Independence Contract Drilling, Inc. (NYSE:ICD) received a $5.00 target price from research analysts at Cowen and Company in a research report issued on Wednesday. The brokerage presently has a “buy” rating on the oil and gas company’s stock. Cowen and Company’s target price would suggest a potential upside of 43.27% from the stock’s current price.

Several other equities 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. Royal Bank Of Canada reiterated a “buy” rating and set a $7.00 target price on shares of Independence Contract Drilling in a research report on Thursday, July 20th. Finally, Morgan Stanley downgraded Independence Contract Drilling from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $8.50 to $5.00 in a research report on Wednesday, June 21st. Two analysts have rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. Independence Contract Drilling has an average rating of “Hold” and a consensus price target of $6.13.

Independence Contract Drilling (ICD) traded down 0.57% on Wednesday, hitting $3.49. The stock had a trading volume of 92,314 shares. Independence Contract Drilling has a one year low of $2.91 and a one year high of $7.30. The stock’s 50 day moving average is $3.60 and its 200 day moving average is $3.93. The stock’s market cap is $131.50 million.

Independence Contract Drilling (NYSE:ICD) last posted its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.13) EPS for the quarter, meeting 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 analyst estimates of $21.24 million. During the same quarter last year, the company earned ($0.07) earnings per share. The business’s revenue for the quarter was up 40.4% compared to the same quarter last year. Analysts anticipate that Independence Contract Drilling will post ($0.52) earnings per share for the current year.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ICD. American International Group Inc. lifted 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 worth $102,000 after buying an additional 1,214 shares during the period. Rhumbline Advisers lifted 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 worth $143,000 after buying an additional 6,920 shares during the period. National Investment Services Inc. WI purchased a new position in shares of Independence Contract Drilling in the 2nd quarter worth about $154,000. BB&T Securities LLC raised its holdings in shares of Independence Contract Drilling by 1.0% in the 2nd quarter. BB&T Securities LLC now owns 40,300 shares of the oil and gas company’s stock worth $156,000 after purchasing an additional 400 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Independence Contract Drilling by 12.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 60,414 shares of the oil and gas company’s stock worth $235,000 after purchasing an additional 6,917 shares during the period. Hedge funds and other institutional investors own 80.91% of the company’s stock.

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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