Independence Contract Drilling (NYSE:ICD) Downgraded to Sell at StockNews.com

Posted by Doug Wharley on Apr 27th, 2024

StockNews.com lowered shares of Independence Contract Drilling (NYSE:ICD – Free Report) from a hold rating to a sell rating in a research note published on Friday.

Independence Contract Drilling Stock Down 3.6 %

Independence Contract Drilling stock opened at $1.87 on Friday. The company’s 50-day moving average is $1.84 and its 200-day moving average is $2.20. Independence Contract Drilling has a fifty-two week low of $1.61 and a fifty-two week high of $3.45. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.04 and a current ratio of 1.07.

Independence Contract Drilling (NYSE:ICD – Get Free Report) last released its quarterly earnings data on Wednesday, February 28th. The oil and gas company reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.46) by ($0.15). The firm had revenue of $45.83 million for the quarter, compared to analyst estimates of $43.89 million. Independence Contract Drilling had a negative return on equity of 6.12% and a negative net margin of 17.94%. On average, analysts anticipate that Independence Contract Drilling will post -2.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Independence Contract Drilling stock. Tejara Capital Ltd boosted its stake in Independence Contract Drilling, Inc. (NYSE:ICD – Free Report) by 21.9% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 439,944 shares of the oil and gas company’s stock after buying an additional 79,029 shares during the period. Tejara Capital Ltd owned approximately 3.12% of Independence Contract Drilling worth $1,320,000 as of its most recent filing with the SEC. 29.38% of the stock is owned by institutional investors.

Independence Contract Drilling Company Profile

(Get Free Report)

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.