Independence Contract Drilling (NYSE:ICD) Stock Rating Upgraded by StockNews.com

Independence Contract Drilling (NYSE:ICDGet Free Report) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.

Independence Contract Drilling Stock Performance

NYSE:ICD opened at $1.71 on Friday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.04 and a current ratio of 1.07. The stock has a market capitalization of $26.11 million, a P/E ratio of -0.64 and a beta of 4.92. The company has a 50 day moving average price of $1.96 and a 200 day moving average price of $2.42. Independence Contract Drilling has a fifty-two week low of $1.61 and a fifty-two week high of $3.54.

Institutional Investors Weigh In On Independence Contract Drilling

Hedge funds and other institutional investors have recently modified their holdings of the company. Northern Trust Corp boosted its holdings in shares of Independence Contract Drilling by 26.6% in the second quarter. Northern Trust Corp now owns 15,244 shares of the oil and gas company’s stock valued at $48,000 after acquiring an additional 3,206 shares in the last quarter. UBS Group AG lifted its stake in shares of Independence Contract Drilling by 9,952.0% in the fourth quarter. UBS Group AG now owns 7,539 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 7,464 shares during the period. BlackRock Inc. grew its position in Independence Contract Drilling by 18.3% during the second quarter. BlackRock Inc. now owns 49,612 shares of the oil and gas company’s stock worth $135,000 after buying an additional 7,692 shares during the period. Acadian Asset Management LLC acquired a new position in Independence Contract Drilling during the first quarter worth about $32,000. Finally, Schonfeld Strategic Advisors LLC grew its position in Independence Contract Drilling by 72.9% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 22,300 shares of the oil and gas company’s stock worth $73,000 after buying an additional 9,400 shares during the period. 38.23% of the stock is currently owned by institutional investors and hedge funds.

About Independence Contract Drilling

(Get Free Report)

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, superspec AC powered rigs, and additional idle AC rigs in the Permian Basin and the Haynesville Shale.

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