Shares of Independence Contract Drilling Inc (NYSE:ICD) have received an average rating of “Buy” from the eight brokerages that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $5.94.

A number of research firms have weighed in on ICD. Zacks Investment Research lowered Independence Contract Drilling from a “hold” rating to a “sell” rating in a research note on Wednesday, January 3rd. ValuEngine upgraded Independence Contract Drilling from a “strong sell” rating to a “sell” rating in a research note on Friday, November 10th. Cowen set a $6.00 target price on Independence Contract Drilling and gave the stock a “buy” rating in a research note on Thursday, January 11th. FBR & Co reiterated a “buy” rating on shares of Independence Contract Drilling in a research note on Tuesday, October 31st. Finally, B. Riley reduced their target price on Independence Contract Drilling from $8.75 to $7.75 and set a “buy” rating on the stock in a research note on Wednesday, November 22nd.

Institutional investors have recently made changes to their positions in the company. Rhumbline Advisers increased its stake in shares of Independence Contract Drilling by 23.1% during the second quarter. Rhumbline Advisers now owns 36,824 shares of the oil and gas company’s stock valued at $143,000 after buying an additional 6,920 shares during the period. Wells Fargo & Company MN increased its stake in shares of Independence Contract Drilling by 40.9% during the fourth quarter. Wells Fargo & Company MN now owns 51,032 shares of the oil and gas company’s stock valued at $203,000 after buying an additional 14,812 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Independence Contract Drilling by 12.9% during the second quarter. Goldman Sachs Group Inc. now owns 60,414 shares of the oil and gas company’s stock valued at $235,000 after buying an additional 6,917 shares during the period. California State Teachers Retirement System boosted its position in Independence Contract Drilling by 0.8% during the second 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. Finally, National Investment Services Inc. WI boosted its position in Independence Contract Drilling by 70.7% during the fourth 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. Hedge funds and other institutional investors own 78.29% of the company’s stock.

Independence Contract Drilling (NYSE ICD) traded down $0.19 during mid-day trading on Friday, reaching $4.28. The company’s stock had a trading volume of 291,020 shares, compared to its average volume of 162,207. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.84 and a current ratio of 2.01. Independence Contract Drilling has a twelve month low of $2.72 and a twelve month high of $6.32. The stock has a market capitalization of $169.40, a price-to-earnings ratio of -5.42 and a beta of 2.84.

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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 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.

Analyst Recommendations for Independence Contract Drilling (NYSE:ICD)

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