Independence Contract Drilling (NYSE:ICD) Stock Price Crosses Above Fifty Day Moving Average of $3.45

Independence Contract Drilling, Inc. (NYSE:ICDGet Rating)’s share price crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $3.45 and traded as high as $4.07. Independence Contract Drilling shares last traded at $3.95, with a volume of 274,671 shares trading hands.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of Independence Contract Drilling from a “hold” rating to a “sell” rating in a research report on Thursday, November 3rd.

Independence Contract Drilling Stock Up 1.3 %

The stock has a market capitalization of $53.79 million, a P/E ratio of -0.78 and a beta of 5.09. The firm’s fifty day moving average is $3.45 and its 200-day moving average is $3.42. The company has a current ratio of 1.01, a quick ratio of 0.98 and a debt-to-equity ratio of 0.65.

Insider Activity at Independence Contract Drilling

In related news, major shareholder William Monroe sold 55,000 shares of Independence Contract Drilling stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $3.61, for a total transaction of $198,550.00. Following the completion of the transaction, the insider now directly owns 1,825,000 shares of the company’s stock, valued at approximately $6,588,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 512,741 shares of company stock valued at $1,765,320 in the last ninety days. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Independence Contract Drilling

Institutional investors have recently modified their holdings of the stock. South Dakota Investment Council bought a new position in shares of Independence Contract Drilling in the first quarter worth about $409,000. Glendon Capital Management LP bought a new position in shares of Independence Contract Drilling in the first quarter worth about $2,342,000. Renaissance Technologies LLC raised its stake in shares of Independence Contract Drilling by 15.5% in the first quarter. Renaissance Technologies LLC now owns 351,000 shares of the oil and gas company’s stock worth $1,450,000 after acquiring an additional 46,975 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Independence Contract Drilling by 5.1% in the first quarter. Vanguard Group Inc. now owns 217,911 shares of the oil and gas company’s stock worth $900,000 after acquiring an additional 10,600 shares during the last quarter. Finally, Millennium Management LLC raised its stake in shares of Independence Contract Drilling by 478.7% in the second quarter. Millennium Management LLC now owns 171,929 shares of the oil and gas company’s stock worth $538,000 after acquiring an additional 142,219 shares during the last quarter. 31.63% of the stock is owned by institutional investors.

Independence Contract Drilling Company Profile

(Get Rating)

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 in the Permian Basin, the Haynesville Shale, and the Eagle Ford Shale. Its fleet consists of 24 rigs.

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