Morgan Stanley Reiterates $6.00 Price Target for Independence Contract Drilling (ICD)

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Independence Contract Drilling (NYSE:ICD) received a $6.00 price target from analysts at Morgan Stanley in a report released on Thursday. The firm presently has a “hold” rating on the oil and gas company’s stock. Morgan Stanley’s target price indicates a potential upside of 36.05% from the company’s current price.

Several other research analysts also recently commented on the company. Royal Bank of Canada reissued a “buy” rating and issued a $6.00 target price on shares of Independence Contract Drilling in a report on Friday, August 17th. B. Riley set a $8.00 target price on Independence Contract Drilling and gave the stock a “buy” rating in a report on Wednesday, July 25th. Zacks Investment Research raised Independence Contract Drilling from a “hold” rating to a “buy” rating and set a $4.25 target price on the stock in a report on Thursday, August 9th. Finally, ValuEngine upgraded shares of Independence Contract Drilling from a “hold” rating to a “buy” rating in a research report on Monday, October 8th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $6.20.

Shares of ICD opened at $4.41 on Thursday. The company has a market capitalization of $188.21 million, a PE ratio of -8.32 and a beta of 2.63. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.26 and a current ratio of 1.39. Independence Contract Drilling has a one year low of $2.72 and a one year high of $5.48.

Independence Contract Drilling (NYSE:ICD) last announced its earnings results on Thursday, August 2nd. The oil and gas company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.01. The business had revenue of $25.75 million for the quarter, compared to the consensus estimate of $25.70 million. Independence Contract Drilling had a negative return on equity of 7.34% and a negative net margin of 19.21%. On average, sell-side analysts expect that Independence Contract Drilling will post -0.25 EPS for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the stock. National Investment Services Inc. WI raised its position in Independence Contract Drilling by 84.8% in the 3rd quarter. National Investment Services Inc. WI now owns 195,054 shares of the oil and gas company’s stock worth $964,000 after purchasing an additional 89,523 shares during the last quarter. Bank of New York Mellon Corp raised its position in Independence Contract Drilling by 9.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 322,974 shares of the oil and gas company’s stock worth $1,331,000 after purchasing an additional 27,462 shares during the last quarter. Renaissance Technologies LLC bought a new position in Independence Contract Drilling in the 2nd quarter worth approximately $440,000. Teton Advisors Inc. bought a new position in Independence Contract Drilling in the 2nd quarter worth approximately $748,000. Finally, Dimensional Fund Advisors LP raised its position in Independence Contract Drilling by 17.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,130,695 shares of the oil and gas company’s stock worth $4,658,000 after purchasing an additional 172,024 shares during the last quarter. Hedge funds and other institutional investors own 75.83% of the company’s stock.

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 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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