Royal Bank of Canada Reaffirms Buy Rating for Independence Contract Drilling (ICD)

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Royal Bank of Canada reaffirmed their buy rating on shares of Independence Contract Drilling (NYSE:ICD) in a research report report published on Friday morning. Royal Bank of Canada currently has a $6.00 target price on the oil and gas company’s stock.

A number of other equities analysts have also weighed in on the stock. Zacks Investment Research upgraded shares of Independence Contract Drilling from a hold rating to a buy rating and set a $4.25 target price for the company in a research report on Thursday, August 9th. Morgan Stanley increased their target price on shares of Independence Contract Drilling from $5.00 to $5.50 and gave the stock an equal weight rating in a research report on Monday, August 6th. B. Riley set a $8.00 target price on shares of Independence Contract Drilling and gave the stock a buy rating in a research report on Wednesday, July 25th. Finally, ValuEngine upgraded shares of Independence Contract Drilling from a sell rating to a hold rating in a research report on Tuesday, May 1st. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Independence Contract Drilling presently has an average rating of Buy and a consensus price target of $5.95.

Shares of NYSE:ICD opened at $3.79 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.39 and a quick ratio of 1.26. The stock has a market cap of $144.77 million, a price-to-earnings ratio of -7.15 and a beta of 2.63. Independence Contract Drilling has a twelve month low of $2.72 and a twelve month high of $5.48.

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

Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in shares of Independence Contract Drilling by 1.4% in the fourth quarter. BlackRock Inc. now owns 1,636,687 shares of the oil and gas company’s stock valued at $6,514,000 after acquiring an additional 23,024 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Independence Contract Drilling by 567.7% in the first quarter. JPMorgan Chase & Co. now owns 86,378 shares of the oil and gas company’s stock valued at $326,000 after acquiring an additional 73,442 shares during the period. Marquette Asset Management LLC bought a new position in shares of Independence Contract Drilling in the second quarter valued at approximately $168,000. Millennium Management LLC boosted its position in shares of Independence Contract Drilling by 57.5% in the first quarter. Millennium Management LLC now owns 294,569 shares of the oil and gas company’s stock valued at $1,113,000 after acquiring an additional 107,522 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Independence Contract Drilling by 27.8% in the first quarter. Dimensional Fund Advisors LP now owns 958,671 shares of the oil and gas company’s stock valued at $3,624,000 after acquiring an additional 208,736 shares during the period. Institutional investors own 77.54% 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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Analyst Recommendations for Independence Contract Drilling (NYSE:ICD)

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