Independence Contract Drilling, Inc. (NYSE:ICD) has been assigned a consensus recommendation of “Hold” from the nine brokerages that are covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $6.50.

A number of research firms have recently weighed in on ICD. Zacks Investment Research cut Independence Contract Drilling from a “hold” rating to a “sell” rating in a report on Thursday, July 20th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $7.00 price target on shares of Independence Contract Drilling in a report on Thursday, July 20th. ValuEngine cut Independence Contract Drilling from a “hold” rating to a “sell” rating in a report on Friday, May 26th. Morgan Stanley cut Independence Contract Drilling from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $8.50 to $5.00 in a report on Wednesday, June 21st. Finally, Cowen and Company reaffirmed a “buy” rating and set a $5.00 price target on shares of Independence Contract Drilling in a report on Friday, August 11th.

Independence Contract Drilling (NYSE ICD) traded up 7.01% during trading on Wednesday, reaching $3.36. The company had a trading volume of 157,048 shares. The company’s 50-day moving average is $3.39 and its 200 day moving average is $4.24. The firm’s market capitalization is $126.60 million. Independence Contract Drilling has a 52 week low of $2.91 and a 52 week high of $7.30.

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

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Royce & Associates LP increased its stake in shares of Independence Contract Drilling by 14.7% during the second quarter. Royce & Associates LP now owns 1,875,978 shares of the oil and gas company’s stock valued at $7,298,000 after acquiring an additional 240,892 shares during the period. Federated Investors Inc. PA increased its stake in shares of 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 acquiring an additional 190,000 shares during the period. Vanguard Group Inc. increased its stake in shares of Independence Contract Drilling by 6.3% during the second quarter. Vanguard Group Inc. now owns 1,341,715 shares of the oil and gas company’s stock valued at $5,219,000 after acquiring an additional 79,035 shares during the period. FMR LLC increased its stake in shares of Independence Contract Drilling by 617.7% during the second quarter. FMR LLC now owns 1,191,439 shares of the oil and gas company’s stock valued at $4,635,000 after acquiring an additional 1,025,425 shares during the period. Finally, Kennedy Capital Management Inc. increased its stake in shares of Independence Contract Drilling by 13.7% during the second quarter. Kennedy Capital Management Inc. now owns 598,159 shares of the oil and gas company’s stock valued at $2,327,000 after acquiring an additional 72,098 shares during the period. Institutional investors and hedge funds own 80.78% of the company’s stock.

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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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