Independence Contract Drilling, Inc. (NYSE:ICD – Get Free Report) saw a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 570,100 shares, a decline of 8.1% from the July 15th total of 620,300 shares. Based on an average daily volume of 54,700 shares, the days-to-cover ratio is presently 10.4 days. Approximately 4.2% of the shares of the company are short sold.
Wall Street Analysts Forecast Growth
Separately, StockNews.com assumed coverage on Independence Contract Drilling in a research note on Monday. They set a “hold” rating on the stock.
Read Our Latest Research Report on ICD
Independence Contract Drilling Stock Performance
Independence Contract Drilling (NYSE:ICD – Get Free Report) last released its quarterly earnings data on Wednesday, August 7th. The oil and gas company reported ($0.73) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.03. Independence Contract Drilling had a negative return on equity of 11.44% and a negative net margin of 24.20%. The company had revenue of $43.33 million for the quarter, compared to analyst estimates of $41.86 million. Research analysts predict that Independence Contract Drilling will post -2.54 EPS for the current year.
Hedge Funds Weigh In On Independence Contract Drilling
An institutional investor recently raised its position in Independence Contract Drilling stock. CastleKnight Management LP raised its holdings in shares of Independence Contract Drilling, Inc. (NYSE:ICD – Free Report) by 54.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 540,554 shares of the oil and gas company’s stock after buying an additional 190,679 shares during the quarter. CastleKnight Management LP owned about 3.84% of Independence Contract Drilling worth $1,324,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 29.38% of the company’s stock.
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. It operates a fleet of pad-optimal and superspec AC powered rigs in the Permian Basin and the Haynesville Shale. The company was incorporated in 2011 and is headquartered in Houston, Texas.
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