Independent Contract Drilling Inc. (ICD) Upgraded by Tudor Pickering to Buy
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.
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.
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