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

StockNews.com started coverage on shares of Independence Contract Drilling (NYSE:ICD) in a note issued to investors on Sunday. The brokerage set a “hold” rating on the oil and gas company’s stock.

Independence Contract Drilling Price Performance

Independence Contract Drilling stock opened at $1.43 on Friday. The firm has a 50-day moving average price of $1.66 and a 200-day moving average price of $1.93. The firm has a market capitalization of $21.75 million, a PE ratio of -0.43 and a beta of 4.79. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.98. Independence Contract Drilling has a 12-month low of $1.29 and a 12-month high of $3.45.

Independence Contract Drilling (NYSE:ICD) last posted its earnings results on Wednesday, May 1st. The oil and gas company reported ($0.50) EPS for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.23. Independence Contract Drilling had a negative net margin of 24.20% and a negative return on equity of 11.44%. The business had revenue of $46.64 million for the quarter, compared to the consensus estimate of $41.64 million. During the same quarter last year, the firm posted $0.14 EPS. As a group, equities research analysts forecast that Independence Contract Drilling will post -2.51 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ICD. Virtu Financial LLC purchased a new position in shares of Independence Contract Drilling during the first quarter worth approximately $29,000. Tejara Capital Ltd raised its stake 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 worth $1,320,000 after buying an additional 79,029 shares during the last quarter. Finally, CastleKnight Management LP raised its stake in shares of Independence Contract Drilling by 54.5% during the 4th quarter. CastleKnight Management LP now owns 540,554 shares of the oil and gas company’s stock worth $1,324,000 after buying an additional 190,679 shares during the last quarter. 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.