Today, Tudor Pickering Upgraded Independent Contract Drilling Inc. (ICD) to Buy

Today, Tudor Pickering Upgraded Independent Contract Drilling Inc. (ICD) to Buy

Independent Contract Drilling Inc. (NYSE:ICD) was upgraded by Tudor Pickering from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, The Fly reports.

A number of other analysts also recently issued reports on the company. Zacks Investment Research downgraded Independent Contract Drilling from a “hold” rating to a “sell” rating in a research report on Tuesday, October 25th. FBR & Co reaffirmed a “buy” rating on shares of Independent Contract Drilling in a research report on Friday, October 7th. 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. Morgan Stanley reissued 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, 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 on the stock. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $6.78.

Shares of Independent Contract Drilling (NYSE:ICD) opened at 5.10 on Tuesday. The company’s market cap is $190.94 million. Independent Contract Drilling has a 12 month low of $3.34 and a 12 month high of $6.30. The firm 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 released its 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 analyst estimates 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 was down 27.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.05) EPS. Analysts anticipate that Independent Contract Drilling will post ($0.43) earnings per share for the current fiscal year.

In other news, Director Thomas R. Bates, Jr. bought 10,000 shares of the firm’s stock in a transaction dated Monday, November 7th. The shares were bought at an average price of $4.04 per share, with a total value of $40,400.00. Following the completion of the transaction, the director now owns 40,122 shares of the company’s stock, valued at $162,092.88. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 11.50% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company purchased a new position in Independent Contract Drilling during the third quarter valued at approximately $114,000. Rhumbline Advisers increased its position in Independent Contract Drilling by 2.8% in the third quarter. Rhumbline Advisers now owns 25,762 shares of the company’s stock valued at $135,000 after buying an additional 700 shares during the last quarter. D.C. Capital Advisors Ltd bought a new stake in shares of Independent Contract Drilling during the second quarter valued at about $163,000. Citadel Advisors LLC boosted its stake in shares of Independent Contract Drilling by 212.6% in the second quarter. Citadel Advisors LLC now owns 32,346 shares of the company’s stock valued at $175,000 after buying an additional 21,998 shares during the period. Finally, A.R.T. Advisors LLC boosted its stake in shares of 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 valued at $175,000 after buying an additional 17,300 shares during the period. 75.84% of the stock is currently owned by institutional investors.

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