StockNews.com Begins Coverage on Independence Contract Drilling (NYSE:ICD)

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

Independence Contract Drilling Stock Performance

NYSE ICD opened at $1.12 on Wednesday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.31 and a quick ratio of 1.26. The firm has a market capitalization of $17.04 million, a price-to-earnings ratio of -0.34 and a beta of 4.93. The company’s fifty day moving average is $1.44 and its two-hundred day moving average is $1.79. Independence Contract Drilling has a 52-week low of $1.06 and a 52-week high of $3.45.

Independence Contract Drilling (NYSE:ICD) last released its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported ($0.50) EPS for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.23. The company had revenue of $46.64 million during the quarter, compared to the consensus estimate 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 last year, the firm earned $0.14 EPS. Equities research analysts forecast that Independence Contract Drilling will post -2.51 EPS for the current year.

Hedge Funds Weigh In On Independence Contract Drilling

An institutional investor recently raised its position in Independence Contract Drilling stock. CastleKnight Management LP lifted its holdings in shares of Independence Contract Drilling, Inc. (NYSE:ICD) by 54.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 540,554 shares of the oil and gas company’s stock after buying an additional 190,679 shares during the quarter. CastleKnight Management LP owned about 3.84% of Independence Contract Drilling worth $1,324,000 at the end of the most recent quarter. 29.38% of the stock is currently 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.