Analysts Set Independence Contract Drilling Inc (ICD) Target Price at $7.33

Shares of Independence Contract Drilling Inc (NYSE:ICD) have received a consensus rating of “Buy” from the nine analysts that are currently covering the stock. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $7.33.

ICD has been the topic of a number of recent research reports. Zacks Investment Research cut shares of Independence Contract Drilling from a “hold” rating to a “sell” rating in a research report on Monday, January 16th. FBR & Co lifted their price target on shares of Independence Contract Drilling from $6.25 to $8.50 and gave the company an “outperform” rating in a research report on Wednesday, December 28th. Capital One Financial Corp. raised shares of Independence Contract Drilling from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, February 28th. Finally, Tudor Pickering raised shares of Independence Contract Drilling from a “hold” rating to a “buy” rating in a research report on Tuesday, November 29th.

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Independence Contract Drilling (NYSE:ICD) opened at 4.92 on Monday. Independence Contract Drilling has a one year low of $3.70 and a one year high of $7.30. The stock has a 50 day moving average of $5.67 and a 200 day moving average of $5.69. The firm’s market cap is $184.35 million.

Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings results on Tuesday, February 28th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The firm had revenue of $18 million for the quarter, compared to analysts’ expectations of $17.39 million. Independence Contract Drilling had a negative net margin of 22.48% and a negative return on equity of 4.00%. Independence Contract Drilling’s revenue was down 24.1% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.04) earnings per share. On average, equities analysts forecast that Independence Contract Drilling will post ($0.37) earnings per share for the current year.

Several hedge funds have recently bought and sold shares of ICD. Citadel Advisors LLC raised its stake in Independence Contract Drilling by 72.7% in the third quarter. Citadel Advisors LLC now owns 55,851 shares of the company’s stock worth $293,000 after buying an additional 23,505 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its stake in 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 company’s stock worth $9,706,000 after buying an additional 400,800 shares in the last quarter. Amtrust Financial Services Inc. purchased a new stake in Independence Contract Drilling during the fourth quarter worth about $2,498,000. GLG Partners LP purchased a new stake in Independence Contract Drilling during the fourth quarter worth about $344,000. Finally, Zacks Investment Management purchased a new stake in Independence Contract Drilling during the third quarter worth about $1,166,000. Institutional investors own 77.73% of the company’s stock.

About Independence Contract Drilling

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