Independence Contract Drilling Inc (NYSE:ICD) Director Buys $16,600.00 in Stock

Independence Contract Drilling Inc (NYSE:ICD) Director Thomas R. Bates, Jr. bought 20,000 shares of the stock in a transaction on Thursday, October 17th. The shares were purchased at an average price of $0.83 per share, with a total value of $16,600.00. Following the acquisition, the director now owns 211,110 shares in the company, valued at approximately $175,221.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Independence Contract Drilling stock opened at $0.83 on Friday. Independence Contract Drilling Inc has a 1-year low of $0.80 and a 1-year high of $4.48. The company has a fifty day simple moving average of $1.20 and a 200 day simple moving average of $1.78. The company has a quick ratio of 1.25, a current ratio of 1.29 and a debt-to-equity ratio of 0.34.

Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings data on Thursday, August 1st. The oil and gas company reported ($0.07) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.03). The company had revenue of $52.88 million during the quarter, compared to the consensus estimate of $51.70 million. Independence Contract Drilling had a negative net margin of 13.58% and a negative return on equity of 0.97%. On average, equities analysts expect that Independence Contract Drilling Inc will post -0.18 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Northern Trust Corp grew its stake in Independence Contract Drilling by 2.2% in the second quarter. Northern Trust Corp now owns 626,792 shares of the oil and gas company’s stock valued at $990,000 after purchasing an additional 13,668 shares in the last quarter. Susquehanna International Group LLP bought a new position in shares of Independence Contract Drilling in the second quarter valued at $29,000. Parametric Portfolio Associates LLC grew its stake in shares of Independence Contract Drilling by 59.8% in the second quarter. Parametric Portfolio Associates LLC now owns 76,386 shares of the oil and gas company’s stock valued at $121,000 after buying an additional 28,576 shares in the last quarter. B. Riley Financial Inc. bought a new position in shares of Independence Contract Drilling in the second quarter valued at $55,000. Finally, Teton Advisors Inc. grew its stake in shares of Independence Contract Drilling by 25.3% in the second quarter. Teton Advisors Inc. now owns 372,000 shares of the oil and gas company’s stock valued at $588,000 after buying an additional 75,000 shares in the last quarter. Institutional investors own 74.20% of the company’s stock.

A number of equities analysts have issued reports on the company. Zacks Investment Research cut Independence Contract Drilling from a “hold” rating to a “strong sell” rating in a report on Saturday, August 3rd. Royal Bank of Canada downgraded Independence Contract Drilling from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $4.00 to $2.00 in a report on Wednesday, September 25th. ValuEngine upgraded Independence Contract Drilling from a “sell” rating to a “hold” rating in a report on Friday, August 2nd. B. Riley decreased their price objective on Independence Contract Drilling from $5.75 to $5.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, Morgan Stanley decreased their price target on shares of Independence Contract Drilling from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $2.69.

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

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