Independence Contract Drilling, Inc. (NYSE:ICD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

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. “

A number of other research firms have also issued reports on ICD. Cowen and Company restated a “buy” rating and set a $5.00 price target on shares of Independence Contract Drilling in a report on Friday, August 11th. Morgan Stanley lowered shares of Independence Contract Drilling from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $8.50 to $5.00 in a report on Wednesday, June 21st. ValuEngine lowered shares of Independence Contract Drilling from a “hold” rating to a “sell” rating in a report on Friday, May 26th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $7.00 price target on shares of Independence Contract Drilling in a report on Thursday, July 20th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $6.58.

Shares of Independence Contract Drilling (ICD) traded down 4.26% on Wednesday, hitting $3.15. 42,607 shares of the stock were exchanged. The company’s market cap is $119.09 million. Independence Contract Drilling has a one year low of $2.91 and a one year high of $7.30. The firm’s 50-day moving average is $3.43 and its 200-day moving average is $4.30.

Independence Contract Drilling (NYSE:ICD) last released its earnings results on Thursday, July 27th. The oil and gas company reported ($0.13) EPS for the quarter, hitting analysts’ consensus estimates of ($0.13). Independence Contract Drilling had a negative net margin of 40.75% and a negative return on equity of 8.62%. The business had revenue of $21.29 million for the quarter, compared to the consensus estimate of $21.24 million. During the same period in the previous year, the firm earned ($0.07) EPS. The business’s revenue for the quarter was up 40.4% on a year-over-year basis. On average, equities analysts forecast that Independence Contract Drilling will post ($0.48) EPS for the current fiscal year.

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Hedge funds have recently added to or reduced their stakes in the company. American International Group Inc. raised its holdings in shares of Independence Contract Drilling by 7.0% during 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 acquiring an additional 1,214 shares during the period. Trexquant Investment LP increased its stake in 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 valued at $115,000 after buying an additional 1,008 shares during the period. Parkwood LLC increased its stake in 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 valued at $120,000 after buying an additional 5,492 shares during the period. Rhumbline Advisers increased its stake in Independence Contract Drilling by 23.1% in the 2nd quarter. Rhumbline Advisers now owns 36,824 shares of the oil and gas company’s stock valued at $143,000 after buying an additional 6,920 shares during the period. Finally, National Investment Services Inc. WI acquired a new position in Independence Contract Drilling in the 2nd quarter valued at approximately $154,000. Institutional investors and hedge funds own 80.78% of the company’s stock.

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.

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