Independence Contract Drilling, Inc. (NYSE:ICD) was upgraded by research analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a report released on Monday.

ICD has been the topic of a number of other research reports. Royal Bank Of Canada dropped their price objective on Independence Contract Drilling from $7.00 to $6.00 and set an “outperform” rating on the stock in a report on Friday. Zacks Investment Research cut shares of Independence Contract Drilling from a “hold” rating to a “sell” rating in a research note on Wednesday, September 6th. Cowen and Company reiterated a “buy” rating and issued a $5.00 target price on shares of Independence Contract Drilling in a research note on Friday, August 11th. Finally, Morgan Stanley cut shares of Independence Contract Drilling from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $8.50 to $5.00 in a research note on Wednesday, June 21st. Two analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $6.30.

Shares of Independence Contract Drilling (NYSE ICD) traded up 2.37% during mid-day trading on Monday, hitting $3.89. The stock had a trading volume of 84,201 shares. The firm’s market cap is $146.57 million. The company has a 50-day moving average of $3.42 and a 200 day moving average of $4.04. Independence Contract Drilling has a one year low of $2.91 and a one year high of $7.30.

Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.13). The business had revenue of $21.29 million during the quarter, compared to analyst estimates of $21.24 million. Independence Contract Drilling had a negative return on equity of 8.62% and a negative net margin of 40.75%. The firm’s revenue was up 40.4% on a year-over-year basis. During the same period in the previous year, the company earned ($0.07) EPS. On average, equities research analysts forecast that Independence Contract Drilling will post ($0.48) earnings per share for the current year.

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Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. American International Group Inc. increased its holdings in shares of 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 valued at $102,000 after acquiring an additional 1,214 shares during the last quarter. Trexquant Investment LP raised its stake in shares of 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 acquiring an additional 1,008 shares in the last quarter. Rhumbline Advisers raised its stake in shares of 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 acquiring an additional 6,920 shares in the last quarter. National Investment Services Inc. WI bought a new position in shares of Independence Contract Drilling in the 2nd quarter valued at approximately $154,000. Finally, BB&T Securities LLC lifted its holdings in Independence Contract Drilling by 1.0% in the 2nd quarter. BB&T Securities LLC now owns 40,300 shares of the oil and gas company’s stock worth $156,000 after purchasing an additional 400 shares during the last quarter. Institutional investors own 80.78% of the company’s stock.

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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