5 Top Performing Energy Stocks in January 2023

2. Independence Contract Drilling, Inc. (NYSE:ICD)

Performance in January: +45%

Texas-based Independence Contract Drilling, Inc. (NYSE:ICD) offers land-based contract drilling services for oil and natural gas producers in the United States. Independence Contract Drilling, Inc. (NYSE:ICD) gained more than 40% in January. It ranks 2nd in our list of the top performing energy stocks in January 2023. As of the end of the third quarter of 2022, 11 hedge funds had stakes in Independence Contract Drilling, Inc. (NYSE:ICD), compared to 10 funds in the previous quarter. The biggest stakeholder of Independence Contract Drilling, Inc. (NYSE:ICD) was Marc Lisker, Glenn Fuhrman and John Phelan’s MSDC Management, which owns a $5 million stake in the company. The second biggest stakeholder of Independence Contract Drilling, Inc. (NYSE:ICD) was Matthew Barrett’s Glendon Capital Management with a $1.7 million stake.

In November, Independence Contract Drilling posted third-quarter results. Independence Contract Drilling, Inc. (NYSE:ICD) posted adjusted EPS of-$0.35 in the period. Revenue in the quarter jumped 104% to total $49.1 million. Adjusted EBITDA came in at $12.5 million.