Shares of Independence Contract Drilling Inc (NYSE:ICD) shot up 5.4% during trading on Friday . The company traded as high as $4.25 and last traded at $4.10. 533,200 shares changed hands during trading, an increase of 289% from the average session volume of 137,109 shares. The stock had previously closed at $3.89.

A number of brokerages recently commented on ICD. Zacks Investment Research cut shares of Independence Contract Drilling from a “hold” rating to a “sell” rating in a research note on Wednesday, March 14th. B. Riley set a $8.00 price target on shares of Independence Contract Drilling and gave the company a “buy” rating in a research note on Wednesday, February 28th. ValuEngine upgraded shares of Independence Contract Drilling from a “sell” rating to a “hold” rating in a research note on Tuesday, May 1st. Royal Bank of Canada set a $6.00 price target on shares of Independence Contract Drilling and gave the company a “buy” rating in a research note on Tuesday, February 27th. Finally, TheStreet upgraded shares of Independence Contract Drilling from a “d” rating to a “c-” rating in a research note on Monday, February 26th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Independence Contract Drilling presently has a consensus rating of “Buy” and an average target price of $6.67.

The company has a current ratio of 1.68, a quick ratio of 1.50 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $155.82 million, a PE ratio of -7.74 and a beta of 2.70.

Independence Contract Drilling (NYSE:ICD) last posted its earnings results on Thursday, April 26th. The oil and gas company reported ($0.11) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.01. Independence Contract Drilling had a negative net margin of 23.25% and a negative return on equity of 7.97%. The business had revenue of $25.63 million for the quarter, compared to analysts’ expectations of $24.80 million. analysts expect that Independence Contract Drilling Inc will post -0.28 EPS for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of ICD. Dumac Inc. purchased a new stake in Independence Contract Drilling in the 4th quarter worth approximately $1,562,000. Fairfax Financial Holdings Ltd Can purchased a new stake in Independence Contract Drilling in the 1st quarter worth approximately $1,357,000. Lafitte Capital Management LP lifted its stake in Independence Contract Drilling by 126.9% in the 4th quarter. Lafitte Capital Management LP now owns 471,394 shares of the oil and gas company’s stock worth $1,876,000 after purchasing an additional 263,673 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Independence Contract Drilling by 27.8% in the 1st 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. Finally, Napier Park Global Capital US LP lifted its stake in Independence Contract Drilling by 142.3% in the 4th quarter. Napier Park Global Capital US LP now owns 315,000 shares of the oil and gas company’s stock worth $1,256,000 after purchasing an additional 185,000 shares in the last quarter. Institutional investors and hedge funds own 77.10% 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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