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

Other research analysts have also issued reports about the company. Zacks Investment Research lowered Independence Contract Drilling from a “hold” rating to a “sell” rating in a research report on Wednesday. Cowen and Company reaffirmed a “buy” rating and issued a $5.00 target price on shares of Independence Contract Drilling in a research report on Friday, August 11th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $7.00 target price on shares of Independence Contract Drilling in a research report on Thursday, July 20th. Finally, Morgan Stanley lowered Independence Contract Drilling from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $8.50 to $5.00 in a research report on Wednesday, June 21st. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. Independence Contract Drilling presently has a consensus rating of “Hold” and a consensus target price of $6.58.

Shares of Independence Contract Drilling (ICD) traded down 4.26% during midday trading on Friday, hitting $3.15. The stock had a trading volume of 42,607 shares. Independence Contract Drilling has a 12-month low of $2.91 and a 12-month high of $7.30. The stock has a 50-day moving average price of $3.43 and a 200-day moving average price of $4.30. The stock’s market cap is $118.69 million.

Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.13) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.13). Independence Contract Drilling had a negative return on equity of 8.62% and a negative net margin of 40.75%. The company had revenue of $21.29 million for the quarter, compared to analyst estimates of $21.24 million. During the same quarter in the prior year, the company posted ($0.07) EPS. The business’s revenue for the quarter was up 40.4% compared to the same quarter last year. Equities analysts forecast that Independence Contract Drilling will post ($0.48) earnings per share for the current year.

COPYRIGHT VIOLATION NOTICE: This story was first posted by American Banking News and is owned by of American Banking News. If you are viewing this story on another site, it was stolen and republished in violation of U.S. and international trademark and copyright legislation. The original version of this story can be read at https://www.americanbankingnews.com/2017/09/09/independence-contract-drilling-inc-icd-downgraded-by-valuengine.html.

Several institutional investors and hedge funds have recently modified their holdings of the stock. BB&T Securities LLC raised its position in shares of Independence Contract Drilling by 1.0% in the 2nd quarter. BB&T Securities LLC now owns 40,300 shares of the oil and gas company’s stock worth $156,000 after buying an additional 400 shares during the period. California State Teachers Retirement System raised its position in shares of Independence Contract Drilling by 0.8% in the 2nd quarter. California State Teachers Retirement System now owns 60,763 shares of the oil and gas company’s stock worth $236,000 after buying an additional 500 shares during the period. Trexquant Investment LP raised its position in shares of Independence Contract Drilling by 5.1% in the 1st quarter. Trexquant Investment LP now owns 20,948 shares of the oil and gas company’s stock worth $115,000 after buying an additional 1,008 shares during the period. American International Group Inc. raised its position in shares of Independence Contract Drilling by 7.0% in the 1st quarter. American International Group Inc. now owns 18,453 shares of the oil and gas company’s stock worth $102,000 after buying an additional 1,214 shares during the period. Finally, Parkwood LLC raised its position in shares of Independence Contract Drilling by 33.6% in the 1st quarter. Parkwood LLC now owns 21,828 shares of the oil and gas company’s stock worth $120,000 after buying an additional 5,492 shares during the period. 80.78% of the stock is currently owned by institutional investors and hedge funds.

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 ShaleDriller rigs to optimize the development of various oil and gas properties in the Permian Basin. As of December 31, 2016, it had 12 rigs.

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

Analyst Recommendations for Independence Contract Drilling (NYSE:ICD)

Receive News & Ratings for Independence Contract Drilling Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Contract Drilling Inc. and related companies with MarketBeat.com's FREE daily email newsletter.