Independence Contract Drilling, Inc. (NYSE:ICD – Get Free Report) shares crossed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $2.17 and traded as low as $1.74. Independence Contract Drilling shares last traded at $1.76, with a volume of 22,433 shares.
Wall Street Analysts Forecast Growth
Separately, StockNews.com upgraded shares of Independence Contract Drilling from a “sell” rating to a “hold” rating in a report on Saturday.
Get Our Latest Stock Analysis on Independence Contract Drilling
Independence Contract Drilling Trading Down 2.8 %
Independence Contract Drilling (NYSE:ICD – Get Free Report) last released its earnings results on Wednesday, May 1st. The oil and gas company reported ($0.50) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.23. The firm had revenue of $46.64 million for 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 in the prior year, the firm earned $0.14 EPS. On average, analysts forecast that Independence Contract Drilling, Inc. will post -2.69 earnings per share for the current year.
Hedge Funds Weigh In On Independence Contract Drilling
A hedge fund recently raised its stake in Independence Contract Drilling stock. CastleKnight Management LP increased its position in Independence Contract Drilling, Inc. (NYSE:ICD – Free Report) by 54.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 540,554 shares of the oil and gas company’s stock after purchasing an additional 190,679 shares during the period. CastleKnight Management LP owned approximately 3.84% of Independence Contract Drilling worth $1,324,000 at the end of the most recent reporting period. 29.38% of the stock is owned by institutional investors.
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.
Further Reading
- Five stocks we like better than Independence Contract Drilling
- 3 Best Fintech Stocks for a Portfolio Boost
- MarketBeat Week in Review – 4/29 – 5/3
- Stock Market Sectors: What Are They and How Many Are There?
- Apple’s Earnings Show Investors Its Strength and Its Weakness
- How to Invest in the FAANG Stocks
- Bargain Alert: 3 Large Caps With Extremely Oversold RSIs
Receive News & Ratings for Independence Contract Drilling Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Contract Drilling and related companies with MarketBeat.com's FREE daily email newsletter.