Independence Contract Drilling, Inc. (NYSE:ICD) was upgraded by equities researchers at ValuEngine from a “strong sell” rating to a “sell” rating in a note issued to investors on Monday.

A number of other analysts have also commented on ICD. Zacks Investment Research lowered Independence Contract Drilling from a “hold” rating to a “sell” rating in a report on Wednesday, September 6th. Cowen and Company reaffirmed a “buy” rating and set a $5.00 price target on shares of Independence Contract Drilling in a research report on Friday, August 11th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $7.00 target price on shares of Independence Contract Drilling in a report on Thursday, July 20th. Finally, Morgan Stanley lowered Independence Contract Drilling from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $8.50 to $5.00 in a research note on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. Independence Contract Drilling currently has a consensus rating of “Hold” and an average target price of $6.30.

Independence Contract Drilling (NYSE ICD) opened at 3.94 on Monday. The stock’s 50 day moving average price is $3.44 and its 200-day moving average price is $4.03. Independence Contract Drilling has a 12 month low of $2.91 and a 12 month high of $7.30. The firm’s market capitalization is $148.46 million.

Independence Contract Drilling (NYSE:ICD) last announced its earnings results on Thursday, July 27th. The oil and gas company reported ($0.13) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.13). The firm had revenue of $21.29 million for the quarter, compared to analysts’ expectations of $21.24 million. Independence Contract Drilling had a negative net margin of 40.75% and a negative return on equity of 8.62%. The company’s quarterly revenue was up 40.4% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.07) EPS. Equities analysts anticipate that Independence Contract Drilling will post ($0.48) EPS for the current fiscal year.

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A number of hedge funds and other institutional investors have recently modified their holdings of the business. BB&T Securities LLC raised its holdings in shares of Independence Contract Drilling by 1.0% in the 2nd quarter. BB&T Securities LLC now owns 40,300 shares of the oil and gas company’s stock valued at $156,000 after purchasing an additional 400 shares in the last quarter. California State Teachers Retirement System lifted its position in Independence Contract Drilling by 0.8% during the second quarter. California State Teachers Retirement System now owns 60,763 shares of the oil and gas company’s stock valued at $236,000 after acquiring an additional 500 shares during the last quarter. Trexquant Investment LP lifted its position in Independence Contract Drilling by 5.1% during the first quarter. Trexquant Investment LP now owns 20,948 shares of the oil and gas company’s stock valued at $115,000 after acquiring an additional 1,008 shares during the last quarter. American International Group Inc. lifted its position in Independence Contract Drilling by 7.0% during the first quarter. American International Group Inc. now owns 18,453 shares of the oil and gas company’s stock valued at $102,000 after acquiring an additional 1,214 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Independence Contract Drilling by 12.9% during the second quarter. Goldman Sachs Group Inc. now owns 60,414 shares of the oil and gas company’s stock valued at $235,000 after acquiring an additional 6,917 shares during the last quarter. 80.78% of the stock is owned by institutional investors and hedge funds.

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 ShaleDriller rigs to optimize the development of various oil and gas properties in the Permian Basin. As of December 31, 2016, it had 12 rigs.

Analyst Recommendations for Independence Contract Drilling (NYSE:ICD)

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