The New Sprott Resource Partnership Holding in Independence Contract Drilling, Inc
Sprott Resource Partnership filed with the SEC SC 13D/A form for Independence Contract Drilling, Inc. The form can be accessed here: 000095014216004565. As reported in Sprott Resource Partnership’s form, the filler as of late owns 4.9% or 1,840,107 shares of the -company.
Independence Contract Drilling, Inc stake is a new one for the and it was filed because of activity on September 29, 2016. We feel this shows Sprott Resource Partnership’s positive view for the stock.
Reasons Why Sprott Resource Partnership Bought – Independence Contract Drilling, Inc Stock
Item 4.Purpose of Transaction
No material change
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Independence Contract Drilling, Inc Institutional Sentiment
Latest Security and Exchange filings show 48 investors own Independence Contract Drilling, Inc. The institutional ownership in Q3 2015 is low, at 45.92% of the outstanding shares. This is increased by 4552065 the total institutional shares. 17267666 were the shares owned by these institutional investors. In total 3 funds opened new Independence Contract Drilling, Inc stakes, 17 increased stakes. There were 7 that closed positions and 11 reduced them.
Magee Thomson Investment Partners Llc is an institutional investor bullish on Independence Contract Drilling, Inc, owning 504 shares as of Q3 2015 for less than 0.01% of its portfolio. Anchorage Capital Group Llc owns 127500 shares or 0.02% of its portfolio. Y8 Oceanic Investment Management Ltd have 1.51% of their stock portfolio for 811065 shares. Further, Claar Advisors Llc reported stake worth 0.79% of its US stock portfolio. The CT Lime Rock Management Lp owns 2119500 shares. Independence Contract Drilling, Inc is 23.37% of the manager’s US portfolio.
SEC Form 13D is filed within 10 days, by anyone who acquires beneficial ownership of 5%+ of any public firm. Activist investors and practices such as: company breakups, hostile takeovers, and change of control events, are permitted for this form filers. A filer must promptly update its 13D filing in case of acquisition or disposition of 1% or more of the securities that are the subject of the filing.
Insitutional Activity: The institutional sentiment increased to 5.8 in Q2 2016. Its up 4.51, from 1.29 in 2016Q1. The ratio is positive, as 6 funds sold all Independence Contract Drilling Inc shares owned while 4 reduced positions. 26 funds bought stakes while 32 increased positions. They now own 51.21 million shares or 276.96% more from 13.58 million shares in 2016Q1.
Oceanic Inv Management Ltd owns 850,634 shares or 2.19% of their US portfolio. Van Eck Associate has invested 0.03% of its portfolio in Independence Contract Drilling Inc (NYSE:ICD). Millennium Ltd Llc has 0% invested in the company for 142,785 shares. Moreover, Bb&T Secs Ltd Llc has 0% invested in Independence Contract Drilling Inc (NYSE:ICD) for 11,900 shares. Citigroup has invested 0% of its portfolio in Independence Contract Drilling Inc (NYSE:ICD). Comml Bank Of New York Mellon last reported 0% of its portfolio in the stock. Schwab Charles Investment Mngmt holds 46,000 shares or 0% of its portfolio. Invesco accumulated 38,694 shares or 0% of the stock. Moreover, Deere And has 0.03% invested in Independence Contract Drilling Inc (NYSE:ICD) for 88,984 shares. Morgan Stanley holds 0% or 175,173 shares in its portfolio. Vanguard Gru last reported 1.06 million shares in the company. Cushing Asset Management Ltd Partnership accumulated 0.06% or 303,365 shares. New York State Common Retirement Fund holds 15,100 shares or 0% of its portfolio. Dc Capital Advsr Ltd holds 0.1% or 30,000 shares in its portfolio. Royal Fincl Bank Of Canada reported 300 shares or 0% of all its holdings.
