Independence Contract Drilling (NYSE:ICD) Now Covered by StockNews.com

Research analysts at StockNews.com started coverage on shares of Independence Contract Drilling (NYSE:ICD) in a report issued on Thursday. The firm set a “hold” rating on the oil and gas company’s stock.

Independence Contract Drilling Stock Down 3.4 %

Shares of ICD stock opened at $1.42 on Thursday. The company has a market capitalization of $21.60 million, a price-to-earnings ratio of -0.43 and a beta of 4.86. 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 company’s fifty day moving average price is $1.77 and its 200-day moving average price is $2.03. Independence Contract Drilling has a one year low of $1.29 and a one year 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) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.23. The firm had revenue of $46.64 million during the quarter, compared to analyst estimates of $41.64 million. Independence Contract Drilling had a negative return on equity of 11.44% and a negative net margin of 24.20%. During the same quarter in the prior year, the company posted $0.14 earnings per share. Sell-side analysts expect that Independence Contract Drilling will post -2.65 EPS for the current fiscal year.

Institutional Trading of Independence Contract Drilling

A number of large investors have recently added to or reduced their stakes in the company. CastleKnight Management LP increased its position in Independence Contract Drilling by 54.5% in the fourth quarter. CastleKnight Management LP now owns 540,554 shares of the oil and gas company’s stock worth $1,324,000 after purchasing an additional 190,679 shares during the last quarter. Tejara Capital Ltd raised its position in shares of Independence Contract Drilling by 21.9% during the 3rd quarter. Tejara Capital Ltd now owns 439,944 shares of the oil and gas company’s stock valued at $1,320,000 after buying an additional 79,029 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Independence Contract Drilling in the 1st quarter valued at about $29,000. Institutional investors own 29.38% of the company’s stock.

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.