Independent Contract Drilling Inc. (ICD) Raised to Hold at Zacks Investment Research
Independent Contract Drilling Inc. (NYSE:ICD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
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 research reports. DA Davidson initiated coverage on Independent Contract Drilling in a research report on Thursday, September 15th. They set a “buy” rating and a $7.00 price objective on the stock. Morgan Stanley reissued a “buy” rating and set a $8.00 target price on shares of Independent Contract Drilling in a report on Monday, August 1st. Iberia Capital reissued an “outperform” rating and set a $7.00 target price (up from $5.00) on shares of Independent Contract Drilling in a report on Thursday, July 7th. Nomura set a $8.00 target price on Independent Contract Drilling and gave the stock a “buy” rating in a report on Tuesday, August 16th. Finally, FBR & Co reissued a “buy” rating on shares of Independent Contract Drilling in a report on Friday, October 7th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $6.91.
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Shares of Independent Contract Drilling (NYSE:ICD) traded up 0.36% during midday trading on Tuesday, hitting $5.61. 119,635 shares of the stock traded hands. The company’s market capitalization is $209.42 million. Independent Contract Drilling has a 1-year low of $3.34 and a 1-year high of $7.93. The stock has a 50 day moving average of $5.17 and a 200 day moving average of $4.86.
Independent Contract Drilling (NYSE:ICD) last posted its quarterly earnings data on Thursday, July 28th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.03. The firm had revenue of $15.20 million for the quarter, compared to analysts’ expectations of $15.15 million. Independent Contract Drilling had a negative return on equity of 1.95% and a negative net margin of 15.98%. The company’s quarterly revenue was down 28.0% compared to the same quarter last year. During the same quarter last year, the business earned ($0.03) EPS. Equities research analysts predict that Independent Contract Drilling will post ($0.37) earnings per share for the current fiscal year.
In related news, major shareholder Resource Corp Sprott sold 1,000,000 shares of the firm’s stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $4.50, for a total value of $4,500,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 11.50% of the stock is owned by corporate insiders.
Institutional investors have recently bought and sold shares of the stock. FMR LLC increased its position in Independent Contract Drilling by 19.6% in the second quarter. FMR LLC now owns 4,377,091 shares of the company’s stock valued at $23,768,000 after buying an additional 716,656 shares in the last quarter. Deere & Co. purchased a new position in Independent Contract Drilling during the second quarter valued at approximately $483,000. BlackRock Institutional Trust Company N.A. increased its position in Independent Contract Drilling by 101.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 234,565 shares of the company’s stock valued at $1,274,000 after buying an additional 118,295 shares in the last quarter. BlackRock Fund Advisors increased its position in Independent Contract Drilling by 77.5% in the second quarter. BlackRock Fund Advisors now owns 767,255 shares of the company’s stock valued at $4,166,000 after buying an additional 335,015 shares in the last quarter. Finally, BlackRock Investment Management LLC increased its position in Independent Contract Drilling by 99.2% in the second quarter. BlackRock Investment Management LLC now owns 121,738 shares of the company’s stock valued at $661,000 after buying an additional 60,619 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.
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