Independence Contract Drilling, Inc. (ICD) Upgraded by ValuEngine to “Sell”

ValuEngine upgraded shares of Independence Contract Drilling, Inc. (NYSE:ICD) from a strong sell rating to a sell rating in a research note issued to investors on Friday morning.

A number of other research analysts also recently commented on the stock. Zacks Investment Research raised shares of Independence Contract Drilling from a sell rating to a hold rating in a research report on Tuesday, October 31st. FBR & Co reissued a buy rating on shares of Independence Contract Drilling in a research report on Tuesday, October 31st. Cowen and Company set a $5.00 price objective on shares of Independence Contract Drilling and gave the stock a buy rating in a research report on Wednesday, October 18th. Finally, Royal Bank Of Canada lowered their price objective on shares of Independence Contract Drilling from $7.00 to $6.00 and set an outperform rating on the stock in a research report on Friday, September 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $6.13.

Independence Contract Drilling (NYSE:ICD) traded up $0.19 during midday trading on Friday, hitting $3.89. 101,600 shares of the company were exchanged, compared to its average volume of 173,100. The company has a current ratio of 2.01, a quick ratio of 1.84 and a debt-to-equity ratio of 0.20. Independence Contract Drilling has a 1 year low of $2.72 and a 1 year high of $7.30.

Independence Contract Drilling (NYSE:ICD) last posted its earnings results on Tuesday, October 31st. The oil and gas company reported ($0.13) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.11) by ($0.02). The company had revenue of $23.45 million during the quarter, compared to analysts’ expectations of $23.54 million. Independence Contract Drilling had a negative net margin of 34.87% and a negative return on equity of 8.28%. The company’s quarterly revenue was up 62.1% on a year-over-year basis. During the same period last year, the business earned ($0.17) earnings per share. research analysts forecast that Independence Contract Drilling will post -0.53 EPS for the current fiscal year.

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Institutional investors have recently modified their holdings of the business. American International Group Inc. grew 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 last quarter. Rhumbline Advisers grew its position in Independence Contract Drilling by 23.1% during the 2nd quarter. Rhumbline Advisers now owns 36,824 shares of the oil and gas company’s stock worth $143,000 after purchasing an additional 6,920 shares during the last quarter. National Investment Services Inc. WI acquired a new stake in shares of Independence Contract Drilling in the 2nd quarter worth $154,000. BB&T Securities LLC lifted its stake in shares of 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 acquiring an additional 400 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Independence Contract Drilling by 256.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 53,497 shares of the oil and gas company’s stock worth $295,000 after acquiring an additional 38,485 shares during the period. 80.48% of the stock is currently owned by institutional investors.

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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