Independence Contract Drilling (NYSE:ICD) Upgraded at ValuEngine

ValuEngine upgraded shares of Independence Contract Drilling (NYSE:ICD) from a strong sell rating to a sell rating in a research report report published on Friday, November 10th.

Other equities research analysts have also recently issued research reports about the company. FBR & Co reaffirmed a buy rating on shares of Independence Contract Drilling in a research report on Tuesday, October 31st. Cowen set a $5.00 target price on Independence Contract Drilling and gave the stock a buy rating in a research report on Wednesday, October 18th. Royal Bank Of Canada reaffirmed a buy rating and set a $7.00 target price on shares of Independence Contract Drilling in a research report on Thursday, July 20th. Finally, Zacks Investment Research upgraded Independence Contract Drilling from a sell rating to a hold rating in a report on Tuesday, October 31st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company’s stock. Independence Contract Drilling currently has an average rating of Buy and a consensus target price of $6.45.

Shares of Independence Contract Drilling (NYSE:ICD) traded up $0.05 during midday trading on Friday, hitting $3.91. The company had a trading volume of 103,100 shares, compared to its average volume of 175,048. Independence Contract Drilling has a 1-year low of $2.72 and a 1-year high of $7.30. 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 (NYSE:ICD) last announced its quarterly earnings results on Tuesday, October 31st. The oil and gas company reported ($0.13) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.02). The firm had revenue of $23.45 million during the quarter, compared to the consensus estimate of $23.54 million. Independence Contract Drilling had a negative net margin of 34.87% and a negative return on equity of 8.28%. The company’s quarterly revenue was up 62.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.17) EPS. equities analysts forecast that Independence Contract Drilling will post -0.53 earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Federated Investors Inc. PA raised its stake in shares of Independence Contract Drilling by 14.9% in the second quarter. Federated Investors Inc. PA now owns 1,468,900 shares of the oil and gas company’s stock valued at $5,714,000 after purchasing an additional 190,000 shares in the last quarter. Dimensional Fund Advisors LP acquired a new position in shares of Independence Contract Drilling in the first quarter valued at $1,413,000. Vanguard Group Inc. raised its stake in shares of Independence Contract Drilling by 10.7% in the first quarter. Vanguard Group Inc. now owns 1,262,680 shares of the oil and gas company’s stock valued at $6,957,000 after purchasing an additional 121,655 shares in the last quarter. FMR LLC raised its stake in shares of Independence Contract Drilling by 617.7% in the second 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. Finally, Viking Fund Management LLC raised its stake 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 purchasing an additional 10,000 shares in the last quarter. Institutional investors and hedge funds own 78.18% of the company’s stock.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Independence Contract Drilling (NYSE:ICD)

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