Independence Contract Drilling Inc (NYSE:ICD) shares hit a new 52-week low on Thursday . The stock traded as low as $2.99 and last traded at $3.14, with a volume of 4161 shares traded. The stock had previously closed at $3.17.

Several brokerages have recently commented on ICD. Zacks Investment Research lowered shares of Independence Contract Drilling from a “buy” rating to a “hold” rating in a report on Tuesday, October 16th. ValuEngine upgraded shares of Independence Contract Drilling from a “hold” rating to a “buy” rating in a report on Monday, October 8th. B. Riley reiterated a “buy” rating and issued a $8.00 target price on shares of Independence Contract Drilling in a report on Tuesday, November 6th. Morgan Stanley set a $6.00 target price on Independence Contract Drilling and gave the company a “hold” rating in a research report on Thursday, October 11th. Finally, Royal Bank of Canada restated a “buy” rating and set a $6.00 price target on shares of Independence Contract Drilling in a research note on Friday, August 17th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Independence Contract Drilling presently has a consensus rating of “Buy” and an average price target of $6.20.

The company has a current ratio of 1.72, a quick ratio of 1.58 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $244.49 million, a PE ratio of -6.04 and a beta of 2.55.

Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings data on Tuesday, November 6th. The oil and gas company reported ($0.05) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.05). The company had revenue of $28.44 million for the quarter, compared to the consensus estimate of $28.80 million. Independence Contract Drilling had a negative net margin of 16.35% and a negative return on equity of 6.05%. On average, analysts expect that Independence Contract Drilling Inc will post -0.25 earnings per share for the current fiscal year.

In other news, Director Thomas R. Bates, Jr. bought 20,000 shares of the stock in a transaction that occurred on Monday, November 12th. The stock was purchased at an average price of $3.44 per share, for a total transaction of $68,800.00. Following the completion of the purchase, the director now owns 106,110 shares in the company, valued at approximately $365,018.40. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 11.80% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Marshall Wace LLP acquired a new position in Independence Contract Drilling in the third quarter valued at approximately $86,000. Jefferies Group LLC purchased a new stake in shares of Independence Contract Drilling during the 3rd quarter worth approximately $145,000. Acadian Asset Management LLC boosted its holdings in shares of Independence Contract Drilling by 603.1% in the 2nd quarter. Acadian Asset Management LLC now owns 47,609 shares of the oil and gas company’s stock valued at $196,000 after buying an additional 40,838 shares in the last quarter. Putnam Investments LLC acquired a new position in shares of Independence Contract Drilling in the 3rd quarter valued at $261,000. Finally, Dupont Capital Management Corp acquired a new position in shares of Independence Contract Drilling in the 3rd quarter valued at $404,000. 43.07% of the stock is currently owned by institutional investors and hedge funds.

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Independence Contract Drilling Company Profile (NYSE:ICD)

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.

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