Independent Contract Drilling Inc. (NYSE:ICD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released 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 topic of several other research reports. Morgan Stanley restated a “buy” rating and issued a $8.00 target price on shares of Independent Contract Drilling in a research report on Monday, August 1st. DA Davidson assumed coverage on Independent Contract Drilling in a research report on Thursday, September 15th. They issued a “buy” rating and a $7.00 target price on the stock. Iberia Capital restated an “outperform” rating and issued a $7.00 target price (up previously from $5.00) on shares of Independent Contract Drilling in a research report on Thursday, July 7th. Finally, Nomura set a $8.00 target price on Independent Contract Drilling and gave the company a “buy” rating in a research report on Tuesday, August 16th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $6.91.

Analyst Recommendations for Independent Contract Drilling (NYSE:ICD)

Independent Contract Drilling (NYSE:ICD) opened at 4.92 on Tuesday. The company’s market cap is $183.66 million. Independent Contract Drilling has a 12 month low of $3.34 and a 12 month high of $7.93. The firm has a 50-day moving average price of $5.07 and a 200 day moving average price of $4.78.

Independent Contract Drilling (NYSE:ICD) last issued its quarterly earnings data on Thursday, July 28th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.03. Independent Contract Drilling had a negative return on equity of 1.95% and a negative net margin of 15.98%. The company had revenue of $15.20 million for the quarter, compared to analyst estimates of $15.15 million. During the same period last year, the company earned ($0.03) earnings per share. Independent Contract Drilling’s quarterly revenue was down 28.0% compared to the same quarter last year. Equities research analysts predict that Independent Contract Drilling will post ($0.37) EPS for the current year.

In other Independent Contract Drilling news, major shareholder Resource Corp Sprott sold 1,000,000 shares of Independent Contract Drilling stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $4.50, for a total value of $4,500,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 11.50% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. Deere & Co. acquired a new stake in Independent Contract Drilling during the second quarter worth approximately $483,000. BlackRock Institutional Trust Company N.A. increased its stake in Independent Contract Drilling by 101.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 234,565 shares of the company’s stock worth $1,274,000 after buying an additional 118,295 shares in the last quarter. BlackRock Fund Advisors increased its stake in Independent Contract Drilling by 77.5% in the second quarter. BlackRock Fund Advisors now owns 767,255 shares of the company’s stock worth $4,166,000 after buying an additional 335,015 shares in the last quarter. BlackRock Investment Management LLC increased its stake in Independent Contract Drilling by 99.2% in the second quarter. BlackRock Investment Management LLC now owns 121,738 shares of the company’s stock worth $661,000 after buying an additional 60,619 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Independent Contract Drilling by 102.8% in the second quarter. Vanguard Group Inc. now owns 1,061,618 shares of the company’s stock worth $5,764,000 after buying an additional 538,089 shares in the last quarter. Institutional investors own 70.64% of the company’s stock.

Independent Contract Drilling Company Profile

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