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B.Riley FBR Remains a Buy on Independence Contract Drilling (ICD)


B.Riley FBR analyst Tom Curran reiterated a Buy rating on Independence Contract Drilling (NYSE: ICD) on October 5 and set a price target of $7.75. The company’s shares closed on Friday at $4.92.

According to TipRanks.com, Curran is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -3.3% and a 47.6% success rate. Curran covers the Basic Materials sector, focusing on stocks such as Select Energy Services Inc, Baker Hughes a GE company, and Diamond Offshore Drilling.

Currently, the analyst consensus on Independence Contract Drilling is a Moderate Buy with an average price target of $6.88.

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Based on Independence Contract Drilling’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $3.31 million. In comparison, last year the company had a GAAP net loss of $5.98 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 also 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.