Independence Contract Drilling Inc (NYSE:ICD) shot up 7% during trading on Thursday . The company traded as high as $1.40 and last traded at $1.38, 758,177 shares changed hands during trading. An increase of 246% from the average session volume of 218,898 shares. The stock had previously closed at $1.29.

A number of brokerages have recently commented on ICD. Zacks Investment Research raised HB Fuller from a “sell” rating to a “hold” rating in a report on Wednesday, July 3rd. ValuEngine lowered Zosano Pharma from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. TheStreet lowered Resolute Forest Products from a “b-” rating to a “c+” rating in a report on Wednesday, June 12th. Morgan Stanley set a $207.00 price objective on Alibaba Group and gave the company a “buy” rating in a report on Friday, July 12th. Finally, B. Riley set a $42.00 price objective on Carbonite and gave the company a “buy” rating in a report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. Independence Contract Drilling presently has a consensus rating of “Hold” and a consensus target price of $4.94.

The firm has a market capitalization of $99.43 million, a PE ratio of -8.12 and a beta of 1.91. The business’s fifty day moving average is $1.64. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.09 and a current ratio of 2.16.

Independence Contract Drilling (NYSE:ICD) last released its earnings results on Thursday, May 2nd. The oil and gas company reported $0.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.06. The firm had revenue of $60.36 million for the quarter, compared to analyst estimates of $60.15 million. Independence Contract Drilling had a negative return on equity of 0.35% and a negative net margin of 10.27%. Sell-side analysts predict that Independence Contract Drilling Inc will post 0.01 earnings per share for the current year.

In other Independence Contract Drilling news, Director Thomas R. Bates, Jr. bought 25,000 shares of the stock in a transaction on Friday, June 7th. The shares were purchased at an average price of $1.86 per share, with a total value of $46,500.00. Following the acquisition, the director now directly owns 151,110 shares of the company’s stock, valued at approximately $281,064.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders acquired a total of 34,300 shares of company stock worth $70,152 in the last ninety days. Insiders own 3.10% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ICD. Walthausen & Co. LLC lifted its position in shares of Independence Contract Drilling by 23.4% in the 1st quarter. Walthausen & Co. LLC now owns 391,191 shares of the oil and gas company’s stock worth $1,084,000 after acquiring an additional 74,117 shares during the period. Federated Investors Inc. PA lifted its position in shares of Independence Contract Drilling by 42.1% in the 1st quarter. Federated Investors Inc. PA now owns 2,038,500 shares of the oil and gas company’s stock worth $5,647,000 after acquiring an additional 603,500 shares during the period. BlackRock Inc. lifted its position in shares of Independence Contract Drilling by 40.3% in the 4th quarter. BlackRock Inc. now owns 2,536,793 shares of the oil and gas company’s stock worth $7,915,000 after acquiring an additional 729,189 shares during the period. Foundry Partners LLC bought a new stake in shares of Independence Contract Drilling in the 1st quarter worth approximately $2,669,000. Finally, Geode Capital Management LLC lifted its position in shares of Independence Contract Drilling by 44.4% in the 4th quarter. Geode Capital Management LLC now owns 414,608 shares of the oil and gas company’s stock worth $1,293,000 after acquiring an additional 127,457 shares during the period. 73.91% of the stock is currently owned by hedge funds and other institutional investors.

About Independence Contract Drilling (NYSE:ICD)

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 and the Haynesville Shale.

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