Independence Contract Drilling (NYSE:ICD) Shares Up 7%
Independence Contract Drilling Inc (NYSE:ICD) shot up 7% during trading on Thursday . The company traded as high as $1.40 and last traded at $1.38, 758,177 shares changed hands during trading. An increase of 246% from the average session volume of 218,898 shares. The stock had previously closed at $1.29.
A number of brokerages have recently commented on ICD. Zacks Investment Research raised HB Fuller from a “sell” rating to a “hold” rating in a report on Wednesday, July 3rd. ValuEngine lowered Zosano Pharma from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. TheStreet lowered Resolute Forest Products from a “b-” rating to a “c+” rating in a report on Wednesday, June 12th. Morgan Stanley set a $207.00 price objective on Alibaba Group and gave the company a “buy” rating in a report on Friday, July 12th. Finally, B. Riley set a $42.00 price objective on Carbonite and gave the company a “buy” rating in a report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. Independence Contract Drilling presently has a consensus rating of “Hold” and a consensus target price of $4.94.
The firm has a market capitalization of $99.43 million, a PE ratio of -8.12 and a beta of 1.91. The business’s fifty day moving average is $1.64. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.09 and a current ratio of 2.16.
In other Independence Contract Drilling news, Director Thomas R. Bates, Jr. bought 25,000 shares of the stock in a transaction on Friday, June 7th. The shares were purchased at an average price of $1.86 per share, with a total value of $46,500.00. Following the acquisition, the director now directly owns 151,110 shares of the company’s stock, valued at approximately $281,064.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders acquired a total of 34,300 shares of company stock worth $70,152 in the last ninety days. Insiders own 3.10% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in ICD. Walthausen & Co. LLC lifted its position in shares of Independence Contract Drilling by 23.4% in the 1st quarter. Walthausen & Co. LLC now owns 391,191 shares of the oil and gas company’s stock worth $1,084,000 after acquiring an additional 74,117 shares during the period. Federated Investors Inc. PA lifted its position in shares of Independence Contract Drilling by 42.1% in the 1st quarter. Federated Investors Inc. PA now owns 2,038,500 shares of the oil and gas company’s stock worth $5,647,000 after acquiring an additional 603,500 shares during the period. BlackRock Inc. lifted its position in shares of Independence Contract Drilling by 40.3% in the 4th quarter. BlackRock Inc. now owns 2,536,793 shares of the oil and gas company’s stock worth $7,915,000 after acquiring an additional 729,189 shares during the period. Foundry Partners LLC bought a new stake in shares of Independence Contract Drilling in the 1st quarter worth approximately $2,669,000. Finally, Geode Capital Management LLC lifted its position in shares of Independence Contract Drilling by 44.4% in the 4th quarter. Geode Capital Management LLC now owns 414,608 shares of the oil and gas company’s stock worth $1,293,000 after acquiring an additional 127,457 shares during the period. 73.91% of the stock is currently owned by hedge funds and other institutional investors.
About Independence Contract Drilling (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 and the Haynesville Shale.
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