Independent Contract Drilling Inc. (ICD) Rating Reiterated by FBR & Co
Independent Contract Drilling Inc. (NYSE:ICD)‘s stock had its “buy” rating reiterated by investment analysts at FBR & Co in a research report issued to clients and investors on Friday.
Several other equities research analysts also recently weighed in on the company. Zacks Investment Research downgraded Independent Contract Drilling from a “buy” rating to a “hold” rating in a report on Tuesday, September 20th. Nomura set a $8.00 target price on Independent Contract Drilling and gave the stock a “buy” rating in a report on Tuesday, August 16th. Iberia Capital reaffirmed an “outperform” rating and set a $7.00 target price (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 target price on shares of Independent Contract Drilling in a report on Monday, August 1st. Finally, DA Davidson started coverage on Independent Contract Drilling in a report on Thursday, September 15th. They set a “buy” rating and a $7.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $6.91.
Shares of Independent Contract Drilling (NYSE:ICD) traded down 0.55% during midday trading on Friday, hitting $5.45. The company’s stock had a trading volume of 1,074,593 shares. The company’s market cap is $203.45 million. Independent Contract Drilling has a 1-year low of $3.34 and a 1-year high of $7.93. The company has a 50-day moving average price of $5.07 and a 200 day moving average price of $4.81.
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Independent Contract Drilling (NYSE:ICD) last released its quarterly earnings data on Thursday, July 28th. The company reported ($0.07) earnings per share for the quarter, beating 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 had revenue of $15.20 million for the quarter, compared to the consensus estimate of $15.15 million. During the same quarter last year, the business posted ($0.03) EPS. Independent Contract Drilling’s revenue for the quarter was down 28.0% on a year-over-year basis. On average, equities research analysts predict that Independent Contract Drilling will post ($0.37) EPS for the current year.
In other news, major shareholder Resource Corp Sprott sold 1,000,000 shares of Independent Contract Drilling 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.50% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of the stock. Schwab Charles Investment Management Inc. raised its stake in shares of Independent Contract Drilling by 152.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 46,000 shares of the company’s stock worth $250,000 after buying an additional 27,800 shares during the last quarter. GLG Partners LP purchased a new stake in shares of Independent Contract Drilling during the second quarter worth approximately $2,331,000. Numeric Investors LLC purchased a new stake in shares of Independent Contract Drilling during the second quarter worth approximately $206,000. Highbridge Capital Management LLC purchased a new stake in shares of Independent Contract Drilling during the second quarter worth approximately $248,000. Finally, Capital Research Global Investors purchased a new stake in shares of Independent Contract Drilling during the second quarter worth approximately $18,061,000. 70.71% of the stock is owned by institutional investors and hedge funds.
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