Independence Contract Drilling (ICD) Reaches New 1-Year Low at $2.99

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

A number of equities analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Independence Contract Drilling from a “buy” rating to a “hold” rating in a report on Tuesday, October 16th. ValuEngine raised shares of Independence Contract Drilling from a “hold” rating to a “buy” rating in a report on Monday, October 8th. B. Riley reissued a “buy” rating and issued a $8.00 price target on shares of Independence Contract Drilling in a report on Tuesday, November 6th. Morgan Stanley set a $6.00 price objective on shares of Independence Contract Drilling and gave the company a “hold” rating in a report on Thursday, October 11th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $6.00 price objective on shares of Independence Contract Drilling in a report on Friday, August 17th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $6.20.

The firm has a market cap of $239.95 million, a P/E ratio of -6.06 and a beta of 2.55. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.58 and a current ratio of 1.72.

Independence Contract Drilling (NYSE:ICD) last released its quarterly earnings data on Tuesday, November 6th. The oil and gas company reported ($0.05) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.05). The business 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%. Analysts predict that Independence Contract Drilling Inc will post -0.24 EPS for the current fiscal year.

In other Independence Contract Drilling news, Director Thomas R. Bates, Jr. acquired 20,000 shares of the company’s stock in a transaction on Monday, November 12th. The shares were acquired at an average cost of $3.44 per share, with a total value of $68,800.00. Following the completion of the acquisition, the director now directly owns 106,110 shares in the company, valued at $365,018.40. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 11.80% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ICD. Walthausen & Co. LLC purchased a new stake in Independence Contract Drilling during the third quarter valued at about $1,483,000. Dimensional Fund Advisors LP lifted its holdings in Independence Contract Drilling by 18.2% during the third quarter. Dimensional Fund Advisors LP now owns 1,336,723 shares of the oil and gas company’s stock valued at $6,603,000 after purchasing an additional 206,028 shares during the last quarter. Teton Advisors Inc. purchased a new stake in shares of Independence Contract Drilling in the second quarter worth about $748,000. Royce & Associates LP lifted its holdings in shares of Independence Contract Drilling by 9.0% in the second quarter. Royce & Associates LP now owns 2,176,310 shares of the oil and gas company’s stock worth $8,966,000 after buying an additional 180,299 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Independence Contract Drilling by 156.1% in the third quarter. Renaissance Technologies LLC now owns 273,795 shares of the oil and gas company’s stock worth $1,353,000 after buying an additional 166,895 shares in the last quarter. 43.07% of the stock is currently owned by institutional investors and hedge funds.

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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.

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