Independence Contract Drilling, Inc. (NYSE:ICD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors 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. “

Other research analysts have also recently issued reports about the stock. FBR & Co reissued a “buy” rating on shares of Independence Contract Drilling in a report on Tuesday. ValuEngine cut shares of Independence Contract Drilling from a “sell” rating to a “strong sell” rating in a report on Friday, September 8th. Cowen and Company reissued a “buy” rating and set a $5.00 price objective on shares of Independence Contract Drilling in a report on Friday, August 11th. Finally, Royal Bank Of Canada reissued a “buy” rating and set a $7.00 price objective on shares of Independence Contract Drilling in a report on Thursday, July 20th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $6.13.

Shares of Independence Contract Drilling (ICD) traded up 15.71% during midday trading on Tuesday, hitting $3.24. The stock had a trading volume of 537,947 shares. Independence Contract Drilling has a 12-month low of $2.72 and a 12-month high of $7.30. The firm’s market cap is $122.08 million. The firm has a 50-day moving average of $3.57 and a 200 day moving average of $3.78.

Independence Contract Drilling (NYSE:ICD) last issued its earnings results on Tuesday, October 24th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.02). Independence Contract Drilling had a negative return on equity of 8.62% and a negative net margin of 40.75%. The firm had revenue of $23.45 million during the quarter, compared to the consensus estimate of $23.54 million. During the same quarter in the prior year, the company posted ($0.17) EPS. The company’s quarterly revenue was up 62.1% on a year-over-year basis. On average, analysts expect that Independence Contract Drilling will post ($0.52) earnings per share for the current year.

TRADEMARK VIOLATION WARNING: This article was originally published by TheOlympiaReport and is the property of of TheOlympiaReport. If you are viewing this article on another publication, it was illegally copied and reposted in violation of United States and international copyright & trademark laws. The original version of this article can be read at https://theolympiareport.com/2017/11/01/independence-contract-drilling-inc-icd-raised-to-hold-at-zacks-investment-research.html.

Several institutional investors and hedge funds have recently added to or reduced their stakes in ICD. Wells Fargo & Company MN raised its holdings in shares of Independence Contract Drilling by 366.7% during the first quarter. Wells Fargo & Company MN now owns 104,755 shares of the oil and gas company’s stock valued at $578,000 after purchasing an additional 82,310 shares during the last quarter. 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 purchasing an additional 1,214 shares during the last quarter. FMR LLC raised its holdings in shares of Independence Contract Drilling by 67.4% during the first quarter. FMR LLC now owns 166,014 shares of the oil and gas company’s stock valued at $915,000 after purchasing an additional 66,856 shares during the last quarter. TIAA CREF Investment Management LLC raised its holdings in shares of Independence Contract Drilling by 17.3% during the first quarter. TIAA CREF Investment Management LLC now owns 328,528 shares of the oil and gas company’s stock valued at $1,810,000 after purchasing an additional 48,363 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Independence Contract Drilling by 10.7% during the first quarter. Vanguard Group Inc. now owns 1,262,680 shares of the oil and gas company’s stock valued at $6,957,000 after purchasing an additional 121,655 shares during the last quarter. 80.80% of the stock is owned by hedge funds and other institutional investors.

Independence Contract Drilling Company Profile

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.

Analyst Recommendations for Independence Contract Drilling (NYSE:ICD)

Receive News & Ratings for Independence Contract Drilling Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Contract Drilling Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.