Shares of Independence Contract Drilling Inc (NYSE:ICD) have earned an average rating of “Hold” from the eight research firms that are currently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $5.94.

ICD has been the topic of a number of research reports. Royal Bank of Canada set a $5.00 price objective on shares of Independence Contract Drilling and gave the stock a “buy” rating in a research note on Thursday, December 21st. B. Riley dropped their price target on shares of Independence Contract Drilling from $8.75 to $7.75 and set a “buy” rating on the stock in a research report on Wednesday, November 22nd. Cowen set a $5.00 price target on shares of Independence Contract Drilling and gave the company a “buy” rating in a research report on Wednesday, October 18th. ValuEngine upgraded shares of Independence Contract Drilling from a “strong sell” rating to a “sell” rating in a research report on Monday, October 2nd. Finally, FBR & Co restated a “buy” rating on shares of Independence Contract Drilling in a research report on Tuesday, October 31st.

Independence Contract Drilling (NYSE:ICD) traded up $0.16 during trading hours on Tuesday, hitting $4.91. 89,400 shares of the stock were exchanged, compared to its average volume of 146,389. The firm has a market capitalization of $186.49, a price-to-earnings ratio of -6.29 and a beta of 2.80. Independence Contract Drilling has a 1 year low of $2.72 and a 1 year high of $7.25. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.01 and a quick ratio of 1.84.

Independence Contract Drilling (NYSE:ICD) last released its quarterly earnings data on Tuesday, October 31st. The oil and gas company reported ($0.13) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.11) by ($0.02). The business had revenue of $23.45 million during the quarter, compared to analyst estimates of $23.54 million. Independence Contract Drilling had a negative return on equity of 8.28% and a negative net margin of 34.87%. The firm’s revenue was up 62.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.17) EPS. equities research analysts forecast that Independence Contract Drilling will post -0.53 EPS for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System grew its position in Independence Contract Drilling by 0.8% during 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 buying an additional 500 shares during the period. Goldman Sachs Group Inc. grew its position in Independence Contract Drilling by 12.9% during 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 buying an additional 6,917 shares during the period. Rhumbline Advisers grew its position in Independence Contract Drilling by 23.1% during the second quarter. Rhumbline Advisers now owns 36,824 shares of the oil and gas company’s stock valued at $143,000 after buying an additional 6,920 shares during the period. Russell Investments Group Ltd. grew its position in Independence Contract Drilling by 22.7% during the third quarter. Russell Investments Group Ltd. now owns 121,019 shares of the oil and gas company’s stock valued at $460,000 after buying an additional 22,420 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Independence Contract Drilling by 22.4% during the second quarter. Bank of New York Mellon Corp now owns 130,742 shares of the oil and gas company’s stock valued at $508,000 after buying an additional 23,894 shares during the period. Institutional investors own 78.24% of the company’s stock.

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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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