In a report released yesterday, Tom Curran from B.Riley FBR reiterated a Buy rating on Independence Contract Drilling (ICD), with a price target of $7.75. The company’s shares closed yesterday at $3.88.
Curran commented:
“This morning, 11/6, ICD reported 3Q18 results. The company generated record quarterly revenue of $28.4M, beating the high end of Street estimates. Adjusted EBITDA came in at $6.8M, topping consensus of $6.0M, and recurring EPS was in-line with the Street at ($0.05). The strong quarter can be attributed to an impressive improvement in full-burdened rig operating margins. Rig margins of $7,552 per day were 18% higher than 67% higher than 3Q17’s $4,521. Regarding the integration of Sidewinder, CEO Anthony Gallegos commented that “the harmonization of systems and processes is in full gear and on schedule.” On synergies, he stated that “we now expect to exceed $10 million once the integration process is complete.” Reiterate Buy and our $7.75 price target.”
According to TipRanks.com, Curran is ranked 0 out of 5 stars with an average return of -6.7% and a 40.7% success rate. Curran covers the Basic Materials sector, focusing on stocks such as Select Energy Services Inc, Baker Hughes a GE company, and Tetra Technologies.
Independence Contract Drilling has an analyst consensus of Moderate Buy, with a price target consensus of $6.58.
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The company has a one-year high of $5.48 and a one-year low of $3.26. Currently, Independence Contract Drilling has an average volume of 136.2K.
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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.
