Independence Contract Drilling, Inc. (NYSE:ICD – Get Rating)’s share price crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $3.60 and traded as low as $2.96. Independence Contract Drilling shares last traded at $3.03, with a volume of 128,753 shares changing hands.
Analysts Set New Price Targets
Separately, StockNews.com cut Independence Contract Drilling from a “hold” rating to a “sell” rating in a research note on Friday, March 10th.
Independence Contract Drilling Price Performance
The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.96 and a current ratio of 0.99. The company has a 50 day moving average price of $4.05 and a 200 day moving average price of $3.60.
Insider Buying and Selling
Institutional Investors Weigh In On Independence Contract Drilling
Several large investors have recently added to or reduced their stakes in the stock. Belvedere Trading LLC acquired a new stake in Independence Contract Drilling in the fourth quarter worth $38,000. Tejara Capital Ltd acquired a new stake in Independence Contract Drilling in the fourth quarter worth $664,000. Schonfeld Strategic Advisors LLC increased its position in Independence Contract Drilling by 72.9% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 22,300 shares of the oil and gas company’s stock worth $73,000 after buying an additional 9,400 shares during the period. Millennium Management LLC increased its position in Independence Contract Drilling by 68.8% in the fourth quarter. Millennium Management LLC now owns 171,951 shares of the oil and gas company’s stock worth $562,000 after buying an additional 70,079 shares during the period. Finally, Susquehanna International Group LLP increased its position in Independence Contract Drilling by 149.0% in the fourth quarter. Susquehanna International Group LLP now owns 42,764 shares of the oil and gas company’s stock worth $140,000 after buying an additional 25,587 shares during the period. 42.29% of the stock is owned by institutional investors and hedge funds.
About Independence Contract Drilling
Independence Contract Drilling, Inc engages in the provision of land-based contract drilling services for oil and natural gas producers. It develops and assembles the sharedriller series rig design. Its series are AC programmable, and energy efficient BiFuel. The company was founded by Philip A. Choyce and Byron A.
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