Tudor Pickering upgraded shares of Independent Contract Drilling Inc. (NYSE:ICD) from a hold rating to a buy rating in a report issued on Tuesday.

Several other analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Independent Contract Drilling from a hold rating to a sell rating in a research note on Tuesday, October 25th. FBR & Co reissued a buy rating on shares of Independent Contract Drilling in a research note on Friday, October 7th. Nomura set a $8.00 price objective on shares of Independent Contract Drilling and gave the company a buy rating in a research note on Tuesday, August 16th. Morgan Stanley reaffirmed a buy rating and set a $8.00 price target on shares of Independent Contract Drilling in a research report on Monday, August 1st. Finally, DA Davidson assumed coverage on shares of Independent Contract Drilling in a research report on Thursday, September 15th. They set a buy rating and a $7.00 price target for the company. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $6.78.

Analyst Recommendations for Independent Contract Drilling (NYSE:ICD)

Shares of Independent Contract Drilling (NYSE:ICD) opened at 5.02 on Tuesday. The firm’s market capitalization is $187.94 million. Independent Contract Drilling has a 1-year low of $3.34 and a 1-year high of $6.30. The firm has a 50-day moving average price of $4.99 and a 200-day moving average price of $4.98.

Independent Contract Drilling (NYSE:ICD) last announced its quarterly earnings data on Wednesday, October 26th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by $0.02. Independent Contract Drilling had a negative net margin of 22.48% and a negative return on equity of 4.00%. The company had revenue of $14.50 million for the quarter, compared to analysts’ expectations of $14.66 million. During the same period in the prior year, the firm earned ($0.05) earnings per share. The firm’s quarterly revenue was down 27.2% on a year-over-year basis. On average, analysts forecast that Independent Contract Drilling will post ($0.43) EPS for the current fiscal year.

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In other news, Director Thomas R. Bates, Jr. acquired 10,000 shares of the business’s stock in a transaction on Monday, November 7th. The shares were purchased at an average price of $4.04 per share, for a total transaction of $40,400.00. Following the acquisition, the director now directly owns 40,122 shares of the company’s stock, valued at approximately $162,092.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 11.50% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of ICD. The Manufacturers Life Insurance Company bought a new stake in shares of Independent Contract Drilling during the third quarter worth about $114,000. Rhumbline Advisers raised its stake in shares of Independent Contract Drilling by 2.8% in the third quarter. Rhumbline Advisers now owns 25,762 shares of the company’s stock worth $135,000 after buying an additional 700 shares during the period. D.C. Capital Advisors Ltd bought a new stake in shares of Independent Contract Drilling during the second quarter worth about $163,000. Citadel Advisors LLC raised its stake in shares of 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 during the period. Finally, A.R.T. Advisors LLC raised its stake in shares of 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 during the period. Institutional investors and hedge funds own 75.84% of the company’s stock.

5 Day Chart for NYSE:ICD

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