Geode Capital Management LLC lifted its stake in Independence Contract Drilling Inc (NYSE:ICD) by 44.4% in the 4th quarter, Holdings Channel reports. The firm owned 414,608 shares of the oil and gas company’s stock after buying an additional 127,457 shares during the quarter. Geode Capital Management LLC’s holdings in Independence Contract Drilling were worth $1,293,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of ICD. BlackRock Inc. raised its position in Independence Contract Drilling by 40.3% in the 4th quarter. BlackRock Inc. now owns 2,536,793 shares of the oil and gas company’s stock worth $7,915,000 after buying an additional 729,189 shares during the last quarter. Royce & Associates LP raised its position in Independence Contract Drilling by 7.4% in the 4th quarter. Royce & Associates LP now owns 2,296,410 shares of the oil and gas company’s stock worth $7,165,000 after buying an additional 157,600 shares during the last quarter. Jennison Associates LLC raised its position in Independence Contract Drilling by 1.5% in the 4th quarter. Jennison Associates LLC now owns 1,785,554 shares of the oil and gas company’s stock worth $5,571,000 after buying an additional 26,905 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Independence Contract Drilling by 15.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,548,482 shares of the oil and gas company’s stock worth $4,833,000 after buying an additional 211,759 shares during the last quarter. Finally, Vanguard Group Inc raised its position in Independence Contract Drilling by 1.6% in the 3rd quarter. Vanguard Group Inc now owns 1,414,077 shares of the oil and gas company’s stock worth $6,985,000 after buying an additional 22,502 shares during the last quarter. 70.83% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have weighed in on the company. ValuEngine lowered Independence Contract Drilling from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Zacks Investment Research lowered Independence Contract Drilling from a “buy” rating to a “hold” rating in a research report on Friday, February 15th. Capital One Financial lowered Independence Contract Drilling from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 16th. Finally, B. Riley set a $8.00 target price on Independence Contract Drilling and gave the stock a “buy” rating in a research report on Friday. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. Independence Contract Drilling presently has a consensus rating of “Hold” and an average price target of $5.94.
In other news, Director Credit Opportunity Master Msd purchased 9,888 shares of the business’s stock in a transaction on Friday, March 15th. The stock was acquired at an average cost of $2.86 per share, for a total transaction of $28,279.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders have acquired 41,280 shares of company stock valued at $117,616. Corporate insiders own 12.60% of the company’s stock.
Shares of NYSE:ICD opened at $2.81 on Tuesday. Independence Contract Drilling Inc has a fifty-two week low of $2.60 and a fifty-two week high of $5.32. The company has a quick ratio of 1.80, a current ratio of 1.86 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $213.51 million, a price-to-earnings ratio of -16.53 and a beta of 2.06.
Independence Contract Drilling (NYSE:ICD) last released its quarterly earnings results on Thursday, May 2nd. The oil and gas company reported $0.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.06. The business had revenue of $60.36 million during the quarter, compared to the consensus estimate of $60.15 million. Independence Contract Drilling had a negative return on equity of 0.38% and a negative net margin of 10.27%. Sell-side analysts forecast that Independence Contract Drilling Inc will post 0.06 earnings per share for the current year.
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Independence Contract Drilling Profile
Independence Contract Drilling, Inc provides land-based contract drilling services for oil and natural gas producers in the United States. The company constructs, owns, and operates a fleet of pad-optimal ShaleDriller rigs that are engineered and designed to optimize the development of various oil and natural gas properties in the Permian Basin and the Haynesville Shale.
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