Independent Contract Drilling Inc. (ICD) Stock Rating Lowered by Zacks Investment Research
Independent Contract Drilling Inc. (NYSE:ICD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.
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 topic of several other reports. Nomura assumed coverage on shares of Independent Contract Drilling in a report on Friday, April 8th. They issued a “buy” rating and a $8.00 price objective on the stock. Royal Bank Of Canada upped their price objective on shares of Independent Contract Drilling from $4.75 to $5.50 and gave the stock an “outperform” rating in a report on Friday, April 15th. Morgan Stanley upped their price objective on shares of Independent Contract Drilling from $6.00 to $6.50 and gave the stock an “overweight” rating in a report on Tuesday, April 19th. Iberia Capital restated an “outperform” rating and issued a $7.00 price objective (up from $5.00) on shares of Independent Contract Drilling in a report on Thursday, July 7th. Finally, FBR & Co restated a “buy” rating on shares of Independent Contract Drilling in a report on Sunday, April 17th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $6.91.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/16/independent-contract-drilling-inc-icd-stock-rating-lowered-by-zacks-investment-research.html
Independent Contract Drilling (NYSE:ICD) traded up 0.18% during trading on Monday, reaching $5.63. 222,453 shares of the company’s stock traded hands. The company’s market cap is $210.17 million. The company has a 50 day moving average price of $5.14 and a 200-day moving average price of $4.84. Independent Contract Drilling has a 12-month low of $3.34 and a 12-month high of $7.93.
Independent Contract Drilling (NYSE:ICD) last issued its quarterly earnings data on Thursday, July 28th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.03. Independent Contract Drilling had a negative net margin of 15.98% and a negative return on equity of 1.95%. The firm had revenue of $15.20 million for the quarter, compared to analyst estimates of $15.15 million. During the same period in the prior year, the business posted ($0.03) EPS. The business’s revenue for the quarter was down 28.0% compared to the same quarter last year. On average, equities research analysts forecast that Independent Contract Drilling will post ($0.37) EPS for the current fiscal year.
In other Independent Contract Drilling news, major shareholder Resource Corp Sprott sold 1,000,000 shares of the stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $4.50, for a total value of $4,500,000.00. The sale was disclosed in a filing with the SEC, which is available through this link. 11.50% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the stock. Capital Research Global Investors purchased a new stake in shares of Independent Contract Drilling during the second quarter worth approximately $18,061,000. Van ECK Associates Corp purchased a new stake in shares of Independent Contract Drilling during the second quarter worth approximately $6,212,000. FMR LLC increased its stake in shares of Independent 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 purchased a new stake in shares of Independent Contract Drilling during the second quarter worth approximately $3,178,000. Finally, Vanguard Group Inc. increased its stake in shares of Independent 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 institutional investors.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Independent Contract Drilling Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Contract Drilling Inc. and related companies with MarketBeat.com's FREE daily email newsletter.