Independent Contract Drilling Inc. (ICD) Receives “Buy” Rating from FBR & Co
ICD has been the subject of several other research reports. DA Davidson initiated coverage on shares of Independent Contract Drilling in a research report on Thursday, September 15th. They issued a buy rating and a $7.00 price target for the company. Zacks Investment Research downgraded shares of Independent Contract Drilling from a strong-buy rating to a hold rating in a report on Wednesday, July 6th. Iberia Capital reaffirmed an outperform rating and set a $7.00 price objective (up from $5.00) on shares of Independent Contract Drilling in a report on Thursday, July 7th. Morgan Stanley reaffirmed a buy rating and set a $8.00 price objective on shares of Independent Contract Drilling in a report on Monday, August 1st. Finally, Nomura set a $8.00 price objective on shares of Independent Contract Drilling and gave the stock a buy rating in a report on Tuesday, August 16th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Independent Contract Drilling presently has an average rating of Buy and a consensus price target of $6.91.
Independent Contract Drilling (NYSE:ICD) traded up 3.30% during trading on Friday, reaching $5.63. 74,072 shares of the company were exchanged. Independent Contract Drilling has a one year low of $3.34 and a one year high of $7.93. The firm’s 50 day moving average price is $5.07 and its 200-day moving average price is $4.81. The stock’s market capitalization is $210.17 million.
Independent Contract Drilling (NYSE:ICD) last posted its quarterly earnings results on Thursday, July 28th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.03. Independent Contract Drilling had a negative net margin of 15.98% and a negative return on equity of 1.95%. The business earned $15.20 million during the quarter, compared to the consensus estimate of $15.15 million. During the same quarter last year, the firm posted ($0.03) EPS. Independent Contract Drilling’s revenue was down 28.0% compared to the same quarter last year. On average, equities research analysts predict that Independent Contract Drilling will post ($0.37) earnings per share for the current year.
In related news, major shareholder Resource Corp Sprott sold 1,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $4.50, for a total value of $4,500,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 11.50% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Capital Research Global Investors bought a new position in Independent Contract Drilling during the second quarter valued at $18,061,000. Van ECK Associates Corp bought a new position in Independent Contract Drilling during the second quarter valued at $6,212,000. FMR LLC boosted its position in Independent Contract Drilling by 19.6% in the second quarter. FMR LLC now owns 4,377,091 shares of the company’s stock valued at $23,768,000 after buying an additional 716,656 shares during the period. Encompass Capital Advisors LLC bought a new position in Independent Contract Drilling during the second quarter valued at $3,178,000. Finally, Vanguard Group Inc. boosted its position 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 valued at $5,764,000 after buying an additional 538,089 shares during the period. Institutional investors own 70.71% of the company’s stock.
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