Zacks Investment Research Lowers Independence Contract Drilling, Inc. (ICD) to Sell

Zacks Investment Research cut shares of Independence Contract Drilling, Inc. (NYSE:ICD) from a hold rating to a sell rating in a research report report published on Thursday.

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 also recently issued research reports about the stock. Morgan Stanley downgraded shares of Independence Contract Drilling from an overweight rating to an equal weight rating and decreased their price objective for the company from $8.50 to $5.00 in a research note on Wednesday, June 21st. ValuEngine downgraded shares of Independence Contract Drilling from a hold rating to a sell rating in a research note on Friday, May 26th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $7.08.

Shares of Independence Contract Drilling (ICD) traded down 6.81% during trading on Thursday, reaching $3.83. The company had a trading volume of 261,753 shares. The firm has a 50-day moving average of $3.72 and a 200 day moving average of $5.02. Independence Contract Drilling has a 1-year low of $3.21 and a 1-year high of $7.30. The firm’s market capitalization is $144.32 million.

Independence Contract Drilling (NYSE:ICD) last released its quarterly earnings data on Thursday, April 27th. The oil and gas company reported ($0.14) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.14). Independence Contract Drilling had a negative net margin of 41.32% and a negative return on equity of 7.32%. The company had revenue of $20.20 million during the quarter, compared to the consensus estimate of $19.86 million. During the same quarter in the prior year, the firm posted ($0.02) earnings per share. Independence Contract Drilling’s revenue for the quarter was down 10.1% on a year-over-year basis. Analysts expect that Independence Contract Drilling will post ($0.44) earnings per share for the current year.

TRADEMARK VIOLATION WARNING: This report was originally reported by [[site]] and is owned by of [[site]]. If you are accessing this report on another website, it was copied illegally and republished in violation of United States & international trademark & copyright legislation. The original version of this report can be viewed at [[permalink]].

Several large investors have recently made changes to their positions in ICD. American International Group Inc. increased its stake in shares of Independence Contract Drilling by 7.0% in the first quarter. American International Group Inc. now owns 18,453 shares of the oil and gas company’s stock valued at $102,000 after buying an additional 1,214 shares during the period. Trexquant Investment LP increased its stake in shares of Independence Contract Drilling by 5.1% in the first quarter. Trexquant Investment LP now owns 20,948 shares of the oil and gas company’s stock valued at $115,000 after buying an additional 1,008 shares during the period. Parkwood LLC increased its stake in shares of Independence Contract Drilling by 33.6% in the first quarter. Parkwood LLC now owns 21,828 shares of the oil and gas company’s stock valued at $120,000 after buying an additional 5,492 shares during the period. First Mercantile Trust Co. increased its stake in shares of Independence Contract Drilling by 232.1% in the first quarter. First Mercantile Trust Co. now owns 28,492 shares of the oil and gas company’s stock valued at $157,000 after buying an additional 19,912 shares during the period. Finally, BB&T Securities LLC acquired a new stake in shares of Independence Contract Drilling during the first quarter valued at $219,000. Institutional investors and hedge funds own 80.62% of the company’s stock.

Get a free copy of the Zacks research report on Independence Contract Drilling (ICD)

For more information about research offerings from Zacks Investment Research, visit Zacks.com