MSD Partners LP has recently announced that it has increased stake in Independence Contract Drilling Inc. (NYSE:ICD) by 1.99%. After grabbing 1.7 million shares, the institutional investor is now in possession of 33244.0 shares of the Energy Company. The new investment brought the stake of investor firm to 12.49% having worth around $6.7 million. Moreover, Adage Capital Management LP increased its share by 0.42 million to have a control over 0.71 million shares. And Geode Capital Management LLC raised its holdings to 654.0 shares by acquiring 94425.0 shares or 0.69% of the stake.
Independence Contract Drilling Inc. (ICD) concluded trading on 01/12/23 at a closing price of $3.92, with 0.39 million shares of worth about $1.51 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 38.03% during that period and on Thursday the price saw a gain of about 8.59%. Currently the company’s common shares owned by public are about 13.59M shares, out of which, 11.96M shares are available for trading.
Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $7.00 and could fall to a lowest price of $4.70. The stock’s current price level is 33.78% above of average price target set by the analysts, while a rise to estimated low would result in gain of 16.6% for the stock. However, touching the estimated high of $7.00 would mean a gain of 44.0% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 151 times over the past 12 months. They bought 385,493 shares in 53 of the transactions. In 98 selling transactions, insiders dumped 785,998 shares.
Vanguard Total Stock Market Index, Vanguard Extended Market Index Fu, and Dimensional US Targeted Value ETF are the top 3 mutual funds which are holding stakes in Independence Contract Drilling Inc. Vanguard Total Stock Market Index is currently holding 0.13 million shares of worth totaling $0.52 million. The company recently came buying 0.0 shares which brought its stake up to 0.98% of the company’s outstanding shares. Dimensional US Targeted Value ETF, after buying 59958.0 shares, have now control over 0.44% of the stake in the company. It holds 0.0 shares of worth $0.24 million.
Independence Contract Drilling Inc. (NYSE: ICD) started trading at $3.63, above $0.02 from concluding price of the previous day. However, the stock later moved at a day high price of 3.9500, or with a gain of 8.59%. Stock saw a price change of 30.23% in past 5 days and over the past one month there was a price change of 26.45%. Year-to-date (YTD), ICD shares are showing a performance of 19.88% which increased to 3.98% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $2.77 but also hit the highest price of $7.40 during that period. The average intraday trading volume for Independence Contract Drilling Inc. shares is 154.47K. The stock is currently trading 26.25% above its 20-day simple moving average (SMA20), while that difference is up 11.59% for SMA50 and it goes to 11.19% higher than SMA200.
MSD Partners LP acquired 1.7 million shares of Independence Contract Drilling Inc. having value of about $6.7 million. Data submitted at the U.S SEC by MSD Partners LP revealed that the firm now holds 33244.0 shares in the company valued at close to $130316.48, or have control over 1.99% stake in the company. Independence Contract Drilling Inc. (NYSE: ICD) currently have 13.59M outstanding shares and institutions hold larger chunk of about 31.30% of that. Holding of mutual funds in the company is about 29.16% while other institutional holders and individual stake holders have control over 5.10% and 24.19% of the stake respectively.
The stock has a current market capitalization of $51.04M and its 3Y-monthly beta is at 5.00. It has posted earnings per share of -$9.16 in the same period. It has Quick Ratio of 1.00 while making debt-to-equity ratio of 0.67. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for ICD, volatility over the week remained 6.21% while standing at 6.13% over the month.
Analysts are in expectations that Independence Contract Drilling Inc. (ICD) stock would likely to be making an EPS of $0 in the current quarter, while forecast for next quarter EPS is -$0.44 and it is $0.33 for next year. For the current quarter EPS, analysts have given the company a lowest target $0 which is $0 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$2.18 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 54.90% while it is estimated to increase by 107.70% in next year. EPS is likely to shrink at an annualized rate of 7.00% for next 5-years, compared to annual growth of 7.90% made by the stock over the past 5-years.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Johnson Rice on March 22, 2022 offering a Buy rating for the stock and assigned a target price of $7 to it. Coverage by B. Riley FBR stated Independence Contract Drilling Inc. (ICD) stock as a Neutral in their note to investors on May 11, 2020, suggesting a price target of $3 for the stock. Stock get an Equal weight rating from CapitalOne on January 16, 2019.