Independent Contract Drilling Inc. (NYSE:ICD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors 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. “

Other analysts have also issued research reports about the stock. FBR & Co reaffirmed a “buy” rating on shares of Independent Contract Drilling in a report on Friday, October 7th. DA Davidson initiated coverage on shares of Independent Contract Drilling in a report on Thursday, September 15th. They set a “buy” rating and a $7.00 target price on the stock. Nomura set a $8.00 target price on shares of Independent Contract Drilling and gave the stock a “buy” rating in a report on Tuesday, August 16th. Finally, Morgan Stanley reaffirmed a “buy” rating and set a $8.00 target price on shares of Independent Contract Drilling in a report on Monday, August 1st. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $6.78.

Analyst Recommendations for Independent Contract Drilling (NYSE:ICD)

Independent Contract Drilling (NYSE:ICD) opened at 4.57 on Wednesday. The stock’s 50 day moving average is $5.03 and its 200 day moving average is $4.89. The company’s market cap is $171.10 million. Independent Contract Drilling has a 1-year low of $3.34 and a 1-year high of $6.73.

Independent Contract Drilling (NYSE:ICD) last posted 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 firm had revenue of $14.50 million for the quarter, compared to the consensus estimate of $14.66 million. Independent Contract Drilling had a negative return on equity of 4.00% and a negative net margin of 22.48%. The business’s revenue was down 27.2% on a year-over-year basis. During the same period last year, the company posted ($0.05) EPS. Equities analysts anticipate that Independent Contract Drilling will post ($0.42) earnings per share for the current fiscal year.

In other news, major shareholder Resource Corp Sprott sold 1,000,000 shares of the company’s stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $4.50, for a total value of $4,500,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas R. Bates, Jr. acquired 10,000 shares of the business’s stock in a transaction dated Monday, November 7th. The stock was acquired at an average cost of $4.04 per share, with a total value of $40,400.00. Following the purchase, the director now directly owns 40,122 shares in the company, valued at approximately $162,092.88. The disclosure for this purchase can be found here. 11.50% of the stock is currently owned by insiders.

Several large investors have recently made changes to their positions in ICD. Rhumbline Advisers boosted its stake in shares of Independent 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 Independent Contract Drilling during the second quarter worth about $163,000. A.R.T. Advisors LLC boosted its stake in shares of Independent 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 boosted its stake in shares of Independent 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 Independent Contract Drilling during the second quarter worth about $206,000. 71.77% of the stock is owned by institutional investors.

5 Day Chart for NYSE:ICD

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