American International Group Inc. boosted its stake in shares of Independence Contract Drilling, Inc. (NYSE:ICD) by 7.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,453 shares of the oil and gas company’s stock after buying an additional 1,214 shares during the period. American International Group Inc.’s holdings in Independence Contract Drilling were worth $102,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Trexquant Investment LP increased its stake in shares of Independence Contract Drilling by 5.1% in the first quarter. Trexquant Investment LP now owns 20,948 shares of the oil and gas company’s stock valued at $115,000 after buying an additional 1,008 shares during the period. Parkwood LLC increased its stake in shares of Independence Contract Drilling by 33.6% in the first quarter. Parkwood LLC now owns 21,828 shares of the oil and gas company’s stock valued at $120,000 after buying an additional 5,492 shares during the period. First Mercantile Trust Co. increased its stake in shares of Independence Contract Drilling by 232.1% in the first quarter. First Mercantile Trust Co. now owns 28,492 shares of the oil and gas company’s stock valued at $157,000 after buying an additional 19,912 shares during the period. Highbridge Capital Management LLC purchased a new stake in shares of Independence Contract Drilling during the fourth quarter valued at $330,000. Finally, Teachers Advisors LLC increased its stake in shares of Independence Contract Drilling by 35.4% in the fourth quarter. Teachers Advisors LLC now owns 65,273 shares of the oil and gas company’s stock valued at $437,000 after buying an additional 17,080 shares during the period. Institutional investors own 80.56% of the company’s stock.

Independence Contract Drilling, Inc. (ICD) traded up 0.58% on Friday, reaching $3.48. 4,982 shares of the company were exchanged. The stock’s market capitalization is $131.12 million. Independence Contract Drilling, Inc. has a 52 week low of $3.21 and a 52 week high of $7.30. The stock has a 50-day moving average price of $3.67 and a 200 day moving average price of $4.73.

Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.13) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.13). Independence Contract Drilling had a negative net margin of 40.75% and a negative return on equity of 8.62%. The firm had revenue of $21.29 million during the quarter, compared to analysts’ expectations of $21.24 million. During the same quarter in the prior year, the business earned ($0.07) EPS. Independence Contract Drilling’s quarterly revenue was up 40.4% compared to the same quarter last year. Analysts forecast that Independence Contract Drilling, Inc. will post ($0.47) earnings per share for the current year.

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Several equities research analysts have weighed in on the stock. Morgan Stanley downgraded shares of Independence Contract Drilling from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $8.50 to $5.00 in a research note on Wednesday, June 21st. Royal Bank Of Canada restated a “buy” rating and issued a $7.00 target price on shares of Independence Contract Drilling in a research note on Thursday, July 20th. Zacks Investment Research downgraded shares of Independence Contract Drilling from a “hold” rating to a “sell” rating in a research note on Thursday, July 20th. Finally, ValuEngine downgraded shares of Independence Contract Drilling from a “hold” rating to a “sell” rating in a research note on Friday, May 26th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $7.08.

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Institutional Ownership by Quarter for Independence Contract Drilling (NYSE:ICD)

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