Independence Contract Drilling (NYSE:ICD) Earns Hold Rating from Analysts at StockNews.com

StockNews.com initiated coverage on shares of Independence Contract Drilling (NYSE:ICD) in a research note published on Monday morning. The brokerage issued a hold rating on the oil and gas company’s stock.

Independence Contract Drilling Trading Up 1.5 %

NYSE:ICD opened at $1.33 on Monday. The firm’s fifty day moving average is $1.60 and its 200-day moving average is $1.89. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.26 and a current ratio of 1.31. Independence Contract Drilling has a 52 week low of $1.29 and a 52 week high of $3.45. The firm has a market cap of $20.23 million, a P/E ratio of -0.40 and a beta of 4.79.

Independence Contract Drilling (NYSE:ICD) last posted its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported ($0.50) EPS for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.23. Independence Contract Drilling had a negative net margin of 24.20% and a negative return on equity of 11.44%. The company had revenue of $46.64 million for the quarter, compared to analyst estimates of $41.64 million. During the same period in the prior year, the firm posted $0.14 EPS. Equities analysts expect that Independence Contract Drilling will post -2.51 earnings per share for the current year.

Institutional Investors Weigh In On Independence Contract Drilling

Institutional investors have recently modified their holdings of the company. CastleKnight Management LP lifted its position in shares of Independence Contract Drilling by 54.5% during the 4th quarter. CastleKnight Management LP now owns 540,554 shares of the oil and gas company’s stock valued at $1,324,000 after acquiring an additional 190,679 shares during the period. Tejara Capital Ltd lifted its position in shares of Independence Contract Drilling by 21.9% during the 3rd quarter. Tejara Capital Ltd now owns 439,944 shares of the oil and gas company’s stock valued at $1,320,000 after acquiring an additional 79,029 shares during the period. Finally, Virtu Financial LLC acquired a new position in shares of Independence Contract Drilling during the 1st quarter valued at $29,000. 29.38% of the stock is owned by institutional investors.

Independence Contract Drilling Company Profile

Independence Contract Drilling, Inc provides land-based contract drilling services for oil and natural gas producers in the United States. It operates a fleet of pad-optimal and superspec AC powered rigs in the Permian Basin and the Haynesville Shale. The company was incorporated in 2011 and is headquartered in Houston, Texas.