The Emerald Acquisition Ltd. Acquires 152,062 Shares of Independent Contract Drilling Inc. (ICD)

The Emerald Acquisition Ltd. Acquires 152,062  Shares of Independent Contract Drilling Inc. (ICD)

Emerald Acquisition Ltd. acquired a new position in Independent Contract Drilling Inc. (NYSE:ICD) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 152,062 shares of the company’s stock, valued at approximately $826,000. Emerald Acquisition Ltd. owned approximately 0.40% of Independent Contract Drilling as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. California State Teachers Retirement System raised its stake in Independent Contract Drilling by 74.6% in the second quarter. California State Teachers Retirement System now owns 62,863 shares of the company’s stock worth $341,000 after buying an additional 26,851 shares in the last quarter. Bank of New York Mellon Corp raised its position in Independent Contract Drilling by 116.0% in the second quarter. Bank of New York Mellon Corp now owns 71,587 shares of the company’s stock valued at $389,000 after buying an additional 38,444 shares during the period. Adage Capital Partners GP L.L.C. raised its position in Independent Contract Drilling by 38.2% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,172,258 shares of the company’s stock valued at $5,592,000 after buying an additional 324,057 shares during the period. Finally, Renaissance Technologies LLC raised its position in Independent Contract Drilling by 4.7% in the first quarter. Renaissance Technologies LLC now owns 77,400 shares of the company’s stock valued at $369,000 after buying an additional 3,500 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Shares of Independent Contract Drilling Inc. (NYSE:ICD) traded down 0.261% during trading on Thursday, hitting $5.725. The company’s stock had a trading volume of 81,128 shares. The company’s market cap is $213.71 million. Independent Contract Drilling Inc. has a 52 week low of $3.34 and a 52 week high of $7.93. The firm’s 50 day moving average price is $5.11 and its 200-day moving average price is $4.83.

Independent Contract Drilling (NYSE:ICD) last announced its quarterly earnings results on Thursday, July 28th. The company reported ($0.07) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.03. The company had revenue of $15.20 million for the quarter, compared to analyst estimates of $15.15 million. Independent Contract Drilling had a negative net margin of 15.98% and a negative return on equity of 1.95%. Independent Contract Drilling’s revenue for the quarter was down 28.0% on a year-over-year basis. During the same quarter last year, the business earned ($0.03) EPS. On average, analysts predict that Independent Contract Drilling Inc. will post ($0.37) earnings per share for the current year.

Several equities analysts recently commented on ICD shares. FBR & Co reissued a “buy” rating on shares of Independent Contract Drilling in a report on Friday, October 7th. DA Davidson started coverage on Independent Contract Drilling in a report on Thursday, September 15th. They issued a “buy” rating and a $7.00 target price on the stock. Nomura set a $8.00 target price on Independent Contract Drilling and gave the company a “buy” rating in a report on Tuesday, August 16th. Zacks Investment Research raised Independent Contract Drilling from a “hold” rating to a “buy” rating and set a $5.50 target price on the stock in a report on Tuesday, August 2nd. Finally, Morgan Stanley reissued a “buy” rating and issued a $8.00 target price on shares of Independent Contract Drilling in a report on Monday, August 1st. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the stock. Independent Contract Drilling presently has a consensus rating of “Buy” and a consensus price target of $6.91.

In related news, major shareholder Resource Corp Sprott sold 1,000,000 shares of Independent Contract Drilling stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $4.50, for a total transaction of $4,500,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 11.50% of the company’s stock.

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