Independence Contract Drilling (NYSE:ICD) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Independence Contract Drilling (NYSE:ICD) from a sell rating to a hold rating in a report released on Wednesday morning, Zacks.com reports.

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. “

Several other research firms have also weighed in on ICD. Royal Bank of Canada lowered shares of Independence Contract Drilling from an outperform rating to a sector perform rating and lowered their price objective for the stock from $4.00 to $2.00 in a research note on Wednesday, September 25th. Morgan Stanley reduced their price objective on shares of Independence Contract Drilling from $3.00 to $2.00 and set an equal weight rating for the company in a research report on Monday, October 7th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Independence Contract Drilling presently has a consensus rating of Hold and an average price target of $2.69.

Shares of NYSE:ICD traded up $0.01 during midday trading on Wednesday, reaching $1.03. The company had a trading volume of 57,421 shares, compared to its average volume of 232,297. The company has a quick ratio of 1.17, a current ratio of 1.23 and a debt-to-equity ratio of 0.35. The business’s 50 day moving average price is $0.87 and its 200 day moving average price is $1.20. The stock has a market cap of $77.01 million, a PE ratio of -6.06 and a beta of 2.01. Independence Contract Drilling has a 1-year low of $0.66 and a 1-year high of $3.69.

Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings results on Thursday, October 31st. The oil and gas company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.02. The firm had revenue of $45.07 million during the quarter, compared to analysts’ expectations of $45.05 million. Independence Contract Drilling had a negative return on equity of 2.47% and a negative net margin of 15.55%. On average, research analysts expect that Independence Contract Drilling will post -0.22 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in ICD. Susquehanna International Group LLP acquired a new stake in Independence Contract Drilling in the second quarter valued at approximately $29,000. B. Riley Financial Inc. purchased a new position in Independence Contract Drilling in the second quarter valued at about $55,000. Parametric Portfolio Associates LLC grew its holdings in Independence Contract Drilling by 59.8% during the second quarter. Parametric Portfolio Associates LLC now owns 76,386 shares of the oil and gas company’s stock valued at $121,000 after purchasing an additional 28,576 shares during the period. Fort Washington Investment Advisors Inc. OH bought a new stake in Independence Contract Drilling in the 2nd quarter valued at about $149,000. Finally, Municipal Employees Retirement System of Michigan bought a new stake in shares of Independence Contract Drilling in the second quarter valued at approximately $185,000. 74.65% of the stock is owned by institutional investors.

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 and the Haynesville Shale.

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