Market Overview

UPDATE: Morgan Stanley Initiates Coverage On Independence Contract Drilling On Interesting Small-Cap Opportunity

Share:
Related ICD
Independence Contract Drilling Gets Bullish Comments From iBERIA Capital
Morgan Stanley Recaps Houston E&P Conference With 5 Takeaways On Oil Drillers

In a report published Tuesday, Morgan Stanley analyst Ole Slorer initiated coverage on Independence Contract Drilling (NYSE: ICD) with an Overweight rating and $16.00 price target.

In the report, Morgan Stanley noted, “ICD is currently trading at an EV/rig of $29m, well below HP at $34m. Strong fleet growth and cash flow should drive EV/rig to $26m by 4Q14 and to $22m by Y/E 2016. With a brand new fleet of ‘walking rigs' and big Permian exposure, we see ICD as an interesting small-cap opportunity.”

Independence Contract Drilling closed on Friday at $11.50.

Latest Ratings for ICD

DateFirmActionFromTo
Sep 2016DA DavidsonInitiates Coverage onBuy
Apr 2016Morgan StanleyMaintainsOverweight
Apr 2016NomuraInitiates Coverage onBuy

View More Analyst Ratings for ICD
View the Latest Analyst Ratings

Posted-In: Morgan Stanley Ole SlorerAnalyst Color Initiation Analyst Ratings

 

Related Articles (ICD)

View Comments and Join the Discussion!