Fmr LLC decreased its stake in Independence Contract Drilling Inc (NYSE:ICD) by 40.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 902,530 shares of the oil and gas company’s stock after selling 614,038 shares during the period. Fmr LLC owned 2.37% of Independence Contract Drilling worth $3,718,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Schwab Charles Investment Management Inc. grew its holdings in Independence Contract Drilling by 47.8% during the first quarter. Schwab Charles Investment Management Inc. now owns 68,000 shares of the oil and gas company’s stock valued at $258,000 after purchasing an additional 22,000 shares during the period. JPMorgan Chase & Co. grew its holdings in Independence Contract Drilling by 567.7% during the first quarter. JPMorgan Chase & Co. now owns 86,378 shares of the oil and gas company’s stock valued at $326,000 after purchasing an additional 73,442 shares during the period. Dimensional Fund Advisors LP grew its holdings in Independence Contract Drilling by 27.8% during the first quarter. Dimensional Fund Advisors LP now owns 958,671 shares of the oil and gas company’s stock valued at $3,624,000 after purchasing an additional 208,736 shares during the period. Russell Investments Group Ltd. grew its holdings in Independence Contract Drilling by 64.9% during the first quarter. Russell Investments Group Ltd. now owns 216,418 shares of the oil and gas company’s stock valued at $818,000 after purchasing an additional 85,203 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in Independence Contract Drilling by 57.6% during the first quarter. The Manufacturers Life Insurance Company now owns 29,223 shares of the oil and gas company’s stock valued at $110,000 after purchasing an additional 10,678 shares during the period. Institutional investors and hedge funds own 75.83% of the company’s stock.
Independence Contract Drilling stock opened at $4.41 on Friday. Independence Contract Drilling Inc has a one year low of $2.72 and a one year high of $5.48. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.39 and a quick ratio of 1.26. The firm has a market capitalization of $188.21 million, a PE ratio of -8.32 and a beta of 2.63.
Independence Contract Drilling (NYSE:ICD) last posted its quarterly earnings results on Thursday, August 2nd. The oil and gas company reported ($0.08) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.01. Independence Contract Drilling had a negative return on equity of 7.34% and a negative net margin of 19.21%. The firm had revenue of $25.75 million during the quarter, compared to analyst estimates of $25.70 million. Analysts anticipate that Independence Contract Drilling Inc will post -0.25 EPS for the current fiscal year.
ICD has been the subject of several research reports. Royal Bank of Canada reissued a “buy” rating and set a $6.00 price objective on shares of Independence Contract Drilling in a report on Friday, August 17th. B. Riley set a $8.00 price objective on Independence Contract Drilling and gave the company a “buy” rating in a report on Wednesday, July 25th. Morgan Stanley increased their price objective on Independence Contract Drilling from $5.00 to $5.50 and gave the company an “equal weight” rating in a report on Monday, August 6th. Zacks Investment Research raised Independence Contract Drilling from a “hold” rating to a “buy” rating and set a $4.25 price objective for the company in a report on Thursday, August 9th. Finally, ValuEngine raised Independence Contract Drilling from a “hold” rating to a “buy” rating in a report on Monday, October 8th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Independence Contract Drilling has a consensus rating of “Buy” and a consensus price target of $6.20.
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.
Featured Article: Technical Analysis
Receive News & Ratings for Independence Contract Drilling Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Contract Drilling and related companies with MarketBeat.com's FREE daily email newsletter.