Independence Contract Drilling (NYSE:ICD) Coverage Initiated at StockNews.com

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

Independence Contract Drilling Stock Performance

NYSE ICD opened at $0.72 on Monday. Independence Contract Drilling has a 1-year low of $0.50 and a 1-year high of $3.45. The company has a market capitalization of $11.02 million, a P/E ratio of -0.22 and a beta of 4.93. The business has a 50 day moving average price of $1.18 and a 200 day moving average price of $1.56. 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:ICD) last announced its earnings results on Wednesday, August 7th. The oil and gas company reported ($0.73) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.03. The firm had revenue of $43.33 million for the quarter, compared to analysts’ expectations of $41.86 million. Independence Contract Drilling had a negative return on equity of 11.44% and a negative net margin of 24.20%. Sell-side analysts expect that Independence Contract Drilling will post -2.54 EPS for the current fiscal year.

Institutional Investors Weigh In On Independence Contract Drilling

A hedge fund recently raised its stake in Independence Contract Drilling stock. CastleKnight Management LP raised its stake in shares of Independence Contract Drilling, Inc. (NYSE:ICD) by 54.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 540,554 shares of the oil and gas company’s stock after buying an additional 190,679 shares during the quarter. CastleKnight Management LP owned about 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 and hedge funds.

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.