Stock Buzzer: Time to Buy Independence Contract Drilling Inc After Today’s Huge Increase?

Stock Buzzer: Time to Buy Independence Contract Drilling Inc After Today's Huge Increase?

The stock of Independence Contract Drilling Inc (NYSE:ICD) is a huge mover today! The stock increased 3.53% or $0.18 on November 23, hitting $5.42. About 442,515 shares traded hands or 41.10% up from the average. Independence Contract Drilling Inc (NYSE:ICD) has risen 38.27% since April 22, 2016 and is uptrending. It has outperformed by 32.86% the S&P500.
The move comes after 5 months positive chart setup for the $196.68 million company. It was reported on Nov, 24 by Barchart.com. We have $5.80 PT which if reached, will make NYSE:ICD worth $13.77M more.

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.

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 29.15% above today’s ($5.42) stock price. Independence Contract Drilling has been the topic of 10 analyst reports since August 10, 2015 according to StockzIntelligence Inc. Tudor Pickering downgraded the stock to “Accumulate” rating in Wednesday, September 9 report. On Wednesday, February 24 the stock rating was maintained by FBR Capital with “Outperform”. The rating was maintained by RBC Capital Markets with “Outperform” on Friday, October 30. Morgan Stanley maintained Independence Contract Drilling Inc (NYSE:ICD) on Tuesday, April 19 with “Overweight” rating. The firm earned “Buy” rating on Monday, August 10 by Zacks. The stock has “Buy” rating given by DA Davidson on Thursday, September 15. As per Friday, February 19, the company rating was maintained by RBC Capital Markets.

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.”

Insitutional Activity: The institutional sentiment decreased to 1.83 in 2016 Q2. Its down 3.97, from 5.8 in 2016Q1. The ratio dived, 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.
Blackrock reported 8,201 shares or 0% of all its holdings. Blackrock Grp Inc Ltd, a United Kingdom-based fund reported 10,479 shares. Spark Invest Mngmt Ltd last reported 0.05% of its portfolio in the stock. Tiaa Cref Mngmt Ltd Liability owns 170,527 shares or 0% of their US portfolio. Balyasny Asset Mngmt Ltd Liability Company accumulated 200,000 shares or 0.01% of the stock. Lime Rock Ltd Partnership accumulated 2.12M shares or 63.29% of the stock. Credit Suisse Ag owns 38,378 shares or 0% of their US portfolio. California State Teachers Retirement Systems last reported 0% of its portfolio in the stock. Bnp Paribas Arbitrage has 0% invested in the company for 1,170 shares. Invesco Ltd has 0% invested in the company for 38,694 shares. The New York-based Dc Cap has invested 0.1% in Independence Contract Drilling Inc (NYSE:ICD). Citigroup accumulated 2,984 shares or 0% of the stock. Blackrock Advisors Limited Liability Corporation accumulated 9,329 shares or 0% of the stock. Schwab Charles Inv Management Incorporated, a California-based fund reported 46,000 shares. Barclays Plc has 2 shares for 0% of their US portfolio.

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

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.

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).

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