Independence Contract Drilling Inc (NYSE:ICD) saw a significant growth in short interest during the month of November. As of November 15th, there was short interest totalling 1,250,000 shares, a growth of 5.9% from the October 31st total of 1,180,000 shares. Based on an average daily volume of 259,700 shares, the short-interest ratio is presently 4.8 days. Currently, 2.0% of the company’s stock are sold short.
NYSE ICD traded down $0.01 during trading on Friday, hitting $0.79. The company’s stock had a trading volume of 17,016 shares, compared to its average volume of 221,899. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.23 and a quick ratio of 1.17. The company has a market cap of $57.07 million, a PE ratio of -4.65 and a beta of 2.04. The business’s 50 day simple moving average is $0.85 and its 200-day simple moving average is $1.37. Independence Contract Drilling has a fifty-two week low of $0.68 and a fifty-two week high of $3.69.
Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings results on Thursday, October 31st. The oil and gas company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. The business had revenue of $45.07 million during the quarter, compared to the consensus estimate of $45.05 million. Independence Contract Drilling had a negative return on equity of 2.47% and a negative net margin of 15.55%. Analysts expect that Independence Contract Drilling will post -0.23 EPS for the current fiscal year.
Several research firms have issued reports on ICD. Zacks Investment Research lowered Independence Contract Drilling from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 3rd. Royal Bank of Canada lowered Independence Contract Drilling from an “outperform” rating to a “sector perform” rating and cut their target price for the company from $4.00 to $2.00 in a research note on Wednesday, September 25th. ValuEngine upgraded Independence Contract Drilling from a “sell” rating to a “hold” rating in a research note on Friday, August 2nd. B. Riley lowered their price target on Independence Contract Drilling from $5.75 to $5.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, Morgan Stanley lowered their price target on Independence Contract Drilling from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $2.69.
A number of hedge funds and other institutional investors have recently modified their holdings of ICD. BlackRock Inc. boosted its holdings in Independence Contract Drilling by 12.0% in the second quarter. BlackRock Inc. now owns 2,799,854 shares of the oil and gas company’s stock worth $4,425,000 after acquiring an additional 299,723 shares in the last quarter. Foundry Partners LLC lifted its holdings in shares of Independence Contract Drilling by 12.7% during the third quarter. Foundry Partners LLC now owns 1,173,400 shares of the oil and gas company’s stock worth $1,408,000 after purchasing an additional 132,675 shares during the period. Municipal Employees Retirement System of Michigan acquired a new stake in shares of Independence Contract Drilling during the second quarter worth about $185,000. Renaissance Technologies LLC lifted its holdings in shares of Independence Contract Drilling by 42.8% during the second quarter. Renaissance Technologies LLC now owns 355,100 shares of the oil and gas company’s stock worth $561,000 after purchasing an additional 106,400 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH acquired a new stake in shares of Independence Contract Drilling during the second quarter worth about $149,000. 74.71% of the stock is owned by institutional investors and hedge funds.
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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