Insider Transactions: Since August 17, 2016, the stock had 0 buys, and 1 sale for $4.50 million net activity. SPROTT RESOURCE CORP sold $4.50M worth of stock or 1.00 million shares.
Analysts await Independence Contract Drilling Inc (NYSE:ICD) to report earnings on November, 3. They expect $-0.11 earnings per share, down 120.00% or $0.06 from last year’s $-0.05 per share. After $-0.07 actual earnings per share reported by Independence Contract Drilling Inc for the previous quarter, Wall Street now forecasts 57.14% negative EPS growth.
The stock increased 1.67% or $0.09 on October 6, hitting $5.48. About 409,732 shares traded hands or 34.74% up from the average. Independence Contract Drilling Inc (NYSE:ICD) has risen 31.78% since March 3, 2016 and is uptrending. It has outperformed by 23.44% the S&P500.
Independence Contract Drilling Inc (NYSE:ICD) Ratings Coverage
Out of 5 analysts covering Independence Contract Drilling (NYSE:ICD), 5 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $9 is the highest target while $5 is the lowest. The $7 average target is 27.74% above today’s ($5.48) stock price. Independence Contract Drilling has been the topic of 10 analyst reports since August 10, 2015 according to StockzIntelligence Inc. As per Tuesday, April 19, the company rating was maintained by Morgan Stanley. The firm earned “Buy” rating on Monday, August 10 by Zacks. RBC Capital Markets maintained Independence Contract Drilling Inc (NYSE:ICD) on Friday, October 30 with “Outperform” rating. The stock of Independence Contract Drilling Inc (NYSE:ICD) earned “Accumulate” rating by Tudor Pickering on Wednesday, September 9. The firm has “Outperform” rating given on Friday, February 19 by RBC Capital Markets. FBR Capital maintained the shares of ICD in a report on Wednesday, February 24 with “Outperform” rating. As per Thursday, September 15, the company rating was initiated by DA Davidson.
More important recent Independence Contract Drilling Inc (NYSE:ICD) news were published by: Prnewswire.com which released: “Independence Contract Drilling, Inc.’s Edward S. Jacob, III to Retire at the …” on June 10, 2016, also Prnewswire.com published article titled: “Independence Contract Drilling, Inc. Prices Upsized Public Offering of Common …”, Reuters.com published: “BRIEF-Independence Contract Drilling says appointed Byron Dunn as Presiden…” on June 24, 2016. More interesting news about Independence Contract Drilling Inc (NYSE:ICD) was released by: Nasdaq.com and their article: “Why the Earnings Streak Will Continue for Independence Contract Drilling (ICD)” with publication date: September 16, 2016.
According to Zacks Investment Research, “Independence Contract Drilling Inc. provides land drilling services for oil and natural gas producers primarily in the United States. The Company provides the US E&P industry a fleet of ShaleDriller (TM) rigs for drilling and development of shale and tight oil basins in North America. Independence Contract Drilling, Inc. is based in Houston, Texas.”
ICD Company Profile
Independence Contract Drilling, Inc., incorporated on November 4, 2011, provides land contract drilling services for oil and natural gas producers targeting unconventional resource plays in the United States. The Firm constructs, owns and operates a fleet consisting of ShaleDriller rigs that are specifically engineered and designed to optimize the development of its customers’ gas and oil properties. The Company’s rigs operate in the Permian Basin and over one rig operates in the Eaglebine region. The Firm has approximately 14 rigs, including over 10 completed 200 series ShaleDriller rigs equipped with its integrated omni-directional walking system and approximately two non-walking rigs that are scheduled for conversion. Every ShaleDriller rig in its fleet is an approximately 1500-horsepower (hp), AC programmable rig (AC rig) designed to be fast-moving between drilling sites and is equipped with top drives, automated tubular handling systems and blowout preventer (BOP) handling systems. Over 12 of its 14 rigs are equipped with bi-fuel solutions (operates on either diesel or a natural gas-diesel blend).
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