Kennedy Capital Management Inc. raised its position in shares of Independence Contract Drilling Inc (NYSE:ICD) by 11.3% in the first quarter, HoldingsChannel reports. The firm owned 599,805 shares of the oil and gas company’s stock after buying an additional 60,854 shares during the period. Kennedy Capital Management Inc.’s holdings in Independence Contract Drilling were worth $1,661,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. BNP Paribas Arbitrage SA boosted its stake in Independence Contract Drilling by 1,030.5% during the 1st quarter. BNP Paribas Arbitrage SA now owns 10,141 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 9,244 shares in the last quarter. ClariVest Asset Management LLC bought a new position in Independence Contract Drilling during the 4th quarter valued at $69,000. Jane Street Group LLC bought a new position in Independence Contract Drilling during the 4th quarter valued at $73,000. Advisory Services Network LLC boosted its stake in Independence Contract Drilling by 253.0% during the 4th quarter. Advisory Services Network LLC now owns 23,634 shares of the oil and gas company’s stock valued at $74,000 after purchasing an additional 16,939 shares in the last quarter. Finally, American International Group Inc. boosted its stake in Independence Contract Drilling by 40.9% during the 4th quarter. American International Group Inc. now owns 32,089 shares of the oil and gas company’s stock valued at $100,000 after purchasing an additional 9,318 shares in the last quarter. 74.29% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Thomas R. Bates, Jr. acquired 25,000 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was bought at an average price of $1.86 per share, for a total transaction of $46,500.00. Following the transaction, the director now owns 151,110 shares of the company’s stock, valued at $281,064.60. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have bought a total of 45,300 shares of company stock valued at $100,402 in the last quarter. Insiders own 3.10% of the company’s stock.
A number of equities analysts have issued reports on ICD shares. ValuEngine raised Independence Contract Drilling from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. B. Riley set a $8.00 price target on Independence Contract Drilling and gave the company a “buy” rating in a research note on Friday, May 3rd. TheStreet lowered Independence Contract Drilling from a “c-” rating to a “d+” rating in a research note on Wednesday. Finally, Zacks Investment Research lowered Independence Contract Drilling from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. Independence Contract Drilling presently has an average rating of “Hold” and an average target price of $5.81.
Shares of NYSE:ICD opened at $1.71 on Friday. Independence Contract Drilling Inc has a one year low of $1.68 and a one year high of $5.05. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.16 and a quick ratio of 2.09.
Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings data on Thursday, May 2nd. The oil and gas company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.06. Independence Contract Drilling had a negative return on equity of 0.35% and a negative net margin of 10.27%. The company had revenue of $60.36 million during the quarter, compared to the consensus estimate of $60.15 million. As a group, sell-side analysts forecast that Independence Contract Drilling Inc will post 0.01 EPS 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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