ValuEngine upgraded shares of Independence Contract Drilling, Inc. (NYSE:ICD) from a strong sell rating to a sell rating in a research note published on Friday morning.

Other analysts have also recently issued reports about the company. FBR & Co restated a buy rating on shares of Independence Contract Drilling in a research note on Tuesday, October 31st. Cowen and Company set a $5.00 price target on Independence Contract Drilling and gave the company a buy rating in a research note on Wednesday, October 18th. Royal Bank Of Canada restated a buy rating and issued a $7.00 price target on shares of Independence Contract Drilling in a research note on Thursday, July 20th. Finally, Zacks Investment Research upgraded Independence Contract Drilling from a sell rating to a hold rating in a research note on Tuesday, October 31st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. Independence Contract Drilling presently has a consensus rating of Buy and a consensus price target of $6.13.

Shares of Independence Contract Drilling (NYSE ICD) traded up $0.19 during midday trading on Friday, hitting $3.89. The stock had a trading volume of 101,600 shares, compared to its average volume of 179,080. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.84 and a current ratio of 2.01. Independence Contract Drilling has a twelve month low of $2.72 and a twelve month high of $7.30.

Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings data on Tuesday, October 31st. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, missing the 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 company had revenue of $23.45 million during the quarter, compared to analyst estimates of $23.54 million. During the same quarter in the previous year, the business posted ($0.17) earnings per share. The firm’s revenue was up 62.1% on a year-over-year basis. analysts anticipate that Independence Contract Drilling will post -0.53 earnings per share for the current year.

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A number of institutional investors have recently bought and sold shares of ICD. Federated Investors Inc. PA increased its position in shares of Independence Contract Drilling by 14.9% during the second quarter. Federated Investors Inc. PA now owns 1,468,900 shares of the oil and gas company’s stock worth $5,714,000 after purchasing an additional 190,000 shares in the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of Independence Contract Drilling during the first quarter worth about $1,413,000. Vanguard Group Inc. increased its position in shares of Independence Contract Drilling by 10.7% during the first quarter. Vanguard Group Inc. now owns 1,262,680 shares of the oil and gas company’s stock worth $6,957,000 after purchasing an additional 121,655 shares in the last quarter. Viking Fund Management LLC increased its position in shares of Independence Contract Drilling by 2.0% during the second quarter. Viking Fund Management LLC now owns 520,000 shares of the oil and gas company’s stock worth $2,023,000 after purchasing an additional 10,000 shares in the last quarter. Finally, FMR LLC increased its position in shares of Independence Contract Drilling by 67.4% during the first quarter. FMR LLC now owns 166,014 shares of the oil and gas company’s stock worth $915,000 after purchasing an additional 66,856 shares in the last quarter. Institutional investors own 79.94% of the company’s stock.

Independence Contract Drilling Company Profile

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.

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Analyst Recommendations for Independence Contract Drilling (NYSE:ICD)

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