Insider Buying: Independence Contract Drilling, Inc. (NYSE:ICD) Director Buys $16,440.00 in Stock

Independence Contract Drilling, Inc. (NYSE:ICD) Director James Minmier acquired 4,000 shares of the business’s stock in a transaction that occurred on Monday, June 7th. The shares were purchased at an average cost of $4.11 per share, with a total value of $16,440.00. Following the transaction, the director now directly owns 11,198 shares of the company’s stock, valued at $46,023.78. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website.

Shares of NYSE ICD opened at $4.34 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.77 and a current ratio of 0.81. The firm has a market capitalization of $28.29 million, a P/E ratio of -0.29 and a beta of 6.90. Independence Contract Drilling, Inc. has a 12 month low of $2.12 and a 12 month high of $7.97. The business’s 50-day simple moving average is $3.52.

Independence Contract Drilling (NYSE:ICD) last issued its earnings results on Tuesday, May 4th. The oil and gas company reported ($2.64) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($2.63) by ($0.01). The business had revenue of $15.54 million for the quarter. Independence Contract Drilling had a negative return on equity of 22.11% and a negative net margin of 139.65%.

Several institutional investors have recently added to or reduced their stakes in the company. FMR LLC increased its stake in shares of Independence Contract Drilling by 14.9% in the first quarter. FMR LLC now owns 689,455 shares of the oil and gas company’s stock valued at $1,910,000 after buying an additional 89,500 shares during the period. Morgan Stanley increased its stake in shares of Independence Contract Drilling by 51,717.4% in the first quarter. Morgan Stanley now owns 196,388 shares of the oil and gas company’s stock valued at $648,000 after buying an additional 196,009 shares during the period. Acadian Asset Management LLC acquired a new position in shares of Independence Contract Drilling in the first quarter valued at approximately $235,000. Squarepoint Ops LLC increased its stake in shares of Independence Contract Drilling by 27.7% in the first quarter. Squarepoint Ops LLC now owns 32,252 shares of the oil and gas company’s stock valued at $106,000 after buying an additional 6,994 shares during the period. Finally, GSA Capital Partners LLP acquired a new position in shares of Independence Contract Drilling in the fourth quarter valued at approximately $64,000. 20.19% of the stock is owned by institutional investors.

About Independence Contract Drilling

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 accelerate its clients' production profiles and cash flows from their technically demanding and economically impactful oil and gas properties in the Permian Basin, the Haynesville Shale, and the Eagle Ford Shale.

Further Reading: Limitations of analyzing profit margin

Insider Buying and Selling by Quarter for Independence Contract Drilling (NYSE:ICD)

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