Independence Contract Drilling (NYSE:ICD) Now Covered by Analysts at StockNews.com

Research analysts at StockNews.com started coverage on shares of Independence Contract Drilling (NYSE:ICD) in a report released on Tuesday. The firm set a “hold” rating on the oil and gas company’s stock.

Independence Contract Drilling Trading Down 2.3 %

Shares of NYSE:ICD opened at $1.27 on Tuesday. The company’s 50-day moving average price is $1.54 and its 200 day moving average price is $1.85. The company has a market cap of $19.32 million, a PE ratio of -0.38 and a beta of 4.94. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.98. Independence Contract Drilling has a fifty-two week low of $1.23 and a fifty-two week high of $3.45.

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

Institutional Investors Weigh In On Independence Contract Drilling

A number of large investors have recently added to or reduced their stakes in ICD. Virtu Financial LLC bought a new stake in Independence Contract Drilling during the 1st quarter valued at approximately $29,000. CastleKnight Management LP lifted its stake in shares of Independence Contract Drilling by 54.5% in the fourth quarter. CastleKnight Management LP now owns 540,554 shares of the oil and gas company’s stock valued at $1,324,000 after buying an additional 190,679 shares during the period. Finally, Tejara Capital Ltd grew its position in Independence Contract Drilling by 21.9% during the third quarter. Tejara Capital Ltd now owns 439,944 shares of the oil and gas company’s stock worth $1,320,000 after buying an additional 79,029 shares in the last quarter. Institutional investors own 29.38% of the company’s stock.

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.