Two Sigma Investments LP Trims Position in Independence Contract Drilling Inc (ICD)

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Two Sigma Investments LP decreased its stake in shares of Independence Contract Drilling Inc (NYSE:ICD) by 61.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 40,601 shares of the oil and gas company’s stock after selling 64,936 shares during the period. Two Sigma Investments LP’s holdings in Independence Contract Drilling were worth $127,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Marquette Asset Management LLC lifted its position in Independence Contract Drilling by 9.6% during the 4th quarter. Marquette Asset Management LLC now owns 61,507 shares of the oil and gas company’s stock worth $192,000 after buying an additional 5,412 shares in the last quarter. American International Group Inc. lifted its position in Independence Contract Drilling by 40.9% during the 4th quarter. American International Group Inc. now owns 32,089 shares of the oil and gas company’s stock worth $100,000 after buying an additional 9,318 shares in the last quarter. Rhumbline Advisers lifted its position in Independence Contract Drilling by 55.4% during the 4th quarter. Rhumbline Advisers now owns 48,699 shares of the oil and gas company’s stock worth $152,000 after buying an additional 17,368 shares in the last quarter. Marshall Wace LLP acquired a new position in Independence Contract Drilling during the 3rd quarter worth about $86,000. Finally, Federated Investors Inc. PA lifted its position in Independence Contract Drilling by 1.6% during the 3rd quarter. Federated Investors Inc. PA now owns 1,298,900 shares of the oil and gas company’s stock worth $6,417,000 after buying an additional 20,000 shares in the last quarter. Institutional investors and hedge funds own 69.56% of the company’s stock.

Independence Contract Drilling stock opened at $2.84 on Wednesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.80 and a current ratio of 1.86. Independence Contract Drilling Inc has a 1 year low of $2.60 and a 1 year high of $5.32. The stock has a market cap of $214.21 million, a price-to-earnings ratio of -16.71 and a beta of 2.07.

Independence Contract Drilling (NYSE:ICD) last released its earnings results on Friday, March 1st. The oil and gas company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.03. Independence Contract Drilling had a negative net margin of 14.02% and a negative return on equity of 3.06%. On average, analysts forecast that Independence Contract Drilling Inc will post 0.06 earnings per share for the current year.

In other Independence Contract Drilling news, Director Credit Opportunity Master Msd bought 15,392 shares of the business’s stock in a transaction on Friday, March 8th. The shares were bought at an average cost of $2.90 per share, for a total transaction of $44,636.80. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders have acquired 41,280 shares of company stock worth $117,616. Corporate insiders own 12.60% of the company’s stock.

ICD has been the topic of several research reports. ValuEngine upgraded shares of Independence Contract Drilling from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Zacks Investment Research upgraded shares of Independence Contract Drilling from a “hold” rating to a “buy” rating and set a $3.75 price target on the stock in a research report on Thursday, February 14th. Finally, Capital One Financial downgraded shares of Independence Contract Drilling from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 16th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Independence Contract Drilling presently has an average rating of “Hold” and an average price target of $5.94.

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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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Want to see what other hedge funds are holding ICD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independence Contract Drilling Inc (NYSE:ICD).

Institutional Ownership by Quarter for Independence Contract Drilling (NYSE:ICD)

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