Independence Contract Drilling Inc (ICD) Receives $7.70 Average Target Price from Analysts

Independence Contract Drilling Inc (NYSE:ICD) has received an average rating of “Buy” from the eight brokerages that are currently covering the company. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $7.70.

Several analysts have recently commented on ICD shares. Zacks Investment Research downgraded shares of Independence Contract Drilling from a “hold” rating to a “sell” rating in a report on Monday, January 16th. Capital One Financial Corp. upgraded shares of Independence Contract Drilling from an “equal weight” rating to an “overweight” rating in a report on Tuesday, February 28th.

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Several hedge funds have recently made changes to their positions in ICD. Capital Research Global Investors increased its stake in shares of Independence Contract Drilling by 38.6% in the third quarter. Capital Research Global Investors now owns 4,611,000 shares of the oil and gas company’s stock valued at $24,208,000 after buying an additional 1,284,828 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its stake in shares of Independence Contract Drilling by 27.7% in the third quarter. Adage Capital Partners GP L.L.C. now owns 1,848,794 shares of the oil and gas company’s stock valued at $9,706,000 after buying an additional 400,800 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Independence Contract Drilling by 23.3% in the fourth quarter. Van ECK Associates Corp now owns 1,708,900 shares of the oil and gas company’s stock valued at $11,450,000 after buying an additional 322,800 shares in the last quarter. Royce & Associates LP increased its stake in shares of Independence Contract Drilling by 26.3% in the first quarter. Royce & Associates LP now owns 1,635,086 shares of the oil and gas company’s stock valued at $9,009,000 after buying an additional 340,300 shares in the last quarter. Finally, Federated Investors Inc. PA increased its stake in shares of Independence Contract Drilling by 67.4% in the fourth quarter. Federated Investors Inc. PA now owns 1,338,900 shares of the oil and gas company’s stock valued at $8,971,000 after buying an additional 538,900 shares in the last quarter. Institutional investors own 77.73% of the company’s stock.

Shares of Independence Contract Drilling (NYSE:ICD) traded down 0.23% during midday trading on Tuesday, reaching $4.34. 93,725 shares of the company’s stock traded hands. The firm’s market cap is $163.54 million. Independence Contract Drilling has a 52-week low of $3.85 and a 52-week high of $7.30. The company has a 50 day moving average of $5.02 and a 200 day moving average of $5.64.

Independence Contract Drilling (NYSE:ICD) last released its quarterly earnings data on Thursday, April 27th. The oil and gas company reported ($0.14) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.14). Independence Contract Drilling had a negative net margin of 22.48% and a negative return on equity of 4.00%. The firm had revenue of $20.20 million for the quarter, compared to the consensus estimate of $19.86 million. During the same quarter in the prior year, the company posted ($0.02) earnings per share. The business’s revenue was down 10.1% on a year-over-year basis. On average, equities analysts predict that Independence Contract Drilling will post ($0.42) EPS for the current fiscal year.

About Independence Contract Drilling

5 Day Chart for NYSE:ICD

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