Independence Contract Drilling Inc (NYSE:ICD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

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. “

Several other research firms also recently weighed in on ICD. Nomura set a $8.00 target price on Independence Contract Drilling and gave the stock a “buy” rating in a research report on Tuesday, August 16th. Iberia Capital restated an “outperform” rating and issued a $7.00 price objective (up from $5.00) on shares of Independence Contract Drilling in a report on Thursday, July 7th. DA Davidson initiated coverage on Independence Contract Drilling in a report on Thursday, September 15th. They issued a “buy” rating and a $7.00 price objective on the stock. Finally, Morgan Stanley restated a “buy” rating and issued a $8.00 price objective on shares of Independence Contract Drilling in a report on Monday, August 1st. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $6.91.

Analyst Recommendations for Independence Contract Drilling (NYSE:ICD)

Independence Contract Drilling (NYSE:ICD) traded down 1.66% during midday trading on Tuesday, reaching $4.74. The company had a trading volume of 41,612 shares. The firm’s 50-day moving average price is $5.06 and its 200 day moving average price is $4.78. Independence Contract Drilling has a 12 month low of $3.34 and a 12 month high of $7.93. The firm’s market capitalization is $176.94 million.

Independence Contract Drilling (NYSE:ICD) last released its earnings results on Thursday, July 28th. The company reported ($0.07) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.03. Independence Contract Drilling had a negative return on equity of 1.95% and a negative net margin of 15.98%. The firm had revenue of $15.20 million for the quarter, compared to the consensus estimate of $15.15 million. During the same period in the prior year, the business posted ($0.03) earnings per share. The firm’s revenue for the quarter was down 28.0% compared to the same quarter last year. Equities analysts anticipate that Independence Contract Drilling will post ($0.37) earnings per share for the current fiscal year.

In other news, major shareholder Resource Corp Sprott sold 1,000,000 shares of the stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $4.50, for a total value of $4,500,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 11.50% of the stock is owned by insiders.

Large investors have recently bought and sold shares of the stock. Rhumbline Advisers raised its stake in Independence Contract Drilling by 22.5% in the second quarter. Rhumbline Advisers now owns 25,062 shares of the company’s stock worth $136,000 after buying an additional 4,605 shares during the period. D.C. Capital Advisors Ltd acquired a new stake in shares of Independence Contract Drilling during the second quarter worth $163,000. A.R.T. Advisors LLC raised its stake in shares of Independence Contract Drilling by 115.7% in the second quarter. A.R.T. Advisors LLC now owns 32,251 shares of the company’s stock worth $175,000 after buying an additional 17,300 shares during the period. Citadel Advisors LLC raised its stake in shares of Independence Contract Drilling by 212.6% in the second quarter. Citadel Advisors LLC now owns 32,346 shares of the company’s stock worth $175,000 after buying an additional 21,998 shares during the period. Finally, Numeric Investors LLC acquired a new stake in shares of Independence Contract Drilling during the second quarter worth $206,000. Institutional investors and hedge funds own 70.64% of the company’s stock.

Independence Contract Drilling Company Profile

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