Shares of Independent Contract Drilling Inc. (NYSE:ICD) have been given an average rating of “Buy” by the nine ratings firms that are covering the company. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $6.78.

ICD has been the topic of several recent research reports. DA Davidson initiated coverage on shares of Independent Contract Drilling in a research report on Thursday, September 15th. They set a “buy” rating and a $7.00 target price on the stock. Zacks Investment Research cut shares of Independent Contract Drilling from a “hold” rating to a “sell” rating in a research report on Tuesday, October 11th. FBR & Co restated a “buy” rating on shares of Independent Contract Drilling in a research report on Friday, October 7th. Morgan Stanley restated a “buy” rating and set a $8.00 target price on shares of Independent Contract Drilling in a research report on Monday, August 1st. Finally, Nomura set a $8.00 price target on shares of Independent Contract Drilling and gave the company a “buy” rating in a report on Tuesday, August 16th.

In other Independent Contract Drilling news, major shareholder Resource Corp Sprott sold 1,000,000 shares of the company’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $4.50, for a total value of $4,500,000.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Thomas R. Bates, Jr. bought 10,000 shares of the company’s stock in a transaction on Monday, November 7th. The stock was bought at an average price of $4.04 per share, for a total transaction of $40,400.00. Following the completion of the purchase, the director now directly owns 40,122 shares in the company, valued at $162,092.88. The disclosure for this purchase can be found here. 11.50% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of the company. Rhumbline Advisers increased its position 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 in the last quarter. D.C. Capital Advisors Ltd acquired a new position in Independent Contract Drilling during the second quarter worth about $163,000. Citadel Advisors LLC increased its position in 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 in the last quarter. A.R.T. Advisors LLC increased its position in 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 in the last quarter. Finally, Numeric Investors LLC acquired a new position in Independent Contract Drilling during the second quarter worth about $206,000. Institutional investors and hedge funds own 71.77% of the company’s stock.

Shares of Independent Contract Drilling (NYSE:ICD) opened at 4.67 on Wednesday. The firm has a 50-day moving average of $5.02 and a 200 day moving average of $4.89. Independent Contract Drilling has a one year low of $3.34 and a one year high of $6.73. The stock’s market capitalization is $174.84 million.

Independent Contract Drilling (NYSE:ICD) last announced its earnings results on Wednesday, October 26th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by $0.02. The business had revenue of $14.50 million for the quarter, compared to analysts’ expectations of $14.66 million. Independent Contract Drilling had a negative net margin of 22.48% and a negative return on equity of 4.00%. The firm’s quarterly revenue was down 27.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.05) earnings per share. On average, equities research analysts predict that Independent Contract Drilling will post ($0.42) EPS for the current year.

Independent Contract Drilling Company Profile

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