Independence Contract Drilling, Inc. (NYSE:ICD – Get Free Report)’s stock price crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $2.24 and traded as low as $1.86. Independence Contract Drilling shares last traded at $1.90, with a volume of 68,873 shares trading hands.
Analysts Set New Price Targets
Separately, StockNews.com upgraded shares of Independence Contract Drilling from a “sell” rating to a “hold” rating in a report on Thursday, April 4th.
View Our Latest Research Report on ICD
Independence Contract Drilling Trading Down 4.0 %
Independence Contract Drilling (NYSE:ICD – Get Free Report) last issued its quarterly earnings results on Wednesday, February 28th. The oil and gas company reported ($0.61) EPS for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.15). The firm had revenue of $45.83 million for the quarter, compared to analysts’ expectations of $43.89 million. Independence Contract Drilling had a negative return on equity of 6.12% and a negative net margin of 17.94%. As a group, analysts expect that Independence Contract Drilling, Inc. will post -2.59 EPS for the current fiscal year.
Institutional Investors Weigh In On Independence Contract Drilling
A number of hedge funds and other institutional investors have recently modified their holdings of ICD. Glendon Capital Management LP purchased a new stake in shares of Independence Contract Drilling during the first quarter worth about $2,342,000. Tejara Capital Ltd purchased a new stake in Independence Contract Drilling in the fourth quarter valued at approximately $664,000. CastleKnight Management LP grew its holdings in Independence Contract Drilling by 54.5% in the fourth quarter. CastleKnight Management LP now owns 540,554 shares of the oil and gas company’s stock valued at $1,324,000 after purchasing an additional 190,679 shares during the period. Millennium Management LLC grew its holdings in 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 valued at $538,000 after purchasing an additional 142,219 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in Independence Contract Drilling by 161.5% in the fourth quarter. Renaissance Technologies LLC now owns 164,465 shares of the oil and gas company’s stock valued at $538,000 after purchasing an additional 101,565 shares during the period. 29.38% of the stock is currently owned by hedge funds and other institutional investors.
About Independence Contract Drilling
Independence Contract Drilling, Inc provides land-based contract drilling services for oil and natural gas producers in the United States. It operates a fleet of pad-optimal and superspec AC powered rigs in the Permian Basin and the Haynesville Shale. The company was incorporated in 2011 and is headquartered in Houston, Texas.
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