The New Phill Gross And Robert Atchinson’s Adage Capital Partners Gp. Holding in Independence Contract Drilling, Inc
Adage Capital Partners Gp. filed with the SEC SC 13G form for Independence Contract Drilling, Inc. The form can be accessed here: 000090266416008395. As reported in Phill Gross And Robert Atchinson’s Adage Capital Partners Gp.’s form, the filler as of late owns 37646398% or 2,348,794 shares of the -company.
Independence Contract Drilling, Inc stake is a new one for the for the hedge fund and it was filed because of activity on October 5, 2016. We feel this shows Phill Gross And Robert Atchinson’s Adage Capital Partners Gp.’s positive view for the stock.
The hedge fund is active investor in the Finance sector. In the manager’s last 13-F, we saw 25% of Phill Gross And Robert Atchinson’s Adage Capital Partners Gp.’s US equities portfolio is in this sector.
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 13G is required when the filer owns between (5% and 20%) of a company and plans to hold it only as a passive investor. In case the filler intend to exert control and the stake’s exceeds 20%, then 13D Form must be filed. These filings can NOT be a precursor to “change of control” events such as hostile takeovers, company breakups or others.
Insitutional Activity: The institutional sentiment increased to 5.8 in Q2 2016. Its up 4.51, from 1.29 in 2016Q1. The ratio improved, 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.
Morgan Stanley accumulated 175,173 shares or 0% of the stock. Highbridge Capital Ltd Liability Corp last reported 0% of its portfolio in the stock. Nationwide Fund holds 0% of its portfolio in Independence Contract Drilling Inc (NYSE:ICD) for 77,498 shares. Rhumbline Advisers accumulated 0% or 25,062 shares. American accumulated 0% or 17,258 shares. Putnam Invs Ltd Limited Liability Company holds 0.01% or 560,499 shares in its portfolio. Blackrock Institutional Na last reported 234,565 shares in the company. Manufacturers Life Insur Company The holds 22,516 shares or 0% of its portfolio. Lime Rock L P accumulated 2.12M shares or 63.29% of the stock. Blackrock Fund Advsrs last reported 0% of its portfolio in the stock. Encompass Capital Advisors Ltd Liability Com accumulated 585,206 shares or 0.94% of the stock. Northern Tru Corporation holds 0% of its portfolio in Independence Contract Drilling Inc (NYSE:ICD) for 289,006 shares. Capital last reported 0.01% of its portfolio in the stock. Cushing Asset Mngmt Ltd Partnership reported 303,365 shares or 0.06% of all its holdings. Moreover, State Street Corp has 0% invested in Independence Contract Drilling Inc (NYSE:ICD) for 283,756 shares.
Insider Transactions: Since August 17, 2016, the stock had 0 insider buys, and 1 insider sale for $4.50 million net activity. 1.00M shares were sold by SPROTT RESOURCE CORP, worth $4.50M.
Analysts await Independence Contract Drilling Inc (NYSE:ICD) to report earnings on November, 3. They expect $-0.11 EPS, down 120.00% or $0.06 from last year’s $-0.05 per share. After $-0.07 actual EPS reported by Independence Contract Drilling Inc for the previous quarter, Wall Street now forecasts 57.14% negative EPS growth.
About 104,442 shares traded hands. Independence Contract Drilling Inc (NYSE:ICD) has risen 21.65% since March 11, 2016 and is uptrending. It has outperformed by 16.19% 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 23.24% above today’s ($5.68) stock price. Independence Contract Drilling has been the topic of 10 analyst reports since August 10, 2015 according to StockzIntelligence Inc. On Friday, February 19 the stock rating was maintained by RBC Capital Markets with “Outperform”. As per Wednesday, February 24, the company rating was maintained by FBR Capital. Tudor Pickering downgraded Independence Contract Drilling Inc (NYSE:ICD) on Wednesday, September 9 to “Accumulate” rating. The stock of Independence Contract Drilling Inc (NYSE:ICD) has “Overweight” rating given on Tuesday, April 19 by Morgan Stanley. The stock of Independence Contract Drilling Inc (NYSE:ICD) earned “Outperform” rating by RBC Capital Markets on Friday, October 30. As per Monday, August 10, the company rating was downgraded by Zacks. The rating was initiated by DA Davidson with “Buy” on Thursday, September 15.
More recent Independence Contract Drilling Inc (NYSE:ICD) news were published by: Prnewswire.com which released: “Independence Contract Drilling, Inc. Announces Timing of Third Quarter 2016 …” on October 06, 2016. Also Prnewswire.com published the news titled: “Independence Contract Drilling, Inc. Prices Upsized Public Offering of Common …” on April 21, 2016. Prnewswire.com‘s news article titled: “Independence Contract Drilling, Inc.’s Edward S. Jacob, III to Retire at the …” with publication date: June 10, 2016 was also an interesting one.
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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