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

StockNews.com initiated coverage on shares of Independence Contract Drilling (NYSE:ICD) in a report issued on Sunday. The brokerage issued a hold rating on the oil and gas company’s stock.

Independence Contract Drilling Trading Down 4.2 %

NYSE:ICD opened at $1.38 on Friday. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $20.99 million, a PE ratio of -0.42 and a beta of 4.79. The firm’s 50 day moving average is $1.63 and its 200 day moving average is $1.92. 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 released its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported ($0.50) earnings per share 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 during the quarter, compared to analyst estimates of $41.64 million. During the same period in the previous year, the business earned $0.14 EPS. Sell-side analysts expect that Independence Contract Drilling will post -2.51 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ICD. Tejara Capital Ltd grew its stake in Independence Contract Drilling by 21.9% in 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. CastleKnight Management LP grew its stake in Independence Contract Drilling by 54.5% in the 4th quarter. CastleKnight Management LP now owns 540,554 shares of the oil and gas company’s stock valued at $1,324,000 after buying an additional 190,679 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Independence Contract Drilling during the 1st quarter valued at $29,000. 29.38% of the stock is currently owned by hedge funds and other institutional investors.

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.