Independence Contract Drilling Inc (NYSE:ICD) was downgraded by equities research analysts at ValuEngine from a “hold” rating to a “sell” rating in a report released on Friday.

Several other equities analysts have also issued reports on ICD. Capital One Financial Corp. raised shares of Independence Contract Drilling from an “equal weight” rating to an “overweight” rating in a report on Tuesday, February 28th. Zacks Investment Research lowered shares of Independence Contract Drilling from a “buy” rating to a “hold” rating in a report on Thursday, March 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $7.58.

Analyst Recommendations for Independence Contract Drilling (NYSE:ICD)

Shares of Independence Contract Drilling (NYSE:ICD) traded up 5.1719% during mid-day trading on Friday, hitting $4.0386. The stock had a trading volume of 105,066 shares. Independence Contract Drilling has a 12-month low of $3.75 and a 12-month high of $7.30. The stock’s market capitalization is $152.18 million. The stock’s 50-day moving average price is $4.72 and its 200-day moving average price is $5.61.

Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings results 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 22.48% and a negative return on equity of 4.00%. The company had revenue of $20.20 million during the quarter, compared to analyst estimates of $19.86 million. During the same quarter in the previous year, the business earned ($0.02) EPS. The firm’s revenue was down 10.1% on a year-over-year basis. On average, equities analysts anticipate that Independence Contract Drilling will post ($0.41) EPS for the current fiscal year.

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Institutional investors have recently made changes to their positions in the company. Capital Research Global Investors raised its position in shares of Independence Contract Drilling by 38.6% in the third quarter. Capital Research Global Investors now owns 4,611,000 shares of the oil and gas company’s stock worth $24,208,000 after buying an additional 1,284,828 shares during the last quarter. Royce & Associates LP raised its position in shares of Independence Contract Drilling by 547.4% in the fourth quarter. Royce & Associates LP now owns 1,294,786 shares of the oil and gas company’s stock worth $8,675,000 after buying an additional 1,094,786 shares during the last quarter. Scoria Capital Partners LP bought a new position in shares of Independence Contract Drilling during the third quarter worth $4,463,000. Columbus Circle Investors raised its position in shares of Independence Contract Drilling by 238.2% in the first quarter. Columbus Circle Investors now owns 889,146 shares of the oil and gas company’s stock worth $4,899,000 after buying an additional 626,241 shares during the last quarter. Finally, Federated Investors Inc. PA raised its position in shares of Independence Contract Drilling by 67.4% in the fourth quarter. Federated Investors Inc. PA now owns 1,338,900 shares of the oil and gas company’s stock worth $8,971,000 after buying an additional 538,900 shares during the last quarter. 77.73% of the stock is owned by hedge funds and other institutional investors.

12 Month Chart for NYSE:ICD

To view ValuEngine’s full report, visit ValuEngine’s official website.

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