Independence Contract Drilling (ICD) Stock Rating Lowered by Zacks Investment Research

Independence Contract Drilling (NYSE:ICD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued 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 subject of a number of other reports. Royal Bank of Canada restated a “buy” rating and set a $6.00 price target on shares of Independence Contract Drilling in a research note on Friday, August 17th. B. Riley set a $8.00 price target on Independence Contract Drilling and gave the company a “buy” rating in a research note on Sunday. Morgan Stanley boosted their price target on Independence Contract Drilling from $5.00 to $5.50 and gave the company an “equal weight” rating in a research note on Monday, August 6th. Finally, ValuEngine upgraded Independence Contract Drilling from a “hold” rating to a “buy” rating in a research note on Monday. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Independence Contract Drilling presently has a consensus rating of “Buy” and a consensus price target of $5.95.

Independence Contract Drilling stock opened at $5.00 on Tuesday. The stock has a market cap of $188.21 million, a price-to-earnings ratio of -9.43 and a beta of 2.63. Independence Contract Drilling has a 52-week low of $2.72 and a 52-week high of $5.48. The company has a quick ratio of 1.26, a current ratio of 1.39 and a debt-to-equity ratio of 0.26.

Independence Contract Drilling (NYSE:ICD) last released its quarterly earnings results on Thursday, August 2nd. The oil and gas company reported ($0.08) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.01. The business had revenue of $25.75 million during the quarter, compared to the consensus estimate of $25.70 million. Independence Contract Drilling had a negative return on equity of 7.34% and a negative net margin of 19.21%. On average, sell-side analysts expect that Independence Contract Drilling will post -0.25 earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company grew its stake in shares of Independence Contract Drilling by 57.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 29,223 shares of the oil and gas company’s stock valued at $110,000 after acquiring an additional 10,678 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Independence Contract Drilling by 9.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 237,588 shares of the oil and gas company’s stock valued at $979,000 after acquiring an additional 21,170 shares during the period. Schwab Charles Investment Management Inc. grew its stake in shares of Independence Contract Drilling by 47.8% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 68,000 shares of the oil and gas company’s stock valued at $258,000 after acquiring an additional 22,000 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Independence Contract Drilling by 9.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 322,974 shares of the oil and gas company’s stock valued at $1,331,000 after acquiring an additional 27,462 shares during the period. Finally, Marquette Asset Management LLC bought a new position in shares of Independence Contract Drilling during the 2nd quarter valued at approximately $168,000. Institutional investors own 75.83% 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 pad-optimal ShaleDriller rigs that are engineered and designed to optimize the development of various oil and natural gas properties in the Permian Basin.

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