Zacks Investment Research upgraded shares of Independence Contract Drilling Inc (NYSE:ICD) from a sell rating to a hold rating in a research note issued to investors on Tuesday.

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. “

A number of other analysts have also commented on the stock. FBR & Co reiterated a buy rating on shares of Independence Contract Drilling in a research note on Tuesday. Cowen and Company set a $5.00 price target on shares of Independence Contract Drilling and gave the stock a buy rating in a research note on Wednesday, October 18th. ValuEngine upgraded shares of Independence Contract Drilling from a strong sell rating to a sell rating in a research note on Monday, October 2nd. Finally, Royal Bank Of Canada reduced their price target on shares of Independence Contract Drilling from $7.00 to $6.00 and set an outperform rating for the company in a research note on Friday, September 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. The company has a consensus rating of Buy and an average price target of $6.13.

Shares of Independence Contract Drilling (NYSE ICD) opened at $3.43 on Tuesday. The company has a quick ratio of 1.66, a current ratio of 2.01 and a debt-to-equity ratio of 0.20. Independence Contract Drilling has a twelve month low of $2.72 and a twelve month 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 analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $23.54 million. During the same quarter in the prior year, the firm earned ($0.17) earnings per share. The business’s revenue was up 62.1% compared to the same quarter last year. sell-side analysts predict that Independence Contract Drilling will post -0.53 EPS for the current year.

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A number of hedge funds and other institutional investors have recently made changes to their positions in ICD. Wells Fargo & Company MN grew its position in Independence Contract Drilling by 366.7% during the first quarter. Wells Fargo & Company MN now owns 104,755 shares of the oil and gas company’s stock valued at $578,000 after buying an additional 82,310 shares during the period. American International Group Inc. grew its position in Independence Contract Drilling by 7.0% during the first quarter. American International Group Inc. now owns 18,453 shares of the oil and gas company’s stock valued at $102,000 after buying an additional 1,214 shares during the period. FMR LLC grew its position 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 buying an additional 66,856 shares during the period. TIAA CREF Investment Management LLC grew its position in Independence Contract Drilling by 17.3% during the first quarter. TIAA CREF Investment Management LLC now owns 328,528 shares of the oil and gas company’s stock valued at $1,810,000 after buying an additional 48,363 shares during the period. Finally, Vanguard Group Inc. grew its position 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 buying an additional 121,655 shares during the period. Institutional investors own 80.80% of the company’s stock.

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.

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Analyst Recommendations for Independence Contract Drilling (NYSE:ICD)

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