Zacks Investment Research upgraded shares of Independence Contract Drilling, Inc. (NYSE:ICD) from a sell rating to a hold rating in a report released on Tuesday morning.

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 subject of a number of other research reports. Royal Bank Of Canada restated a buy rating and set a $7.00 target price on shares of Independence Contract Drilling in a research note on Thursday, July 20th. ValuEngine cut shares of Independence Contract Drilling from a hold rating to a sell rating in a research note on Friday, May 26th. Morgan Stanley cut shares of Independence Contract Drilling from an overweight rating to an equal weight rating and cut their target price for the stock from $8.50 to $5.00 in a research note on Wednesday, June 21st. Finally, Cowen and Company restated a buy rating and set a $5.00 target price on shares of Independence Contract Drilling in a research note on Friday, August 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company. Independence Contract Drilling presently has a consensus rating of Buy and a consensus target price of $6.58.

Shares of Independence Contract Drilling (NYSE ICD) opened at 3.28 on Tuesday. Independence Contract Drilling has a 1-year low of $3.01 and a 1-year high of $7.30. The stock’s market cap is $123.59 million. The stock’s 50 day moving average price is $3.58 and its 200-day moving average price is $4.47.

Independence Contract Drilling (NYSE:ICD) last posted its earnings results on Thursday, July 27th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.13). The company had revenue of $21.29 million during 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%. Independence Contract Drilling’s quarterly revenue was up 40.4% compared to the same quarter last year. During the same quarter last year, the company posted ($0.07) EPS. On average, equities research analysts forecast that Independence Contract Drilling will post ($0.47) earnings per share for the current year.

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Institutional investors have recently added to or reduced their stakes in the company. BB&T Securities LLC raised its position in Independence Contract Drilling by 1.0% in the second quarter. BB&T Securities LLC now owns 40,300 shares of the oil and gas company’s stock worth $156,000 after buying an additional 400 shares in the last quarter. California State Teachers Retirement System raised its position in Independence Contract Drilling by 0.8% in the second quarter. California State Teachers Retirement System now owns 60,763 shares of the oil and gas company’s stock worth $236,000 after buying an additional 500 shares in the last quarter. Trexquant Investment LP raised its position in Independence Contract Drilling by 5.1% in the first quarter. Trexquant Investment LP now owns 20,948 shares of the oil and gas company’s stock worth $115,000 after buying an additional 1,008 shares in the last quarter. American International Group Inc. raised its position in Independence Contract Drilling by 7.0% in the first quarter. American International Group Inc. now owns 18,453 shares of the oil and gas company’s stock worth $102,000 after buying an additional 1,214 shares in the last quarter. Finally, Parkwood LLC raised its position in Independence Contract Drilling by 33.6% in the first quarter. Parkwood LLC now owns 21,828 shares of the oil and gas company’s stock worth $120,000 after buying an additional 5,492 shares in the last quarter. 80.78% of the stock is currently owned by institutional investors and hedge funds.

Independence Contract Drilling Company Profile

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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