Independence Contract Drilling, Inc. (NYSE:ICD) had its target price lowered by Royal Bank Of Canada from $7.00 to $6.00 in a research report released on Friday morning, Marketbeat Ratings reports. The firm currently has an outperform rating on the oil and gas company’s stock.

Other analysts also recently issued research reports about the stock. Zacks Investment Research downgraded shares of Independence Contract Drilling from a hold rating to a sell rating in a research report on Thursday, July 20th. Morgan Stanley cut shares of Independence Contract Drilling from an overweight rating to an equal weight rating and decreased their price target for the stock from $8.50 to $5.00 in a research note on Wednesday, June 21st. Cowen and Company reissued a buy rating and set a $5.00 price objective on shares of Independence Contract Drilling in a research report on Friday, August 11th. Finally, ValuEngine downgraded shares of Independence Contract Drilling from a sell rating to a strong sell rating in a research report on Friday, September 8th. Two investment 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 currently has a consensus rating of Hold and a consensus price target of $6.30.

Independence Contract Drilling (NYSE:ICD) opened at 3.80 on Friday. The company’s 50 day moving average is $3.33 and its 200 day moving average is $4.15. Independence Contract Drilling has a one year low of $2.91 and a one year high of $7.30. The stock’s market cap is $143.18 million.

Independence Contract Drilling (NYSE:ICD) last posted its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.13) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.13). The business had revenue of $21.29 million during the quarter, compared to the consensus estimate 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 company’s revenue was up 40.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.07) earnings per share. On average, equities research analysts expect that Independence Contract Drilling will post ($0.48) EPS for the current year.

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Several large investors have recently added to or reduced their stakes in ICD. FMR LLC raised 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 worth $4,635,000 after purchasing an additional 1,025,425 shares during the last quarter. Kennedy Capital Management Inc. acquired a new stake in shares of Independence Contract Drilling during the first quarter worth $2,899,000. Sterling Capital Management LLC acquired a new stake in shares of Independence Contract Drilling during the second quarter worth $1,660,000. Systematic Financial Management LP acquired a new stake in shares of Independence Contract Drilling during the first quarter worth $2,167,000. Finally, Royce & Associates LP lifted its holdings in shares of Independence Contract Drilling by 26.3% during the first quarter. Royce & Associates LP now owns 1,635,086 shares of the oil and gas company’s stock worth $9,009,000 after purchasing an additional 340,300 shares during the period. 80.78% of the stock is currently owned by institutional investors and hedge funds.

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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