Cowen and Company restated their buy rating on shares of Independence Contract Drilling, Inc. (NYSE:ICD) in a research note issued to investors on Friday morning. The brokerage currently has a $5.00 target price on the oil and gas company’s stock.

ICD has been the subject of several other reports. Royal Bank Of Canada reissued a buy rating and issued a $7.00 price target on shares of Independence Contract Drilling in a research report on Thursday, July 20th. Morgan Stanley lowered Independence Contract Drilling from an overweight rating to an equal weight rating and reduced their price target for the stock from $8.50 to $5.00 in a research report on Wednesday, June 21st. ValuEngine lowered Independence Contract Drilling from a hold rating to a sell rating in a research report on Friday, May 26th. Finally, Zacks Investment Research lowered Independence Contract Drilling from a hold rating to a sell rating in a research report on Thursday, July 20th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. Independence Contract Drilling has an average rating of Buy and an average price target of $6.79.

Independence Contract Drilling (NYSE ICD) remained flat at $3.46 during midday trading on Friday. The company’s stock had a trading volume of 143,946 shares. Independence Contract Drilling has a 1-year low of $3.21 and a 1-year high of $7.30. The stock has a 50-day moving average price of $3.67 and a 200 day moving average price of $4.70. The company’s market cap is $130.37 million.

Independence Contract Drilling (NYSE:ICD) last released its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.13) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.13). The firm had revenue of $21.29 million during the quarter, compared to analyst estimates 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 period in the previous year, the company posted ($0.07) EPS. On average, equities analysts forecast that Independence Contract Drilling will post ($0.47) earnings per share for the current fiscal year.

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A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Viking Fund Management LLC raised its position in shares of Independence Contract Drilling by 2.0% in the second quarter. Viking Fund Management LLC now owns 520,000 shares of the oil and gas company’s stock valued at $2,023,000 after buying an additional 10,000 shares in the last quarter. Deprince Race & Zollo Inc. raised its position in shares of Independence Contract Drilling by 29.2% in the first quarter. Deprince Race & Zollo Inc. now owns 64,600 shares of the oil and gas company’s stock valued at $356,000 after buying an additional 14,600 shares in the last quarter. Columbus Circle Investors raised its position in shares of Independence Contract Drilling by 238.2% in the first quarter. Columbus Circle Investors now owns 889,146 shares of the oil and gas company’s stock valued at $4,899,000 after buying an additional 626,241 shares in the last quarter. Parkwood LLC raised its position in shares of Independence Contract Drilling by 33.6% in the first quarter. Parkwood LLC now owns 21,828 shares of the oil and gas company’s stock valued at $120,000 after buying an additional 5,492 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of Independence Contract Drilling by 366.7% in the first quarter. Wells Fargo & Company MN now owns 104,755 shares of the oil and gas company’s stock valued at $578,000 after buying an additional 82,310 shares in the last quarter. 80.56% of the stock is currently owned by institutional investors.

Analyst Recommendations for Independence Contract Drilling (NYSE:ICD)

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