Independent Contract Drilling Inc. (ICD) Rating Lowered to Sell at Zacks Investment Research
Independent Contract Drilling Inc. (NYSE:ICD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research 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. “
A number of other equities research analysts have also recently commented on ICD. DA Davidson began coverage on Independent Contract Drilling in a research note on Thursday, September 15th. They set a “buy” rating and a $7.00 price objective for the company. Morgan Stanley reiterated a “buy” rating and set a $8.00 target price on shares of Independent Contract Drilling in a report on Monday, August 1st. FBR & Co reiterated a “buy” rating on shares of Independent Contract Drilling in a report on Friday, October 7th. Nomura set a $8.00 target price on Independent Contract Drilling and gave the stock a “buy” rating in a report on Tuesday, August 16th. Finally, Iberia Capital reiterated an “outperform” rating and set a $7.00 target price (up from $5.00) on shares of Independent Contract Drilling in a report on Thursday, July 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $6.91.
Independent Contract Drilling (NYSE:ICD) opened at 5.74 on Tuesday. Independent Contract Drilling has a one year low of $3.34 and a one year high of $7.93. The firm’s market cap is $214.27 million. The stock’s 50 day moving average price is $5.11 and its 200-day moving average price is $4.83.
Independent Contract Drilling (NYSE:ICD) last announced its quarterly earnings data on Thursday, July 28th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates 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 business earned $15.20 million during the quarter, compared to analysts’ expectations of $15.15 million. During the same period in the previous year, the firm earned ($0.03) earnings per share. The firm’s quarterly revenue was down 28.0% compared to the same quarter last year. Analysts forecast that Independent Contract Drilling will post ($0.37) earnings per share for the current year.
In other news, major shareholder Resource Corp Sprott sold 1,000,000 shares of the business’s stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $4.50, for a total value of $4,500,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 11.50% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of ICD. Rhumbline Advisers raised its stake in shares of Independent Contract Drilling by 22.5% in the second quarter. Rhumbline Advisers now owns 25,062 shares of the company’s stock worth $136,000 after buying an additional 4,605 shares during the period. D.C. Capital Advisors Ltd bought a new stake in Independent Contract Drilling during the second quarter worth about $163,000. A.R.T. Advisors LLC increased its stake in Independent Contract Drilling by 115.7% in the second quarter. A.R.T. Advisors LLC now owns 32,251 shares of the company’s stock worth $175,000 after buying an additional 17,300 shares in the last quarter. Citadel Advisors LLC increased its stake in Independent Contract Drilling by 212.6% in the second quarter. Citadel Advisors LLC now owns 32,346 shares of the company’s stock worth $175,000 after buying an additional 21,998 shares in the last quarter. Finally, Numeric Investors LLC bought a new stake in Independent Contract Drilling during the second quarter worth about $206,000. Institutional investors own 70.71% of the company’s stock.
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