Shares of Independent Contract Drilling Inc. (NYSE:ICD) have been given a consensus rating of “Buy” by the ten research firms that are covering the company. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $6.96.

Several brokerages recently commented on ICD. FBR & Co reaffirmed a “buy” rating on shares of Independent Contract Drilling in a report on Friday. Zacks Investment Research raised Independent Contract Drilling from a “hold” rating to a “strong-buy” rating and set a $6.00 price objective for the company in a report on Monday, July 11th. Iberia Capital reaffirmed an “outperform” rating and issued a $7.00 price objective (up previously from $5.00) on shares of Independent Contract Drilling in a report on Thursday, July 7th. Nomura set a $8.00 price objective on Independent Contract Drilling and gave the stock a “buy” rating in a report on Tuesday, August 16th. Finally, Morgan Stanley reissued a “buy” rating and set a $8.00 price target on shares of Independent Contract Drilling in a report on Monday, August 1st.

Shares of Independent Contract Drilling (NYSE:ICD) opened at 5.45 on Wednesday. The firm has a 50 day moving average price of $5.07 and a 200 day moving average price of $4.81. Independent Contract Drilling has a 12-month low of $3.34 and a 12-month high of $7.93. The stock’s market cap is $203.45 million.

Independent Contract Drilling (NYSE:ICD) last issued its quarterly earnings data on Thursday, July 28th. The company reported ($0.07) EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 company earned $15.20 million during the quarter, compared to analyst estimates of $15.15 million. During the same quarter in the previous year, the company posted ($0.03) earnings per share. Independent Contract Drilling’s revenue was down 28.0% compared to the same quarter last year. On average, equities analysts expect that Independent Contract Drilling will post ($0.37) EPS for the current year.

In related 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 transaction was disclosed in a filing with the SEC, which is available through this link. 11.50% of the stock is owned by corporate insiders.

Several large investors have recently bought and sold shares of ICD. FMR LLC increased its stake in Independent Contract Drilling by 19.6% in the second quarter. FMR LLC now owns 4,377,091 shares of the company’s stock worth $23,768,000 after buying an additional 716,656 shares in the last quarter. Capital Research Global Investors purchased a new stake in Independent Contract Drilling during the second quarter worth approximately $18,061,000. Adage Capital Partners GP L.L.C. increased its stake in Independent Contract Drilling by 23.5% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,447,994 shares of the company’s stock worth $7,863,000 after buying an additional 275,736 shares in the last quarter. Van ECK Associates Corp purchased a new stake in Independent Contract Drilling during the second quarter worth approximately $6,212,000. Finally, Vanguard Group Inc. increased its stake in Independent Contract Drilling by 102.8% in the second quarter. Vanguard Group Inc. now owns 1,061,618 shares of the company’s stock worth $5,764,000 after buying an additional 538,089 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

About Independent Contract Drilling

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