Analysts Set Independence Contract (ICD) Target Price at $6.25

Independence Contract (NYSE:ICD) has been given an average recommendation of “Hold” by the eight research firms that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $6.25.

A number of research analysts recently issued reports on the stock. B. Riley set a $8.00 price target on shares of Independence Contract and gave the company a “buy” rating in a research report on Monday, March 26th. Zacks Investment Research raised shares of Independence Contract from a “sell” rating to a “hold” rating in a research report on Thursday, March 22nd. TheStreet upgraded shares of Independence Contract from a “d” rating to a “c-” rating in a research note on Monday, February 26th. Royal Bank of Canada set a $6.00 price objective on shares of Independence Contract and gave the company a “buy” rating in a research note on Tuesday, February 27th. Finally, Cowen set a $6.00 price objective on shares of Independence Contract and gave the company a “buy” rating in a research note on Thursday, January 11th.

NYSE ICD traded down $0.15 during trading hours on Friday, reaching $3.88. 68,767 shares of the company’s stock traded hands, compared to its average volume of 94,622. Independence Contract has a 52-week low of $2.72 and a 52-week high of $5.95. The stock has a market cap of $147.82, a P/E ratio of -7.32 and a beta of 2.78. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.62 and a quick ratio of 1.47.

Independence Contract (NYSE:ICD) last issued its quarterly earnings results on Monday, February 26th. The oil and gas company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.01). Independence Contract had a negative net margin of 27.00% and a negative return on equity of 8.24%. The business had revenue of $25.04 million for the quarter, compared to analysts’ expectations of $24.43 million. During the same period last year, the business earned ($0.14) earnings per share. The company’s revenue was up 39.1% on a year-over-year basis. research analysts expect that Independence Contract will post -0.28 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the business. Two Sigma Investments LP bought a new stake in Independence Contract during the 4th quarter valued at about $107,000. Wells Fargo & Company MN increased its stake in Independence Contract by 40.9% during the 4th quarter. Wells Fargo & Company MN now owns 51,032 shares of the oil and gas company’s stock valued at $203,000 after purchasing an additional 14,812 shares in the last quarter. California State Teachers Retirement System increased its stake in Independence Contract by 0.8% during the 2nd quarter. California State Teachers Retirement System now owns 60,763 shares of the oil and gas company’s stock valued at $236,000 after purchasing an additional 500 shares in the last quarter. Deutsche Bank AG increased its stake in Independence Contract by 63.9% during the 4th quarter. Deutsche Bank AG now owns 105,410 shares of the oil and gas company’s stock valued at $418,000 after purchasing an additional 41,112 shares in the last quarter. Finally, National Investment Services Inc. WI increased its stake in Independence Contract by 70.7% during the 4th quarter. National Investment Services Inc. WI now owns 111,983 shares of the oil and gas company’s stock valued at $446,000 after purchasing an additional 46,397 shares in the last quarter. Institutional investors and hedge funds own 74.96% of the company’s stock.

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Independence Contract 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 pad-optimal ShaleDriller rigs that are engineered and designed to optimize the development of various oil and natural gas properties in the Permian Basin.

Analyst Recommendations for Independence Contract (NYSE:ICD)

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