Independence Contract Drilling, Inc. (ICD) Given Average Rating of “Buy” by Analysts

Shares of Independence Contract Drilling, Inc. (NYSE:ICD) have been assigned an average recommendation of “Buy” from the eight brokerages that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $5.33.

Several equities research analysts recently commented on ICD shares. Zacks Investment Research lowered Independence Contract Drilling from a “hold” rating to a “sell” rating in a research report on Wednesday, September 6th. Cowen and Company set a $5.00 price target on Independence Contract Drilling and gave the stock a “buy” rating in a report on Wednesday, October 18th. Royal Bank Of Canada cut their price target on Independence Contract Drilling from $7.00 to $6.00 and set an “outperform” rating on the stock in a report on Friday, September 29th. ValuEngine upgraded Independence Contract Drilling from a “strong sell” rating to a “sell” rating in a report on Monday, October 2nd. Finally, FBR & Co reiterated a “buy” rating on shares of Independence Contract Drilling in a report on Tuesday.

Several hedge funds have recently bought and sold shares of ICD. Wells Fargo & Company MN increased its position in shares of Independence Contract Drilling by 366.7% during the first quarter. Wells Fargo & Company MN now owns 104,755 shares of the oil and gas company’s stock valued at $578,000 after acquiring an additional 82,310 shares during the last quarter. American International Group Inc. increased its position in shares of Independence Contract Drilling by 7.0% during the first quarter. American International Group Inc. now owns 18,453 shares of the oil and gas company’s stock valued at $102,000 after acquiring an additional 1,214 shares during the last quarter. 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 valued at $915,000 after acquiring an additional 66,856 shares during the last quarter. TIAA CREF Investment Management LLC increased its position in shares of Independence Contract Drilling by 17.3% during the first quarter. TIAA CREF Investment Management LLC now owns 328,528 shares of the oil and gas company’s stock valued at $1,810,000 after acquiring an additional 48,363 shares during the last quarter. Finally, 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 valued at $6,957,000 after acquiring an additional 121,655 shares during the last quarter. Institutional investors own 80.80% of the company’s stock.

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Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings results on Tuesday, October 31st. The oil and gas company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The company had revenue of $23.45 million during the quarter, compared to analyst estimates of $23.54 million. Independence Contract Drilling had a negative net margin of 34.87% and a negative return on equity of 8.19%. The company’s quarterly revenue was up 62.1% on a year-over-year basis. During the same period in the previous year, the company posted ($0.17) EPS.

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.

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