TheStreet Lowers Independence Contract Drilling (NYSE:ICD) to D+

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Independence Contract Drilling (NYSE:ICD) was downgraded by TheStreet from a “c-” rating to a “d+” rating in a research note issued on Wednesday, TheStreetRatingsTable reports.

Several other research firms also recently commented on ICD. Zacks Investment Research downgraded shares of Independence Contract Drilling from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 7th. B. Riley set a $8.00 target price on shares of Independence Contract Drilling and gave the stock a “buy” rating in a report on Friday, May 3rd. Finally, ValuEngine cut shares of Independence Contract Drilling from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $5.81.

Shares of ICD opened at $1.83 on Wednesday. The company has a market capitalization of $137.97 million, a P/E ratio of -10.76 and a beta of 2.20. The company has a current ratio of 2.16, a quick ratio of 2.09 and a debt-to-equity ratio of 0.34. Independence Contract Drilling has a 1-year low of $1.76 and a 1-year high of $5.05.

Independence Contract Drilling (NYSE:ICD) last announced its earnings results on Thursday, May 2nd. The oil and gas company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.06. The business had revenue of $60.36 million for the quarter, compared to the consensus estimate of $60.15 million. Independence Contract Drilling had a negative net margin of 10.27% and a negative return on equity of 0.35%. On average, analysts anticipate that Independence Contract Drilling will post 0.01 EPS for the current fiscal year.

In other Independence Contract Drilling news, Director Thomas R. Bates, Jr. bought 25,000 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were purchased at an average price of $1.86 per share, for a total transaction of $46,500.00. Following the acquisition, the director now owns 151,110 shares in the company, valued at approximately $281,064.60. The purchase was disclosed in a filing with the SEC, which is available at this link. In the last 90 days, insiders have bought 45,300 shares of company stock worth $100,402. Company insiders own 3.10% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Axar Capital Management L.P. purchased a new position in shares of Independence Contract Drilling in the 4th quarter worth about $3,025,000. Vanguard Group Inc. raised its position in shares of Independence Contract Drilling by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 1,414,077 shares of the oil and gas company’s stock worth $6,985,000 after purchasing an additional 22,502 shares during the last quarter. Dupont Capital Management Corp raised its position in shares of Independence Contract Drilling by 28.3% in the 4th quarter. Dupont Capital Management Corp now owns 104,874 shares of the oil and gas company’s stock worth $327,000 after purchasing an additional 23,108 shares during the last quarter. Fairfax Financial Holdings Ltd Can raised its position in Independence Contract Drilling by 11.1% in the 4th quarter. Fairfax Financial Holdings Ltd Can now owns 400,000 shares of the oil and gas company’s stock worth $1,244,000 after buying an additional 40,000 shares during the last quarter. Finally, BlackRock Inc. raised its position in Independence Contract Drilling by 40.3% in the 4th quarter. BlackRock Inc. now owns 2,536,793 shares of the oil and gas company’s stock worth $7,915,000 after buying an additional 729,189 shares during the last quarter. Hedge funds and other institutional investors own 74.29% 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 and the Haynesville Shale.

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