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

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 research firms have also recently commented on ICD. Royal Bank of Canada set a $5.00 target price on shares of Independence Contract Drilling and gave the stock a “buy” rating in a research note on Thursday, December 21st. B. Riley cut their target price on shares of Independence Contract Drilling from $8.75 to $7.75 and set a “buy” rating for the company in a research note on Wednesday, November 22nd. ValuEngine raised shares of Independence Contract Drilling from a “strong sell” rating to a “sell” rating in a research note on Friday, November 10th. Cowen set a $5.00 price objective on shares of Independence Contract Drilling and gave the company a “buy” rating in a research note on Wednesday, October 18th. Finally, FBR & Co reaffirmed a “buy” rating on shares of Independence Contract Drilling in a research note on Tuesday, October 31st. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $5.69.

Shares of Independence Contract Drilling (NYSE ICD) opened at $3.93 on Wednesday. The company has a market cap of $151.17, a PE ratio of -5.04 and a beta of 2.80. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.84 and a current ratio of 2.01. Independence Contract Drilling has a one year low of $2.72 and a one year high of $7.25.

Independence Contract Drilling (NYSE:ICD) last released its earnings results on Tuesday, October 31st. The oil and gas company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The company had revenue of $23.45 million for the quarter, compared to analysts’ expectations of $23.54 million. Independence Contract Drilling had a negative return on equity of 8.28% and a negative net margin of 34.87%. The firm’s revenue for the quarter was up 62.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.17) EPS. research analysts forecast that Independence Contract Drilling will post -0.53 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rhumbline Advisers grew its stake in Independence Contract Drilling by 23.1% during the 2nd quarter. Rhumbline Advisers now owns 36,824 shares of the oil and gas company’s stock valued at $143,000 after acquiring an additional 6,920 shares in the last quarter. BB&T Securities LLC grew its stake in Independence Contract Drilling by 1.0% during 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 acquiring an additional 400 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Independence Contract Drilling by 12.9% during the 2nd 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 in the last quarter. California State Teachers Retirement System grew its stake in Independence Contract Drilling by 0.8% during the 2nd 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 in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in Independence Contract Drilling by 22.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 121,019 shares of the oil and gas company’s stock valued at $460,000 after acquiring an additional 22,420 shares in the last quarter. 78.24% of the stock is owned by institutional investors.

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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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