Independence Contract Drilling (ICD) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Independence Contract Drilling (NYSE:ICD) from a hold rating to a buy rating in a research report released on Friday morning. The firm currently has $5.00 price objective on the oil and gas company’s stock.

According to Zacks, “Independence Contract Drilling Inc. provides land drilling services for oil and natural gas producers primarily in the United States. The Company provides the US E&P industry a fleet of ShaleDriller (TM) rigs for drilling and development of shale and tight oil basins in North America. Independence Contract Drilling, Inc. is based in Houston, Texas. “

A number of other equities research analysts have also recently weighed in on ICD. ValuEngine upgraded shares of Independence Contract Drilling from a hold rating to a buy rating in a report on Monday, October 8th. B. Riley set a $8.00 price target on shares of Independence Contract Drilling and gave the company a buy rating in a report on Sunday, October 7th. Morgan Stanley set a $6.00 price target on shares of Independence Contract Drilling and gave the company a hold rating in a report on Thursday. Finally, Royal Bank of Canada reiterated a buy rating and set a $6.00 price target on shares of Independence Contract Drilling in a report on Friday, August 17th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Independence Contract Drilling has an average rating of Buy and a consensus target price of $6.20.

ICD traded down $0.08 during midday trading on Friday, reaching $4.41. The company’s stock had a trading volume of 177,435 shares, compared to its average volume of 134,308. The stock has a market cap of $188.21 million, a PE ratio of -8.32 and a beta of 2.63. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.26 and a current ratio of 1.39. Independence Contract Drilling has a 1 year low of $2.72 and a 1 year high of $5.48.

Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings data on Thursday, August 2nd. The oil and gas company reported ($0.08) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.01. The business had revenue of $25.75 million for the quarter, compared to analysts’ expectations of $25.70 million. Independence Contract Drilling had a negative net margin of 19.21% and a negative return on equity of 7.34%. Equities research analysts predict that Independence Contract Drilling will post -0.25 EPS for the current year.

Several large investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company lifted its position in Independence Contract Drilling by 57.6% during the first quarter. The Manufacturers Life Insurance Company now owns 29,223 shares of the oil and gas company’s stock valued at $110,000 after purchasing an additional 10,678 shares during the period. Marquette Asset Management LLC bought a new position in Independence Contract Drilling during the second quarter valued at approximately $168,000. Acadian Asset Management LLC lifted its position in Independence Contract Drilling by 603.1% during the second quarter. Acadian Asset Management LLC now owns 47,609 shares of the oil and gas company’s stock valued at $196,000 after purchasing an additional 40,838 shares during the period. Schwab Charles Investment Management Inc. lifted its position in Independence Contract Drilling by 47.8% during the first quarter. Schwab Charles Investment Management Inc. now owns 68,000 shares of the oil and gas company’s stock valued at $258,000 after purchasing an additional 22,000 shares during the period. Finally, Perella Weinberg Partners Capital Management LP bought a new position in Independence Contract Drilling during the second quarter valued at approximately $269,000. Hedge funds and other institutional investors own 75.83% 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 pad-optimal ShaleDriller rigs that are engineered and designed to optimize the development of various oil and natural gas properties in the Permian Basin.

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