Zacks Investment Research lowered shares of Independence Contract Drilling, Inc. (NYSE:ICD) from a hold rating to a sell rating in a research report sent to investors on Monday morning.

According to Zacks, “Independence Contract Drilling Inc. provides land drilling services for oil and natural gas producers primarily in the United States. The Company provides the US E&P industry a fleet of ShaleDriller (TM) rigs for drilling and development of shale and tight oil basins in North America. Independence Contract Drilling, Inc. is based in Houston, Texas. “

A number of other brokerages also recently weighed in on ICD. FBR & Co lifted their target price on Independence Contract Drilling from $6.25 to $8.50 and gave the stock an outperform rating in a report on Wednesday, December 28th. Tudor Pickering upgraded Independence Contract Drilling from a hold rating to a buy rating in a report on Tuesday, November 29th. One equities research analyst has rated the stock with a sell rating and eight have issued a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $7.09.

Independence Contract Drilling (NYSE:ICD) traded up 0.78% during midday trading on Monday, hitting $6.46. 193,419 shares of the stock traded hands. The company’s market cap is $241.86 million. The company’s 50 day moving average is $6.51 and its 200-day moving average is $5.41. Independence Contract Drilling has a one year low of $3.34 and a one year high of $7.30.

Independence Contract Drilling (NYSE:ICD) last issued its earnings results on Wednesday, October 26th. The company reported ($0.17) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.15) by $0.02. The business earned $14.50 million during the quarter, compared to the consensus estimate of $14.66 million. Independence Contract Drilling had a negative return on equity of 4.00% and a negative net margin of 22.48%. The company’s revenue for the quarter was down 27.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. On average, equities research analysts forecast that Independence Contract Drilling will post ($0.43) EPS for the current fiscal year.

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In other news, Director Thomas R. Bates, Jr. acquired 10,000 shares of the firm’s stock in a transaction dated Monday, November 7th. The stock was purchased at an average price of $4.04 per share, for a total transaction of $40,400.00. Following the completion of the acquisition, the director now directly owns 40,122 shares in the company, valued at approximately $162,092.88. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 11.50% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its stake in Independence Contract Drilling by 116.0% in the second quarter. Bank of New York Mellon Corp now owns 71,587 shares of the company’s stock valued at $389,000 after buying an additional 38,444 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in Independence Contract Drilling by 152.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 46,000 shares of the company’s stock valued at $250,000 after buying an additional 27,800 shares in the last quarter. Emerald Acquisition Ltd. purchased a new stake in Independence Contract Drilling during the second quarter valued at approximately $826,000. Encompass Capital Advisors LLC purchased a new stake in Independence Contract Drilling during the second quarter valued at approximately $3,178,000. Finally, Zacks Investment Management purchased a new stake in Independence Contract Drilling during the third quarter valued at approximately $1,166,000. Hedge funds and other institutional investors own 75.84% of the company’s stock.

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