Independence Contract Drilling Inc (ICD) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its stake in shares of Independence Contract Drilling Inc (NYSE:ICD) by 52.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 172,560 shares of the oil and gas company’s stock after selling 187,670 shares during the period. New York State Common Retirement Fund’s holdings in Independence Contract Drilling were worth $656,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of ICD. FMR LLC boosted its holdings in shares of Independence Contract Drilling by 617.7% during the 2nd quarter. FMR LLC now owns 1,191,439 shares of the oil and gas company’s stock worth $4,635,000 after purchasing an additional 1,025,425 shares during the last quarter. Sterling Capital Management LLC acquired a new position in shares of Independence Contract Drilling during the 2nd quarter worth approximately $1,660,000. Dimensional Fund Advisors LP boosted its holdings in shares of Independence Contract Drilling by 84.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 473,258 shares of the oil and gas company’s stock worth $1,841,000 after purchasing an additional 216,772 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Independence Contract Drilling by 61.2% during the 2nd quarter. Northern Trust Corp now owns 467,479 shares of the oil and gas company’s stock worth $1,819,000 after purchasing an additional 177,525 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Independence Contract Drilling by 6.3% during the 2nd quarter. Vanguard Group Inc. now owns 1,341,715 shares of the oil and gas company’s stock worth $5,219,000 after purchasing an additional 79,035 shares during the last quarter. Institutional investors and hedge funds own 78.24% of the company’s stock.

Several analysts have recently commented on the stock. Zacks Investment Research lowered shares of Independence Contract Drilling from a “hold” rating to a “sell” rating in a research report on Wednesday. Royal Bank of Canada set a $5.00 price target on shares of Independence Contract Drilling and gave the company a “buy” rating in a research report on Thursday, December 21st. B. Riley reduced their price target on shares of Independence Contract Drilling from $8.75 to $7.75 and set a “buy” rating on the stock in a research report on Wednesday, November 22nd. ValuEngine raised shares of Independence Contract Drilling from a “strong sell” rating to a “sell” rating in a research report on Friday, November 10th. Finally, FBR & Co reaffirmed a “buy” rating on shares of Independence Contract Drilling in a research report on Tuesday, October 31st. Two research analysts have rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. Independence Contract Drilling has an average rating of “Hold” and a consensus price target of $5.69.

Shares of Independence Contract Drilling Inc (ICD) opened at $4.07 on Friday. The company has a market cap of $159.14, a P/E ratio of -5.22 and a beta of 2.80. The company has a current ratio of 2.01, a quick ratio of 1.84 and a debt-to-equity ratio of 0.20. Independence Contract Drilling Inc has a 12-month low of $2.72 and a 12-month high of $7.25.

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

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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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