Independence Contract Drilling, Inc. (NYSE: ICD) Update on Short-Term Interest
Independence Contract Drilling, Inc. (NYSE: ICD) was the target of significant growth in short interest in November. As of November 30, there was short interest totaling 412,800 shares, an increase of 39.6% from the total of 295,800 shares on November 15. Currently, 6.9% of the company’s shares are sold short. Based on an average daily trading volume of 305,900 shares, the day-to-coverage ratio is currently 1.3 days.
The CDI traded down $ 0.09 in Friday’s session, reaching $ 2.63. 1,488 shares of the company were traded, for an average volume of 238,059. The company’s 50-day moving average is $ 3.67 and its two-hundred-day moving average is $ 3.56. The company has a market cap of $ 25.15 million, a price-to-earnings ratio of -0.22 and a beta of 6.70. The company has a quick ratio of 0.74, a current ratio of 0.77 and a debt to equity ratio of 0.63. Independence Contract Drilling has a 12-month low of $ 2.49 and a 12-month high of $ 7.97.
Independence Contract Drilling (NYSE: ICD) last released its quarterly results on Monday, November 1. The oil and gas company reported ($ 1.87) earnings per share for the quarter, missing the consensus estimate of ($ 1.86) of ($ 0.01). Independence Contract Drilling recorded a negative net margin of 107.72% and a negative return on equity of 26.54%. The company reported sales of $ 24.04 million in the quarter.
Meanwhile, major shareholder William Monroe bought 295,000 shares of the company in a transaction that took place on Tuesday, October 5. The stock was purchased at an average price of $ 3.16 per share, for a total transaction of $ 932,200.00. The transaction was disclosed in a file with the Securities & Exchange Commission, which is available at this link. Insiders bought 444,375 shares of the company valued at $ 1,468,163 during the last quarter. 3.10% of the shares are currently owned by insiders.
Several large investors have recently increased or reduced their holdings in ICD. Vanguard Group Inc. increased its position in the shares of Independence Contract Drilling by 76.9% during the second quarter. Vanguard Group Inc. now owns 205,185 shares of the oil and gas company valued at $ 880,000 after purchasing an additional 89,227 shares in the last quarter. Renaissance Technologies LLC increased its position in the shares of Independence Contract Drilling by 622.9% during the 2nd quarter. Renaissance Technologies LLC now owns 85,200 shares of the oil and gas company valued at $ 366,000 after purchasing an additional 73,414 shares in the last quarter. Ancora Advisors LLC purchased a new position in shares of Independence Contract Drilling during the second quarter, valued at approximately $ 162,000. Morgan Stanley increased its position in Independence Contract Drilling shares by 2.8% in the second quarter. Morgan Stanley now owns 201,902 shares of the oil and gas company valued at $ 867,000 after purchasing an additional 5,514 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Independence Contract Drilling shares by 8.7% during the 3rd quarter. Geode Capital Management LLC now owns 39,862 shares of the oil and gas company valued at $ 119,000 after purchasing 3,177 additional shares in the last quarter. 18.76% of the shares are currently held by hedge funds and other institutional investors.
Profile of the drilling company under an independent contract
Independence Contract Drilling, Inc. engages in the provision of onshore contract drilling services for oil and natural gas producers. He develops and assembles the platform design of the Sharedriller series. Its series are programmable and energy efficient BiFuel. The company was founded by Philip A. Choyce and Byron A.
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