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

StockNews.com assumed coverage on shares of Independence Contract Drilling (NYSE:ICDFree Report) in a report released on Sunday. The firm issued a hold rating on the oil and gas company’s stock.

Independence Contract Drilling Trading Down 2.8 %

Shares of ICD opened at $1.40 on Friday. The stock’s 50-day moving average is $1.65 and its two-hundred day moving average is $1.92. The stock has a market cap of $21.29 million, a PE ratio of -0.42 and a beta of 4.79. Independence Contract Drilling has a 12 month low of $1.29 and a 12 month high of $3.45. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.31 and a quick ratio of 1.26.

Independence Contract Drilling (NYSE:ICDGet Free Report) last issued 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. Independence Contract Drilling had a negative return on equity of 11.44% and a negative net margin of 24.20%. The company had revenue of $46.64 million for the quarter, compared to analysts’ expectations of $41.64 million. During the same quarter in the previous year, the firm posted $0.14 earnings per share. Equities analysts forecast that Independence Contract Drilling will post -2.51 earnings per share for the current fiscal year.

Institutional Trading of Independence Contract Drilling

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Virtu Financial LLC purchased a new stake in shares of Independence Contract Drilling during the first quarter worth about $29,000. CastleKnight Management LP increased its position in shares of Independence Contract Drilling by 54.5% during the fourth quarter. CastleKnight Management LP now owns 540,554 shares of the oil and gas company’s stock worth $1,324,000 after acquiring an additional 190,679 shares during the last quarter. Finally, Tejara Capital Ltd increased its position in shares of Independence Contract Drilling by 21.9% during the third quarter. Tejara Capital Ltd now owns 439,944 shares of the oil and gas company’s stock worth $1,320,000 after acquiring an additional 79,029 shares during the last quarter. 29.38% of the stock is owned by hedge funds and other 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.

Further Reading

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