In a report issued on January 13, Tom Curran from B.Riley FBR maintained a Buy rating on Independence Contract Drilling (ICD – Research Report), with a price target of $2.50. The company’s shares closed last Monday at $0.83, close to its 52-week low of $0.66.
According to TipRanks.com, Curran has 0 stars on 0-5 star ranking scale with an average return of -8.9% and a 38.2% success rate. Curran covers the Basic Materials sector, focusing on stocks such as Solaris Oilfield Infrastructure, Select Energy Services, and Ranger Energy Services.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Independence Contract Drilling with a $2.25 average price target.
Based on Independence Contract Drilling’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $10.55 million. In comparison, last year the company had a GAAP net loss of $8.6 million.
Based on the recent corporate insider activity of 26 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ICD in relation to earlier this year.
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Independence Contract Drilling, Inc. engages in the provision of land-based contract drilling services for oil and natural gas producers. It involves in owning an established rig manufacturing business and proprietary rig designs. The company was founded by Philip A. Choyce and Byron A. Dunn on November 4, 2011 and is headquartered in Houston, TX.