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

November 29, 2016 - By Winifred Garcia

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

Independence Contract Drilling (NYSE:ICD) Upgrade

Tudor Pickering upped shares of Independence Contract Drilling (NYSE:ICD) from a Hold rating to Buy rating in a a note revealed on 29 November.

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 36.19% above today’s ($5.14) stock price. Independence Contract Drilling has been the topic of 10 analyst reports since August 10, 2015 according to StockzIntelligence Inc. The firm earned “Outperform” rating on Wednesday, February 24 by FBR Capital. Morgan Stanley maintained the shares of ICD in a report on Tuesday, April 19 with “Overweight” rating. The company was initiated on Thursday, September 15 by DA Davidson. On Wednesday, September 9 the stock rating was downgraded by Tudor Pickering to “Accumulate”. The stock of Independence Contract Drilling Inc (NYSE:ICD) has “Outperform” rating given on Friday, February 19 by RBC Capital Markets. RBC Capital Markets maintained the stock with “Outperform” rating in Friday, October 30 report. The stock of Independence Contract Drilling Inc (NYSE:ICD) earned “Buy” rating by Zacks on Monday, August 10.

About 91,312 shares traded hands. Independence Contract Drilling Inc (NYSE:ICD) has risen 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 2016 Q2. Its down 3.97, from 5.8 in 2016Q1. The ratio dropped, 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.

Moreover, Schwab Charles Investment Management has 0% invested in Independence Contract Drilling Inc (NYSE:ICD) for 46,000 shares. Federated Invsts Pa reported 696,000 shares or 0.01% of all its holdings. Cap Rech Glob last reported 0.01% of its portfolio in the stock. Lime Rock Management Limited Partnership owns 2.12 million shares or 63.29% of their US portfolio. Northern Corp holds 0% or 289,006 shares in its portfolio. Millennium Mgmt Ltd Liability Corporation last reported 0% of its portfolio in the stock. Amer Group Inc last reported 17,258 shares in the company. Bridgeway Cap Mgmt Incorporated has 402,700 shares for 0.03% of their US portfolio. Spark Management Ltd Company has 106,400 shares for 0.05% of their US portfolio. Fmr Lc, a Massachusetts-based fund reported 4.38 million shares. Penn Capital Management has 16,767 shares for 0.01% of their US portfolio. Barclays Plc has 0% invested in the company for 2 shares. The New York-based Morgan Stanley has invested 0% in Independence Contract Drilling Inc (NYSE:ICD). Blackrock last reported 8,201 shares in the company. Deutsche Bank & Trust Ag reported 189,235 shares or 0% of all its holdings.

Insider Transactions: Since August 17, 2016, the stock had 1 insider buy, and 1 sale for $4.46 million net activity. 10,000 shares were bought by BATES THOMAS R JR, worth $40,430 on Monday, November 7. SPROTT RESOURCE CORP had sold 1.00 million shares worth $4.50M on Wednesday, August 17.

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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