National Investment Services Inc. WI Buys 46,397 Shares of Independence Contract Drilling Inc (ICD)

National Investment Services Inc. WI grew its stake in Independence Contract Drilling Inc (NYSE:ICD) by 70.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 111,983 shares of the oil and gas company’s stock after buying an additional 46,397 shares during the quarter. National Investment Services Inc. WI’s holdings in Independence Contract Drilling were worth $446,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in shares of Independence Contract Drilling by 28.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 606,926 shares of the oil and gas company’s stock valued at $2,306,000 after buying an additional 133,668 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Independence Contract Drilling by 22.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 121,019 shares of the oil and gas company’s stock valued at $460,000 after buying an additional 22,420 shares during the period. Sterling Capital Management LLC purchased a new position in shares of Independence Contract Drilling in the 2nd quarter valued at about $1,660,000. California State Teachers Retirement System boosted its stake in shares of Independence Contract Drilling by 0.8% in the 2nd quarter. California State Teachers Retirement System now owns 60,763 shares of the oil and gas company’s stock valued at $236,000 after buying an additional 500 shares during the period. Finally, State Street Corp boosted its stake in shares of Independence Contract Drilling by 9.4% in the 2nd quarter. State Street Corp now owns 461,957 shares of the oil and gas company’s stock valued at $1,799,000 after buying an additional 39,570 shares during the period. Institutional investors and hedge funds own 78.24% of the company’s stock.

Several equities analysts have recently issued reports on the company. Zacks Investment Research cut Independence Contract Drilling from a “hold” rating to a “sell” rating in a research note on Wednesday, January 3rd. Royal Bank of Canada decreased their target price on Independence Contract Drilling from $7.00 to $6.00 and set an “outperform” rating for the company in a research note on Friday, September 29th. ValuEngine upgraded Independence Contract Drilling from a “strong sell” rating to a “sell” rating in a research note on Monday, October 2nd. Cowen set a $5.00 target price on Independence Contract Drilling and gave the stock a “buy” rating in a research note on Wednesday, October 18th. Finally, B. Riley decreased their target price on Independence Contract Drilling from $8.75 to $7.75 and set a “buy” rating for the company in a research note on Wednesday, November 22nd. Two analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $5.69.

Independence Contract Drilling Inc (NYSE:ICD) traded up $0.27 during mid-day trading on Thursday, reaching $4.57. The company had a trading volume of 142,600 shares, compared to its average volume of 113,729. The stock has a market capitalization of $173.58, a PE ratio of -5.78 and a beta of 2.80. Independence Contract Drilling Inc has a 12-month low of $2.72 and a 12-month high of $7.25. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.84 and a current ratio of 2.01.

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

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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 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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