Independence Contract Drilling Inc (ICD) Given Consensus Recommendation of “Buy” by Analysts

Shares of Independence Contract Drilling Inc (NYSE:ICD) have received a consensus recommendation of “Buy” from the eight ratings firms that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $5.94.

A number of research firms have issued reports on ICD. Cowen set a $5.00 price target on shares of Independence Contract Drilling and gave the company a “buy” rating in a report on Wednesday, October 18th. Zacks Investment Research cut shares of Independence Contract Drilling from a “hold” rating to a “sell” rating in a report on Wednesday, January 3rd. B. Riley decreased their price target on shares of Independence Contract Drilling from $8.75 to $7.75 and set a “buy” rating for the company in a report on Wednesday, November 22nd. Royal Bank of Canada set a $5.00 price target on shares of Independence Contract Drilling and gave the company a “buy” rating in a report on Thursday, December 21st. Finally, FBR & Co restated a “buy” rating on shares of Independence Contract Drilling in a report on Tuesday, October 31st.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Rhumbline Advisers raised its holdings in Independence Contract Drilling by 23.1% during the 2nd quarter. Rhumbline Advisers now owns 36,824 shares of the oil and gas company’s stock valued at $143,000 after buying an additional 6,920 shares during the period. Bank of New York Mellon Corp raised its holdings 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 buying an additional 23,894 shares during the period. Northern Trust Corp raised its holdings 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 buying an additional 177,525 shares during the period. Vanguard Group Inc. raised its holdings 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 buying an additional 79,035 shares during the period. Finally, FMR LLC raised its holdings 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 buying an additional 1,025,425 shares during the period. 78.29% of the stock is owned by institutional investors and hedge funds.

Independence Contract Drilling (ICD) traded down $0.19 during mid-day trading on Friday, reaching $4.28. 291,020 shares of the company’s stock were exchanged, compared to its average volume of 162,207. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.01 and a quick ratio of 1.84. Independence Contract Drilling has a one year low of $2.72 and a one year high of $6.32. The company has a market capitalization of $169.40, a PE ratio of -5.42 and a beta of 2.84.

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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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