DA Davidson assumed coverage on shares of Independent Contract Drilling Inc. (NYSE:ICD) in a research note released on Thursday. The firm issued a buy rating and a $7.00 target price on the stock.

A number of other equities analysts have also recently weighed in on ICD. Zacks Investment Research raised shares of Independent Contract Drilling from a hold rating to a strong-buy rating and set a $6.00 price objective for the company in a research report on Monday, July 11th. Iberia Capital reissued an outperform rating and issued a $7.00 price objective (up from $5.00) on shares of Independent Contract Drilling in a research report on Thursday, July 7th. Nomura set a $8.00 price objective on shares of Independent Contract Drilling and gave the company a buy rating in a research report on Tuesday, August 16th. Finally, Morgan Stanley reissued a buy rating and issued a $8.00 price objective on shares of Independent Contract Drilling in a research report on Monday, August 1st. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The company has an average rating of Buy and a consensus price target of $6.91.

Independent Contract Drilling (NYSE:ICD) opened at 4.82 on Thursday. The company has a 50-day moving average price of $5.07 and a 200 day moving average price of $4.78. The firm’s market cap is $179.93 million. Independent Contract Drilling has a 12 month low of $3.34 and a 12 month high of $7.93.

Independent Contract Drilling (NYSE:ICD) last announced its quarterly earnings results on Thursday, July 28th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the 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 firm earned $15.20 million during the quarter, compared to the consensus estimate of $15.15 million. During the same period in the prior year, the firm earned ($0.03) EPS. The firm’s quarterly revenue was down 28.0% compared to the same quarter last year. Equities research analysts anticipate that Independent Contract Drilling will post ($0.37) EPS for the current year.

In other Independent Contract Drilling news, major shareholder Resource Corp Sprott sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $4.50, for a total value of $4,500,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 11.50% of the stock is currently owned by company insiders.

Several large investors have recently made changes to their positions in the stock. FMR LLC raised its stake in shares of 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. Capital Research Global Investors purchased a new stake in shares of Independent Contract Drilling during the second quarter valued at approximately $18,061,000. Adage Capital Partners GP L.L.C. raised its stake in shares of Independent Contract Drilling by 23.5% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,447,994 shares of the company’s stock valued at $7,863,000 after buying an additional 275,736 shares during the last quarter. Van ECK Associates Corp purchased a new stake in shares of Independent Contract Drilling during the second quarter valued at approximately $6,212,000. Finally, Vanguard Group Inc. raised its stake in shares of 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. Institutional investors own 70.64% of the company’s stock.

About Independent Contract Drilling

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