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

ICD has been the topic of a number of other research reports. DA Davidson started coverage on shares of Independence Contract Drilling in a research note on Thursday, September 15th. They set a “buy” rating and a $7.00 price target on the stock. Morgan Stanley reaffirmed a “buy” rating and set a $8.00 price target on shares of Independence Contract Drilling in a research note on Monday, August 1st. Iberia Capital reaffirmed an “outperform” rating and set a $7.00 price target (up previously from $5.00) on shares of Independence Contract Drilling in a research note on Thursday, July 7th. Nomura set a $8.00 price target on shares of Independence Contract Drilling and gave the stock a “buy” rating in a research note on Tuesday, August 16th. Finally, FBR & Co reaffirmed a “buy” rating on shares of Independence Contract Drilling in a research note on Friday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company’s stock. Independence Contract Drilling has an average rating of “Buy” and an average target price of $6.91.

Analyst Recommendations for Independence Contract Drilling (NYSE:ICD)

Shares of Independence Contract Drilling (NYSE:ICD) traded up 0.54% on Tuesday, hitting $5.63. The stock had a trading volume of 313,701 shares. The company’s 50 day moving average is $5.10 and its 200 day moving average is $4.83. Independence Contract Drilling has a one year low of $3.34 and a one year high of $7.93. The stock’s market cap is $210.17 million.

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

In related news, major shareholder Resource Corp Sprott sold 1,000,000 shares of Independence Contract Drilling stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $4.50, for a total transaction of $4,500,000.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 11.50% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. FMR LLC increased its stake in Independence Contract Drilling by 19.6% in the second quarter. FMR LLC now owns 4,377,091 shares of the company’s stock valued at $23,768,000 after buying an additional 716,656 shares during the period. Capital Research Global Investors purchased a new stake in Independence Contract Drilling during the second quarter valued at about $18,061,000. Adage Capital Partners GP L.L.C. increased its stake in Independence Contract Drilling by 23.5% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,447,994 shares of the company’s stock valued at $7,863,000 after buying an additional 275,736 shares during the period. Van ECK Associates Corp purchased a new stake in Independence Contract Drilling during the second quarter valued at about $6,212,000. Finally, Vanguard Group Inc. increased its stake in Independence Contract Drilling by 102.8% in the second quarter. Vanguard Group Inc. now owns 1,061,618 shares of the company’s stock valued at $5,764,000 after buying an additional 538,089 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

5 Day Chart for NYSE:ICD

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