Independence Contract Drilling (NYSE:ICD) Downgraded by StockNews.com to Sell

Independence Contract Drilling (NYSE:ICD) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Friday.

Independence Contract Drilling Stock Down 3.6 %

NYSE:ICD traded down $0.07 during midday trading on Friday, reaching $1.87. The company had a trading volume of 20,674 shares, compared to its average volume of 63,699. The firm has a market capitalization of $28.55 million, a price-to-earnings ratio of -0.70 and a beta of 4.91. The company has a current ratio of 1.07, a quick ratio of 1.04 and a debt-to-equity ratio of 0.85. The stock’s fifty day simple moving average is $1.84 and its 200-day simple moving average is $2.20. Independence Contract Drilling has a 12-month low of $1.61 and a 12-month high of $3.45.

Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings results on Wednesday, February 28th. The oil and gas company reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.15). The business had revenue of $45.83 million for the quarter, compared to analysts’ expectations of $43.89 million. Independence Contract Drilling had a negative return on equity of 6.12% and a negative net margin of 17.94%. On average, sell-side analysts anticipate that Independence Contract Drilling will post -2.59 earnings per share for the current fiscal year.

Institutional Trading of Independence Contract Drilling

A hedge fund recently raised its stake in Independence Contract Drilling stock. CastleKnight Management LP lifted its position in shares of Independence Contract Drilling, Inc. (NYSE:ICD) by 54.5% during the fourth quarter, according to its most recent Form 13F filing with the 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 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.