Independence Contract Drilling Inc (NYSE:ICD) Director Matthew D. Fitzgerald sold 7,000 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $1.87, for a total value of $13,090.00. Following the sale, the director now owns 62,606 shares of the company’s stock, valued at $117,073.22. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Shares of ICD stock traded up $0.09 during trading hours on Friday, hitting $1.69. 746,000 shares of the company were exchanged, compared to its average volume of 214,463. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.25 and a current ratio of 1.29. Independence Contract Drilling Inc has a one year low of $0.99 and a one year high of $5.05. The business’s 50-day simple moving average is $1.21 and its two-hundred day simple moving average is $2.04. The stock has a market capitalization of $132.35 million, a price-to-earnings ratio of -9.94 and a beta of 1.95.
Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings results on Thursday, August 1st. The oil and gas company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.03). Independence Contract Drilling had a negative return on equity of 0.97% and a negative net margin of 13.58%. The company had revenue of $52.88 million for the quarter, compared to the consensus estimate of $51.70 million. As a group, analysts anticipate that Independence Contract Drilling Inc will post -0.15 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of ICD. Federated Investors Inc. PA raised its holdings in shares of Independence Contract Drilling by 42.1% during the first quarter. Federated Investors Inc. PA now owns 2,038,500 shares of the oil and gas company’s stock valued at $5,647,000 after buying an additional 603,500 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Independence Contract Drilling by 12.0% during the second quarter. BlackRock Inc. now owns 2,799,854 shares of the oil and gas company’s stock valued at $4,425,000 after buying an additional 299,723 shares during the last quarter. Municipal Employees Retirement System of Michigan bought a new stake in shares of Independence Contract Drilling during the second quarter valued at approximately $185,000. Renaissance Technologies LLC raised its holdings in shares of Independence Contract Drilling by 42.8% during the second quarter. Renaissance Technologies LLC now owns 355,100 shares of the oil and gas company’s stock valued at $561,000 after buying an additional 106,400 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH bought a new stake in shares of Independence Contract Drilling during the second quarter valued at approximately $149,000. 74.20% of the stock is currently owned by hedge funds and other institutional investors.
ICD has been the subject of several recent research reports. Morgan Stanley lowered their price target on Independence Contract Drilling from $5.50 to $4.00 and set an “equal weight” rating for the company in a report on Friday, July 12th. TheStreet downgraded Independence Contract Drilling from a “c-” rating to a “d+” rating in a report on Wednesday, June 12th. Royal Bank of Canada set a $4.00 price target on Independence Contract Drilling and gave the company a “buy” rating in a report on Friday, August 2nd. B. Riley lowered their price target on Independence Contract Drilling from $5.75 to $5.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, ValuEngine upgraded Independence Contract Drilling from a “sell” rating to a “hold” rating in a report on Friday, August 2nd. 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 stock. Independence Contract Drilling currently has an average rating of “Hold” and an average target price of $3.69.
Independence Contract Drilling Company 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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