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

ICD has been the subject of a number of other reports. Zacks Investment Research upgraded Independent Contract Drilling from a sell rating to a hold rating in a research report on Tuesday, October 18th. Morgan Stanley reiterated a buy rating and issued a $8.00 price objective on shares of Independent Contract Drilling in a research report on Monday, August 1st. FBR & Co reiterated a buy rating on shares of Independent Contract Drilling in a research report on Friday, October 7th. DA Davidson initiated coverage on Independent Contract Drilling in a research report on Thursday, September 15th. They issued a buy rating and a $7.00 price objective for the company. Finally, Nomura set a $8.00 price objective on Independent Contract Drilling and gave the stock a buy rating in a research report on Tuesday, August 16th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $6.78.

Analyst Recommendations for Independent Contract Drilling (NYSE:ICD)

Independent Contract Drilling (NYSE:ICD) opened at 5.02 on Tuesday. Independent Contract Drilling has a 52-week low of $3.34 and a 52-week high of $6.30. The company’s market capitalization is $187.94 million. The stock 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 posted its quarterly earnings results on Wednesday, October 26th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by $0.02. The company earned $14.50 million during 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%. Independent Contract Drilling’s revenue for the quarter was down 27.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.05) earnings per share. On average, equities analysts expect that Independent Contract Drilling will post ($0.43) earnings per share for the current year.

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In related news, Director Thomas R. Bates, Jr. acquired 10,000 shares of Independent Contract Drilling stock in a transaction dated Monday, November 7th. The shares were acquired at an average cost of $4.04 per share, for a total transaction of $40,400.00. Following the completion of the purchase, the director now owns 40,122 shares in the company, valued at $162,092.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 11.50% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company acquired a new stake in Independent Contract Drilling during the third quarter worth $114,000. Rhumbline Advisers boosted its stake in 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 stake in Independent Contract Drilling during the second quarter worth $163,000. Citadel Advisors LLC boosted its stake 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. Finally, A.R.T. Advisors LLC boosted its stake 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. Institutional investors own 75.84% of the company’s stock.

5 Day Chart for NYSE:ICD

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