional 66,856 shares during the period. Institutional investors own 80.80% 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 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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