ValuEngine downgraded shares of Independence Contract Drilling, Inc. (NYSE:ICD) from a sell rating to a strong sell rating in a report published on Friday.

Several other equities analysts have also recently weighed in on the company. Zacks Investment Research cut Independence Contract Drilling from a hold rating to a sell rating in a report on Thursday, July 20th. Royal Bank Of Canada restated a buy rating and issued a $7.00 price objective on shares of Independence Contract Drilling in a report on Thursday, July 20th. Morgan Stanley cut Independence Contract Drilling from an overweight rating to an equal weight rating and decreased their price objective for the company from $8.50 to $5.00 in a report on Wednesday, June 21st. Finally, Cowen and Company restated a buy rating and issued a $5.00 price objective on shares of Independence Contract Drilling in a report on Friday, August 11th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $6.58.

Shares of Independence Contract Drilling (NYSE ICD) opened at 3.17 on Friday. Independence Contract Drilling has a 1-year low of $2.91 and a 1-year high of $7.30. The stock’s 50 day moving average price is $3.41 and its 200 day moving average price is $4.27. The company’s market cap is $119.44 million.

Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.13) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate 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 return on equity of 8.62% and a negative net margin of 40.75%. Independence Contract Drilling’s revenue for the quarter was up 40.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.07) EPS. Equities research analysts forecast that Independence Contract Drilling will post ($0.48) earnings per share for the current year.

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A number of institutional investors have recently bought and sold shares of the stock. Sterling Capital Management LLC bought a new position in Independence Contract Drilling during the second quarter worth about $1,660,000. California State Teachers Retirement System grew its holdings in Independence Contract Drilling by 0.8% during 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 purchasing an additional 500 shares during the period. State Street Corp grew its holdings in Independence Contract Drilling by 9.4% during the second quarter. State Street Corp now owns 461,957 shares of the oil and gas company’s stock worth $1,799,000 after purchasing an additional 39,570 shares during the period. Goldman Sachs Group Inc. grew its holdings in Independence Contract Drilling by 12.9% during the second quarter. Goldman Sachs Group Inc. now owns 60,414 shares of the oil and gas company’s stock worth $235,000 after purchasing an additional 6,917 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Independence Contract Drilling by 84.5% during the second quarter. Dimensional Fund Advisors LP now owns 473,258 shares of the oil and gas company’s stock worth $1,841,000 after purchasing an additional 216,772 shares during the period. Institutional investors and hedge funds own 80.78% of the company’s stock.

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Independence Contract Drilling (NYSE:ICD)

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