Independence Contract Drilling Inc (ICD) Position Raised by Russell Investments Group Ltd.

Russell Investments Group Ltd. boosted its position in Independence Contract Drilling Inc (NYSE:ICD) by 22.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 121,019 shares of the oil and gas company’s stock after purchasing an additional 22,420 shares during the period. Russell Investments Group Ltd. owned about 0.32% of Independence Contract Drilling worth $460,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in ICD. Vanguard Group Inc. lifted its position in Independence Contract Drilling by 10.7% in the first quarter. Vanguard Group Inc. now owns 1,262,680 shares of the oil and gas company’s stock valued at $6,957,000 after purchasing an additional 121,655 shares during the period. Rhumbline Advisers lifted its position in Independence Contract Drilling by 23.1% in the second quarter. Rhumbline Advisers now owns 36,824 shares of the oil and gas company’s stock valued at $143,000 after purchasing an additional 6,920 shares during the period. Bank of New York Mellon Corp lifted its position in Independence Contract Drilling by 22.4% in the second quarter. Bank of New York Mellon Corp now owns 130,742 shares of the oil and gas company’s stock valued at $508,000 after purchasing an additional 23,894 shares during the period. BB&T Securities LLC lifted its position in Independence Contract Drilling by 1.0% in the second quarter. BB&T Securities LLC now owns 40,300 shares of the oil and gas company’s stock valued at $156,000 after purchasing an additional 400 shares during the period. Finally, Kennedy Capital Management Inc. lifted its position in Independence Contract Drilling by 13.7% in the second quarter. Kennedy Capital Management Inc. now owns 598,159 shares of the oil and gas company’s stock valued at $2,327,000 after purchasing an additional 72,098 shares during the period. Hedge funds and other institutional investors own 78.24% of the company’s stock.

Independence Contract Drilling Inc (NYSE ICD) opened at $4.19 on Friday. Independence Contract Drilling Inc has a 1-year low of $2.72 and a 1-year high of $7.25. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.01 and a quick ratio of 1.84. The stock has a market cap of $151.93, a PE ratio of -5.37 and a beta of 2.80.

Independence Contract Drilling (NYSE:ICD) last issued its earnings results on Tuesday, October 31st. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.11) by ($0.02). Independence Contract Drilling had a negative net margin of 34.87% and a negative return on equity of 8.28%. The company had revenue of $23.45 million during the quarter, compared to analysts’ expectations of $23.54 million. During the same period last year, the business posted ($0.17) earnings per share. The company’s quarterly revenue was up 62.1% on a year-over-year basis. equities research analysts anticipate that Independence Contract Drilling Inc will post -0.53 EPS for the current year.

ICD has been the subject of a number of recent analyst reports. FBR & Co restated a “buy” rating on shares of Independence Contract Drilling in a research report on Tuesday, October 31st. Cowen set a $5.00 target price on shares of Independence Contract Drilling and gave the company a “buy” rating in a report on Wednesday, October 18th. Royal Bank of Canada set a $5.00 target price on shares of Independence Contract Drilling and gave the company a “buy” rating in a report on Thursday, December 21st. B. Riley dropped their target price on shares of Independence Contract Drilling from $8.75 to $7.75 and set a “buy” rating for the company in a report on Wednesday, November 22nd. Finally, Zacks Investment Research raised shares of Independence Contract Drilling from a “sell” rating to a “hold” rating in a report on Tuesday, October 31st. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $5.69.

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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 ShaleDriller rigs to optimize the development of various oil and gas properties in the Permian Basin. As of December 31, 2016, it had 12 rigs.

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

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