Trade Report: The Independent Contract Drilling’s (ICD) Buy Rating Reiterated at FBR & Co

The Independent Contract Drilling’s (ICD) Buy Rating Reiterated at FBR & Co

FBR & Co reiterated their buy rating on shares of Independent Contract Drilling Inc. (NYSE:ICD) in a research note published on Friday morning.

A number of other equities analysts also recently weighed in on the company. DA Davidson started coverage on Independent Contract Drilling in a research report on Thursday, September 15th. They set a buy rating and a $7.00 price target for the company. Nomura set a $8.00 price target on Independent Contract Drilling and gave the stock a buy rating in a research report on Tuesday, August 16th. Zacks Investment Research raised Independent Contract Drilling from a hold rating to a buy rating and set a $5.50 price target for the company in a research report on Tuesday, August 2nd. Morgan Stanley reaffirmed a buy rating and set a $8.00 price target on shares of Independent Contract Drilling in a research report on Monday, August 1st. Finally, Iberia Capital reaffirmed an outperform rating and set a $7.00 price target (up previously from $5.00) on shares of Independent Contract Drilling in a research report on Thursday, July 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company. Independent Contract Drilling currently has an average rating of Buy and a consensus target price of $6.91.

Independent Contract Drilling (NYSE:ICD) opened at 5.74 on Friday. The company’s 50-day moving average is $5.11 and its 200 day moving average is $4.83. Independent Contract Drilling has a 12 month low of $3.34 and a 12 month high of $7.93. The company’s market cap is $214.27 million.

Independent Contract Drilling (NYSE:ICD) last issued its quarterly earnings data on Thursday, July 28th. The company reported ($0.07) earnings per share (EPS) 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 business earned $15.20 million during the quarter, compared to analyst estimates of $15.15 million. During the same period in the previous year, the firm earned ($0.03) EPS. Independent Contract Drilling’s quarterly revenue was down 28.0% compared to the same quarter last year. Equities analysts forecast that Independent Contract Drilling will post ($0.37) earnings per share for the current fiscal year.

In other Independent Contract Drilling 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 stock was sold at an average price of $4.50, for a total transaction of $4,500,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 11.50% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Capital Research Global Investors bought a new stake in Independent Contract Drilling during the second quarter valued at approximately $18,061,000. Van ECK Associates Corp bought a new stake in Independent Contract Drilling during the second quarter valued at approximately $6,212,000. 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 valued at $23,768,000 after buying an additional 716,656 shares during the last quarter. Encompass Capital Advisors LLC bought a new stake in Independent Contract Drilling during the second quarter valued at approximately $3,178,000. 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 valued at $5,764,000 after buying an additional 538,089 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

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