Independence Contract Drilling (ICD) Downgraded to Hold at Zacks Investment Research

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Zacks Investment Research lowered shares of Independence Contract Drilling (NYSE:ICD) from a buy rating to a hold rating in a research report report published on Tuesday 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. “

ICD has been the subject of several other research reports. Morgan Stanley set a $6.00 target price on shares of Independence Contract Drilling and gave the company a hold rating in a report on Thursday, October 11th. Royal Bank of Canada restated a buy rating and issued a $6.00 target price on shares of Independence Contract Drilling in a report on Friday, August 17th. B. Riley set a $8.00 price target on shares of Independence Contract Drilling and gave the company a buy rating in a research report on Sunday, October 7th. Finally, ValuEngine upgraded shares of Independence Contract Drilling from a hold rating to a buy rating in a research report on Monday, October 8th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Independence Contract Drilling has an average rating of Buy and a consensus price target of $6.20.

Shares of Independence Contract Drilling stock opened at $4.38 on Tuesday. Independence Contract Drilling has a 12-month low of $2.72 and a 12-month high of $5.48. The company has a quick ratio of 1.26, a current ratio of 1.39 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $164.96 million, a PE ratio of -8.26 and a beta of 2.63.

Independence Contract Drilling (NYSE:ICD) last issued its earnings results on Thursday, August 2nd. The oil and gas company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.01. Independence Contract Drilling had a negative net margin of 19.21% and a negative return on equity of 7.34%. The business had revenue of $25.75 million during the quarter, compared to analysts’ expectations of $25.70 million. As a group, research analysts expect that Independence Contract Drilling will post -0.22 earnings per share for the current year.

A number of hedge funds have recently added to or reduced their stakes in the stock. Royce & Associates LP raised its position in Independence Contract Drilling by 9.0% in the 2nd quarter. Royce & Associates LP now owns 2,176,310 shares of the oil and gas company’s stock valued at $8,966,000 after purchasing an additional 180,299 shares during the last quarter. BlackRock Inc. raised its position in Independence Contract Drilling by 4.6% in the 2nd quarter. BlackRock Inc. now owns 1,693,417 shares of the oil and gas company’s stock valued at $6,977,000 after purchasing an additional 73,740 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Independence Contract Drilling by 17.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,130,695 shares of the oil and gas company’s stock valued at $4,658,000 after purchasing an additional 172,024 shares during the last quarter. Bank of New York Mellon Corp raised its position in Independence Contract Drilling by 9.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 322,974 shares of the oil and gas company’s stock valued at $1,331,000 after purchasing an additional 27,462 shares during the last quarter. Finally, Millennium Management LLC raised its position in Independence Contract Drilling by 57.5% in the 1st quarter. Millennium Management LLC now owns 294,569 shares of the oil and gas company’s stock valued at $1,113,000 after purchasing an additional 107,522 shares during the last quarter. Hedge funds and other institutional investors own 76.06% 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 pad-optimal ShaleDriller rigs that are engineered and designed to optimize the development of various oil and natural gas properties in the Permian Basin.

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