Zacks Investment Research cut shares of Independence Contract Drilling, Inc. (NYSE:ICD) from a hold rating to a sell rating in a report issued on Wednesday 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. “

A number of other brokerages have also recently weighed in on ICD. Royal Bank Of Canada reaffirmed a buy rating and set a $7.00 price target on shares of Independence Contract Drilling in a research report on Thursday, July 20th. ValuEngine cut shares of Independence Contract Drilling from a hold rating to a sell rating in a research report on Friday, May 26th. Morgan Stanley cut shares of Independence Contract Drilling from an overweight rating to an equal weight rating and decreased their price target for the stock from $8.50 to $5.00 in a research report on Wednesday, June 21st. Finally, 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. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $6.58.

Independence Contract Drilling (NYSE ICD) traded down 4.26% on Wednesday, hitting $3.15. The stock had a trading volume of 42,607 shares. Independence Contract Drilling has a one year low of $2.91 and a one year high of $7.30. The firm’s market cap is $118.69 million. The company’s 50-day moving average price is $3.43 and its 200 day moving average price is $4.30.

Independence Contract Drilling (NYSE:ICD) last released its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.13) EPS for the quarter, hitting analysts’ consensus estimates of ($0.13). Independence Contract Drilling had a negative return on equity of 8.62% and a negative net margin of 40.75%. The business had revenue of $21.29 million during the quarter, compared to the consensus estimate of $21.24 million. During the same period in the prior year, the firm posted ($0.07) EPS. The business’s revenue for the quarter was up 40.4% on a year-over-year basis. Analysts expect that Independence Contract Drilling will post ($0.48) earnings per share for the current year.

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Institutional investors have recently made changes to their positions in the stock. American International Group Inc. boosted its position in Independence Contract Drilling by 7.0% during the 1st quarter. American International Group Inc. now owns 18,453 shares of the oil and gas company’s stock worth $102,000 after purchasing an additional 1,214 shares during the period. Trexquant Investment LP boosted its position in Independence Contract Drilling by 5.1% in the 1st quarter. Trexquant Investment LP now owns 20,948 shares of the oil and gas company’s stock valued at $115,000 after buying an additional 1,008 shares during the last quarter. Parkwood LLC boosted its position in Independence Contract Drilling by 33.6% in the 1st quarter. Parkwood LLC now owns 21,828 shares of the oil and gas company’s stock valued at $120,000 after buying an additional 5,492 shares during the last quarter. Rhumbline Advisers boosted its position in Independence Contract Drilling by 23.1% in the 2nd quarter. Rhumbline Advisers now owns 36,824 shares of the oil and gas company’s stock valued at $143,000 after buying an additional 6,920 shares during the last quarter. Finally, National Investment Services Inc. WI purchased a new position in Independence Contract Drilling in the 2nd quarter valued at about $154,000. 80.78% of the stock is owned by hedge funds and other institutional investors.

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.

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Analyst Recommendations for Independence Contract Drilling (NYSE:ICD)

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