E&G Advisors LP Has $63,000 Stake in Independence Contract Drilling, Inc. (NYSE:ICD)

E&G Advisors LP trimmed its stake in shares of Independence Contract Drilling, Inc. (NYSE:ICD) by 37.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,001 shares of the oil and gas company’s stock after selling 20,636 shares during the period. E&G Advisors LP owned about 0.22% of Independence Contract Drilling worth $63,000 as of its most recent SEC filing.

Separately, CastleKnight Management LP increased its stake in Independence Contract Drilling by 54.5% in 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 buying an additional 190,679 shares during the last quarter. 29.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, StockNews.com started coverage on shares of Independence Contract Drilling in a research note on Tuesday. They issued a “hold” rating on the stock.

Independence Contract Drilling Price Performance

Shares of ICD stock opened at $1.22 on Thursday. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.98. Independence Contract Drilling, Inc. has a 1 year low of $1.18 and a 1 year high of $3.45. The firm’s fifty day moving average price is $1.51 and its two-hundred day moving average price is $1.84.

Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported ($0.50) earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $46.64 million for the quarter, compared to analyst estimates of $41.64 million. During the same period in the previous year, the business earned $0.14 EPS. As a group, analysts expect that Independence Contract Drilling, Inc. will post -2.51 EPS for the current year.

Independence Contract Drilling 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.