Follow The Ratings: Is It Finally Time To Buy? Tudor Pickering Upgrades Independence Contract Drilling (NYSE:ICD)

November 29, 2016 - By Peter Kolinski

Follow The Ratings:  Is It Finally Time To Buy? Tudor Pickering Upgrades Independence Contract Drilling (NYSE:ICD)

Independence Contract Drilling (NYSE:ICD) Upgrade

Tudor Pickering has upgraded Independence Contract Drilling (NYSE:ICD) stock to Buy in an analyst report sent to investors on Tuesday morning. ICD’s old rating was Hold.

Independence Contract Drilling Inc (NYSE:ICD) Ratings Coverage

Out of 5 analysts covering Independence Contract Drilling (NYSE:ICD), 5 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $9 is the highest target while $5 is the lowest. The $7 average target is 37.25% above today’s ($5.1) stock price. Independence Contract Drilling has been the topic of 10 analyst reports since August 10, 2015 according to StockzIntelligence Inc. Tudor Pickering downgraded Independence Contract Drilling Inc (NYSE:ICD) on Wednesday, September 9 to “Accumulate” rating. RBC Capital Markets maintained the shares of ICD in a report on Friday, October 30 with “Outperform” rating. Zacks downgraded Independence Contract Drilling Inc (NYSE:ICD) on Monday, August 10 to “Buy” rating. On Wednesday, February 24 the stock rating was maintained by FBR Capital with “Outperform”. RBC Capital Markets maintained Independence Contract Drilling Inc (NYSE:ICD) on Friday, February 19 with “Outperform” rating. Morgan Stanley maintained Independence Contract Drilling Inc (NYSE:ICD) on Tuesday, April 19 with “Overweight” rating. The rating was initiated by DA Davidson with “Buy” on Thursday, September 15.

It is down 23.79% since April 26, 2016 and is uptrending. It has outperformed by 18.53% the S&P500.

Analysts await Independence Contract Drilling Inc (NYSE:ICD) to report earnings on February, 16. They expect $-0.14 EPS, down 250.00% or $0.10 from last year’s $-0.04 per share. After $-0.17 actual EPS reported by Independence Contract Drilling Inc for the previous quarter, Wall Street now forecasts -17.65% EPS growth.

Insitutional Activity: The institutional sentiment decreased to 1.83 in Q2 2016. Its down 3.97, from 5.8 in 2016Q1. The ratio fall, as 6 funds sold all Independence Contract Drilling Inc shares owned while 4 reduced positions. 26 funds bought stakes while 32 increased positions. They now own 51.21 million shares or 276.96% more from 13.58 million shares in 2016Q1.

Geode Capital Limited Liability Company last reported 189,537 shares in the company. State Common Retirement Fund accumulated 0% or 15,100 shares. Numeric Investors Ltd Llc holds 0% of its portfolio in Independence Contract Drilling Inc (NYSE:ICD) for 38,000 shares. Blackrock Institutional Company Na holds 0% of its portfolio in Independence Contract Drilling Inc (NYSE:ICD) for 234,565 shares. Deere, a Illinois-based fund reported 88,984 shares. Millennium Ltd Liability Com holds 142,785 shares or 0% of its portfolio. Renaissance Technologies Limited Liability Corporation has invested 0% of its portfolio in Independence Contract Drilling Inc (NYSE:ICD). Invesco Limited holds 0% of its portfolio in Independence Contract Drilling Inc (NYSE:ICD) for 38,694 shares. The United Kingdom-based Barclays Public Ltd has invested 0% in Independence Contract Drilling Inc (NYSE:ICD). Moreover, National Investment Services Inc Wi has 0.1% invested in Independence Contract Drilling Inc (NYSE:ICD) for 16,798 shares. The Germany-based Deutsche Bankshares Ag has invested 0% in Independence Contract Drilling Inc (NYSE:ICD). Bank & Trust Of America Corporation De has invested 0% of its portfolio in Independence Contract Drilling Inc (NYSE:ICD). Northern Tru Corp, a Illinois-based fund reported 289,006 shares. Bridgeway holds 0.03% of its portfolio in Independence Contract Drilling Inc (NYSE:ICD) for 402,700 shares. The Ontario – Canada-based Commercial Bank Of Montreal Can has invested 0% in Independence Contract Drilling Inc (NYSE:ICD).

Insider Transactions: Since August 17, 2016, the stock had 1 buy, and 1 sale for $4.46 million net activity. SPROTT RESOURCE CORP had sold 1.00 million shares worth $4.50M. 10,000 Independence Contract Drilling Inc (NYSE:ICD) shares with value of $40,430 were bought by BATES THOMAS R JR.

According to Zacks Investment Research, “Independence Contract Drilling Inc. provides land drilling services for oil and natural gas producers primarily in the United States. The Company provides the US E&P industry a fleet of ShaleDriller (TM) rigs for drilling and development of shale and tight oil basins in North America. Independence Contract Drilling, Inc. is based in Houston, Texas.”

ICD Company Profile

Independence Contract Drilling, Inc., incorporated on November 4, 2011, provides land contract drilling services for oil and natural gas producers targeting unconventional resource plays in the United States. The Firm constructs, owns and operates a fleet consisting of ShaleDriller rigs that are specifically engineered and designed to optimize the development of its customers’ gas and oil properties. The Company’s rigs operate in the Permian Basin and over one rig operates in the Eaglebine region. The Firm has approximately 14 rigs, including over 10 completed 200 series ShaleDriller rigs equipped with its integrated omni-directional walking system and approximately two non-walking rigs that are scheduled for conversion. Every ShaleDriller rig in its fleet is an approximately 1500-horsepower (hp), AC programmable rig (AC rig) designed to be fast-moving between drilling sites and is equipped with top drives, automated tubular handling systems and blowout preventer (BOP) handling systems. Over 12 of its 14 rigs are equipped with bi-fuel solutions (operates on either diesel or a natural gas-diesel blend).

More notable recent Independence Contract Drilling Inc (NYSE:ICD) news were published by: Prnewswire.com which released: “Independence Contract Drilling, Inc. to Participate in the Jefferies 2016 …” on November 22, 2016, also Prnewswire.com with their article: “Independence Contract Drilling, Inc. Announces Timing of Third Quarter 2016 …” published on October 06, 2016, Prnewswire.com published: “Independence Contract Drilling, Inc. Prices Upsized Public Offering of Common …” on April 21, 2016. More interesting news about Independence Contract Drilling Inc (NYSE:ICD) were released by: Prnewswire.com and their article: “Independence Contract Drilling, Inc.’s Edward S. Jacob, III to Retire at the …” published on June 10, 2016 as well as Prnewswire.com‘s news article titled: “Independence Contract Drilling, Inc. Reports Financial Results For The Third …” with publication date: October 26, 2016.

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