Independence Contract Drilling (NYSE:ICD) was downgraded by TheStreet from a “c-” rating to a “d+” rating in a research note issued on Wednesday, TheStreetRatingsTable reports.
Several other research firms also recently commented on ICD. Zacks Investment Research downgraded shares of Independence Contract Drilling from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 7th. B. Riley set a $8.00 target price on shares of Independence Contract Drilling and gave the stock a “buy” rating in a report on Friday, May 3rd. Finally, ValuEngine cut shares of Independence Contract Drilling from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $5.81.
Shares of ICD opened at $1.83 on Wednesday. The company has a market capitalization of $137.97 million, a P/E ratio of -10.76 and a beta of 2.20. The company has a current ratio of 2.16, a quick ratio of 2.09 and a debt-to-equity ratio of 0.34. Independence Contract Drilling has a 1-year low of $1.76 and a 1-year high of $5.05.
In other Independence Contract Drilling news, Director Thomas R. Bates, Jr. bought 25,000 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were purchased at an average price of $1.86 per share, for a total transaction of $46,500.00. Following the acquisition, the director now owns 151,110 shares in the company, valued at approximately $281,064.60. The purchase was disclosed in a filing with the SEC, which is available at this link. In the last 90 days, insiders have bought 45,300 shares of company stock worth $100,402. Company insiders own 3.10% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Axar Capital Management L.P. purchased a new position in shares of Independence Contract Drilling in the 4th quarter worth about $3,025,000. Vanguard Group Inc. raised its position in shares of Independence Contract Drilling by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 1,414,077 shares of the oil and gas company’s stock worth $6,985,000 after purchasing an additional 22,502 shares during the last quarter. Dupont Capital Management Corp raised its position in shares of Independence Contract Drilling by 28.3% in the 4th quarter. Dupont Capital Management Corp now owns 104,874 shares of the oil and gas company’s stock worth $327,000 after purchasing an additional 23,108 shares during the last quarter. Fairfax Financial Holdings Ltd Can raised its position in Independence Contract Drilling by 11.1% in the 4th quarter. Fairfax Financial Holdings Ltd Can now owns 400,000 shares of the oil and gas company’s stock worth $1,244,000 after buying an additional 40,000 shares during the last quarter. Finally, BlackRock Inc. raised its position in Independence Contract Drilling by 40.3% in the 4th quarter. BlackRock Inc. now owns 2,536,793 shares of the oil and gas company’s stock worth $7,915,000 after buying an additional 729,189 shares during the last quarter. Hedge funds and other institutional investors own 74.29% of the company’s stock.
About Independence Contract Drilling
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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