Independence Contract Drilling (NYSE:ICD) Coverage Initiated by Analysts at StockNews.com

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

Independence Contract Drilling Price Performance

ICD opened at $0.65 on Monday. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.98. The business has a fifty day moving average of $1.20 and a 200 day moving average of $1.57. Independence Contract Drilling has a 52-week low of $0.50 and a 52-week high of $3.45. The stock has a market cap of $9.89 million, a P/E ratio of -0.20 and a beta of 4.93.

Independence Contract Drilling (NYSE:ICD) last posted its quarterly earnings results on Wednesday, August 7th. The oil and gas company reported ($0.73) EPS for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.03. 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 $43.33 million for the quarter, compared to analysts’ expectations of $41.86 million. As a group, sell-side analysts anticipate that Independence Contract Drilling will post -2.54 EPS for the current year.

Institutional Investors Weigh In On Independence Contract Drilling

An institutional investor recently bought a new position in Independence Contract Drilling stock. Virtu Financial LLC acquired a new position in Independence Contract Drilling, Inc. (NYSE:ICD) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 15,710 shares of the oil and gas company’s stock, valued at approximately $29,000. Virtu Financial LLC owned 0.10% of Independence Contract Drilling at the end of the most recent reporting period. Institutional investors and hedge funds own 29.38% of the company’s stock.

About Independence Contract Drilling

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.