Independence Contract Drilling (ICD) Gets a Hold Rating from B.Riley FBR

In a report released yesterday, Tom Curran from B.Riley FBR maintained a Hold rating on Independence Contract Drilling (ICDResearch Report), with a price target of $3.00. The company’s shares closed last Wednesday at $3.76, close to its 52-week low of $1.08.

According to TipRanks.com, Curran has currently 0 stars on a ranking scale of 0-5 stars, with an average return of -18.1% and a 30.9% success rate. Curran covers the Services sector, focusing on stocks such as Solaris Oilfield Infrastructure, Liberty Oilfield Services, and Select Energy Services.

The word on The Street in general, suggests a Hold analyst consensus rating for Independence Contract Drilling with a $6.00 average price target.

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Based on Independence Contract Drilling’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $38.49 million and GAAP net loss of $28.22 million. In comparison, last year the company earned revenue of $60.36 million and had a GAAP net loss of $2.37 million.

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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.