National Investment Services Inc. WI increased its holdings in shares of Independence Contract Drilling Inc (NYSE:ICD) by 70.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 111,983 shares of the oil and gas company’s stock after purchasing an additional 46,397 shares during the quarter. National Investment Services Inc. WI owned 0.29% of Independence Contract Drilling worth $446,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the stock. Dimensional Fund Advisors LP increased its position in shares of Independence Contract Drilling by 28.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 606,926 shares of the oil and gas company’s stock worth $2,306,000 after purchasing an additional 133,668 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Independence Contract Drilling by 22.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 121,019 shares of the oil and gas company’s stock valued at $460,000 after acquiring an additional 22,420 shares during the period. Sterling Capital Management LLC purchased a new position in Independence Contract Drilling during the 2nd quarter valued at about $1,660,000. California State Teachers Retirement System boosted its holdings in Independence Contract Drilling by 0.8% during the 2nd quarter. California State Teachers Retirement System now owns 60,763 shares of the oil and gas company’s stock valued at $236,000 after acquiring an additional 500 shares during the period. Finally, State Street Corp boosted its holdings in Independence Contract Drilling by 9.4% during the 2nd quarter. State Street Corp now owns 461,957 shares of the oil and gas company’s stock valued at $1,799,000 after acquiring an additional 39,570 shares during the period. 78.24% of the stock is owned by hedge funds and other institutional investors.
Shares of Independence Contract Drilling Inc (NYSE ICD) traded up $0.27 on Thursday, hitting $4.57. The stock had a trading volume of 142,600 shares, compared to its average volume of 113,729. The company has a quick ratio of 1.84, a current ratio of 2.01 and a debt-to-equity ratio of 0.20. The stock has a market cap of $173.58, a PE ratio of -5.78 and a beta of 2.80. Independence Contract Drilling Inc has a fifty-two week low of $2.72 and a fifty-two week high of $7.25.
Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings data on Tuesday, October 31st. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The company had revenue of $23.45 million during the quarter, compared to analysts’ expectations of $23.54 million. Independence Contract Drilling had a negative net margin of 34.87% and a negative return on equity of 8.28%. The business’s quarterly revenue was up 62.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.17) EPS. research analysts forecast that Independence Contract Drilling Inc will post -0.53 EPS for the current fiscal year.
A number of equities analysts recently commented on the company. Zacks Investment Research upgraded Independence Contract Drilling from a “sell” rating to a “hold” rating in a report on Tuesday, October 31st. ValuEngine upgraded Independence Contract Drilling from a “strong sell” rating to a “sell” rating in a report on Friday, November 10th. FBR & Co restated a “buy” rating on shares of Independence Contract Drilling in a report on Tuesday, October 31st. Royal Bank of Canada lowered their target price on Independence Contract Drilling from $7.00 to $6.00 and set an “outperform” rating for the company in a report on Friday, September 29th. Finally, B. Riley lowered their target price on Independence Contract Drilling from $8.75 to $7.75 and set a “buy” rating for the company in a report on Wednesday, November 22nd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $5.69.
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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 ShaleDriller rigs to optimize the development of various oil and gas properties in the Permian Basin. As of December 31, 2016, it had 12 rigs.
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