Zacks Investment Research Downgrades Independence Contract (NYSE:ICD) to Sell

Zacks Investment Research cut shares of Independence Contract (NYSE:ICD) from a hold rating to a sell rating in a report issued on Wednesday, March 14th.

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. “

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ICD has been the topic of several other reports. Royal Bank of Canada set a $5.00 price objective on shares of Independence Contract and gave the company a buy rating in a report on Thursday, December 21st. B. Riley reduced their price objective on shares of Independence Contract from $8.75 to $7.75 and set a buy rating on the stock in a report on Wednesday, November 22nd. Cowen set a $6.00 price objective on shares of Independence Contract and gave the company a buy rating in a report on Thursday, January 11th. Finally, TheStreet upgraded shares of Independence Contract from a d rating to a c- rating in a report on Monday, February 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The company has an average rating of Hold and an average price target of $6.25.

ICD traded down $0.15 on Wednesday, hitting $3.88. The company had a trading volume of 68,767 shares, compared to its average volume of 94,622. The firm has a market cap of $147.82, a P/E ratio of -7.32 and a beta of 2.78. Independence Contract has a 1 year low of $2.72 and a 1 year high of $5.95. The company has a current ratio of 1.62, a quick ratio of 1.47 and a debt-to-equity ratio of 0.21.

Independence Contract (NYSE:ICD) last issued its quarterly earnings data on Monday, February 26th. The oil and gas company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.01). The company had revenue of $25.04 million during the quarter, compared to analysts’ expectations of $24.43 million. Independence Contract had a negative net margin of 27.00% and a negative return on equity of 8.24%. The firm’s quarterly revenue was up 39.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.14) earnings per share. equities research analysts forecast that Independence Contract will post -0.28 earnings per share for the current year.

A number of large investors have recently modified their holdings of ICD. Northern Trust Corp increased its stake in Independence Contract by 61.2% during the second quarter. Northern Trust Corp now owns 467,479 shares of the oil and gas company’s stock worth $1,819,000 after purchasing an additional 177,525 shares during the period. Vanguard Group Inc. increased its stake in Independence Contract by 6.3% during the second quarter. Vanguard Group Inc. now owns 1,341,715 shares of the oil and gas company’s stock worth $5,219,000 after purchasing an additional 79,035 shares during the period. Dimensional Fund Advisors LP increased its stake in Independence Contract by 84.5% during the second quarter. Dimensional Fund Advisors LP now owns 473,258 shares of the oil and gas company’s stock worth $1,841,000 after purchasing an additional 216,772 shares during the period. Goldman Sachs Group Inc. increased its stake in Independence Contract by 12.9% during the second quarter. Goldman Sachs Group Inc. now owns 60,414 shares of the oil and gas company’s stock worth $235,000 after purchasing an additional 6,917 shares during the period. Finally, State Street Corp increased its stake in Independence Contract by 9.4% during the second quarter. State Street Corp now owns 461,957 shares of the oil and gas company’s stock worth $1,799,000 after purchasing an additional 39,570 shares during the period. Institutional investors own 74.96% of the company’s stock.

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Independence Contract 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 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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