Rating Buzzer: Tudor Pickering Says Its Time To Upgrade Independence Contract Drilling (NYSE:ICD)

November 29, 2016 - By Richard Conner

Rating Buzzer:  Tudor Pickering Says Its Time To Upgrade Independence Contract Drilling (NYSE:ICD)

Independence Contract Drilling (NYSE:ICD) Upgrade

Independence Contract Drilling (NYSE:ICD)‘s rating was upped by equity research analysts at Tudor Pickering from a Hold rating to a Buy rating in a a note issued to investors and clients on Tuesday morning.

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 39.44% above today’s ($5.02) stock price. Independence Contract Drilling has been the topic of 10 analyst reports since August 10, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained Independence Contract Drilling Inc (NYSE:ICD) rating on Friday, February 19. RBC Capital Markets has “Outperform” rating and $5 price target. The stock of Independence Contract Drilling Inc (NYSE:ICD) has “Accumulate” rating given on Wednesday, September 9 by Tudor Pickering. The stock has “Outperform” rating given by FBR Capital on Wednesday, February 24. The firm has “Outperform” rating by RBC Capital Markets given on Friday, October 30. The firm has “Buy” rating given on Monday, August 10 by Zacks. The stock of Independence Contract Drilling Inc (NYSE:ICD) has “Buy” rating given on Thursday, September 15 by DA Davidson. The stock has “Overweight” rating given by Morgan Stanley on Tuesday, April 19.

The stock decreased 1.57% or $0.08 on November 29, hitting $5.02. About 232,144 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 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.

New York State Common Retirement Fund last reported 0% of its portfolio in the stock. Adage Cap Grp Ltd Limited Liability Company, a Massachusetts-based fund reported 1.45 million shares. Spark Ltd Liability Corporation reported 106,400 shares or 0.05% of all its holdings. State Bank Of Montreal Can reported 463 shares or 0% of all its holdings. Bb&T Ltd Liability Corp owns 11,900 shares or 0% of their US portfolio. Bank Of New York Mellon Corp holds 0% or 71,587 shares in its portfolio. Tudor Investment Et Al accumulated 35,065 shares or 0% of the stock. Northern holds 0% or 289,006 shares in its portfolio. Federated Inc Pa last reported 696,000 shares in the company. Millennium Mngmt Lc holds 0% or 142,785 shares in its portfolio. Oceanic Mngmt Limited owns 850,634 shares or 2.19% of their US portfolio. Bank & Trust Of America De has 0% invested in the company for 566 shares. Tiaa Cref Invest Mgmt Ltd Liability Com accumulated 0% or 170,527 shares. The Pennsylvania-based Penn Cap Management Com has invested 0.01% in Independence Contract Drilling Inc (NYSE:ICD). Dc Advsrs Limited last reported 0.1% of its portfolio in the stock.

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