Independence Contract Drilling, Inc. (NYSE:ICD) had its price target lowered by equities research analysts at Royal Bank Of Canada from $7.00 to $6.00 in a report released on Friday. The brokerage presently has an “outperform” rating on the oil and gas company’s stock. Royal Bank Of Canada’s target price indicates a potential upside of 57.89% from the company’s current price.

A number of other equities research analysts also recently weighed in on the company. Zacks Investment Research downgraded Independence Contract Drilling from a “hold” rating to a “sell” rating in a research report on Wednesday, September 6th. ValuEngine downgraded Independence Contract Drilling from a “sell” rating to a “strong sell” rating in a research report on Friday, September 8th. Morgan Stanley downgraded Independence Contract Drilling from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $8.50 to $5.00 in a research report on Wednesday, June 21st. Finally, Cowen and Company reissued a “buy” rating and set a $5.00 target price on shares of Independence Contract Drilling in a research report on Friday, August 11th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $6.30.

Shares of Independence Contract Drilling (NYSE ICD) opened at 3.80 on Friday. The firm’s market cap is $143.18 million. Independence Contract Drilling has a 52 week low of $2.91 and a 52 week high of $7.30. The firm’s 50-day moving average price is $3.33 and its 200 day moving average price is $4.15.

Independence Contract Drilling (NYSE:ICD) last released its earnings results on Thursday, July 27th. The oil and gas company reported ($0.13) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.13). Independence Contract Drilling had a negative return on equity of 8.62% and a negative net margin of 40.75%. The business had revenue of $21.29 million for the quarter, compared to the consensus estimate of $21.24 million. During the same period last year, the business earned ($0.07) earnings per share. The firm’s revenue for the quarter was up 40.4% compared to the same quarter last year. Equities analysts anticipate that Independence Contract Drilling will post ($0.48) EPS for the current year.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Federated Investors Inc. PA boosted its holdings in Independence Contract Drilling by 14.9% during 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 in the last quarter. Dimensional Fund Advisors LP acquired a new stake in Independence Contract Drilling during the first quarter valued at approximately $1,413,000. Vanguard Group Inc. boosted its holdings in Independence Contract Drilling by 10.7% during 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 in the last quarter. Viking Fund Management LLC boosted its holdings in Independence Contract Drilling by 2.0% during 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 in the last quarter. Finally, FMR LLC boosted its holdings in Independence Contract Drilling by 67.4% during 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 in the last quarter. 80.78% of the stock is currently owned by 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 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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