Independence Contract Drilling Inc (NYSE:ICD) has been assigned a consensus rating of “Hold” from the eight brokerages that are currently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $5.94.

A number of equities research analysts recently commented on the stock. Cowen set a $6.00 target price on shares of Independence Contract Drilling and gave the company a “buy” rating in a research report on Thursday, January 11th. Royal Bank of Canada set a $5.00 target price on shares of Independence Contract Drilling and gave the company a “buy” rating in a research report on Thursday, December 21st. Zacks Investment Research cut shares of Independence Contract Drilling from a “hold” rating to a “sell” rating in a research report on Wednesday, January 3rd. B. Riley decreased their target price on shares of Independence Contract Drilling from $8.75 to $7.75 and set a “buy” rating for the company in a research report on Wednesday, November 22nd. Finally, ValuEngine raised shares of Independence Contract Drilling from a “strong sell” rating to a “sell” rating in a research report on Friday, November 10th.

Institutional investors have recently modified their holdings of the business. FMR LLC increased its stake in Independence Contract Drilling by 617.7% during the 2nd quarter. FMR LLC now owns 1,191,439 shares of the oil and gas company’s stock valued at $4,635,000 after purchasing an additional 1,025,425 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Independence Contract Drilling by 84.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 473,258 shares of the oil and gas company’s stock valued at $1,841,000 after purchasing an additional 216,772 shares in the last quarter. Northern Trust Corp increased its stake in Independence Contract Drilling by 61.2% during the 2nd quarter. Northern Trust Corp now owns 467,479 shares of the oil and gas company’s stock valued at $1,819,000 after purchasing an additional 177,525 shares in the last quarter. Vanguard Group Inc. increased its stake in Independence Contract Drilling by 6.3% during the 2nd quarter. Vanguard Group Inc. now owns 1,341,715 shares of the oil and gas company’s stock valued at $5,219,000 after purchasing an additional 79,035 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Independence Contract Drilling by 22.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 130,742 shares of the oil and gas company’s stock valued at $508,000 after purchasing an additional 23,894 shares in the last quarter. Institutional investors and hedge funds own 78.24% of the company’s stock.

Independence Contract Drilling (NYSE ICD) traded up $0.16 during trading hours on Tuesday, reaching $4.91. 89,400 shares of the company were exchanged, compared to its average volume of 146,389. Independence Contract Drilling has a 12 month low of $2.72 and a 12 month high of $7.25. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.01 and a quick ratio of 1.84. The stock has a market capitalization of $186.49, a PE ratio of -6.29 and a beta of 2.80.

Independence Contract Drilling (NYSE:ICD) last posted its earnings results on Tuesday, October 31st. The oil and gas company reported ($0.13) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.11) by ($0.02). Independence Contract Drilling had a negative net margin of 34.87% and a negative return on equity of 8.28%. The firm had revenue of $23.45 million for the quarter, compared to analysts’ expectations of $23.54 million. During the same period in the previous year, the company earned ($0.17) EPS. The company’s revenue was up 62.1% on a year-over-year basis. equities analysts anticipate that Independence Contract Drilling will post -0.53 earnings per share for the current fiscal year.

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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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