Independence Contract Drilling Inc (NYSE:ICD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
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 equities analysts have also recently issued research reports about the stock. FBR & Co restated a “buy” rating on shares of Independence Contract Drilling in a research note on Friday. DA Davidson initiated coverage on shares of Independence Contract Drilling in a report on Thursday, September 15th. They issued a “buy” rating and a $7.00 target price on the stock. Nomura set a $8.00 target price on shares of Independence Contract Drilling and gave the stock a “buy” rating in a report on Tuesday, August 16th. Morgan Stanley reaffirmed a “buy” rating and issued a $8.00 target price on shares of Independence Contract Drilling in a report on Monday, August 1st. Finally, Iberia Capital reaffirmed an “outperform” rating and issued a $7.00 target price (up previously from $5.00) on shares of Independence Contract Drilling in a report on Thursday, July 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $6.91.
Independence Contract Drilling (NYSE:ICD) traded up 0.54% during midday trading on Tuesday, reaching $5.63. 313,701 shares of the company traded hands. The firm has a 50 day moving average of $5.10 and a 200-day moving average of $4.83. Independence Contract Drilling has a 12 month low of $3.34 and a 12 month high of $7.93. The stock’s market capitalization is $210.17 million.
Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings data on Thursday, July 28th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.03. Independence Contract Drilling had a negative net margin of 15.98% and a negative return on equity of 1.95%. The company earned $15.20 million during the quarter, compared to analysts’ expectations of $15.15 million. During the same quarter in the prior year, the company posted ($0.03) EPS. The business’s revenue was down 28.0% on a year-over-year basis. Analysts forecast that Independence Contract Drilling will post ($0.37) EPS for the current fiscal year.
In other Independence Contract Drilling news, major shareholder Resource Corp Sprott sold 1,000,000 shares of the stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $4.50, for a total transaction of $4,500,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 11.50% of the company’s stock.
A number of large investors have recently modified their holdings of ICD. Capital Research Global Investors bought a new stake in shares of Independence Contract Drilling during the second quarter worth approximately $18,061,000. Van ECK Associates Corp bought a new stake in shares of Independence Contract Drilling during the second quarter worth approximately $6,212,000. FMR LLC raised its stake in shares of Independence Contract Drilling by 19.6% in the second quarter. FMR LLC now owns 4,377,091 shares of the company’s stock worth $23,768,000 after buying an additional 716,656 shares in the last quarter. Encompass Capital Advisors LLC bought a new stake in shares of Independence Contract Drilling during the second quarter worth approximately $3,178,000. Finally, Vanguard Group Inc. raised its stake in shares of Independence Contract Drilling by 102.8% in the second quarter. Vanguard Group Inc. now owns 1,061,618 shares of the company’s stock worth $5,764,000 after buying an additional 538,089 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.
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