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

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

Independence Contract Drilling Price Performance

Shares of NYSE:ICD opened at $1.25 on Monday. Independence Contract Drilling has a 1-year low of $1.23 and a 1-year high of $3.45. The firm has a market capitalization of $19.02 million, a PE ratio of -0.38 and a beta of 4.79. The business’s 50 day moving average is $1.59 and its 200-day moving average is $1.88. 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 (NYSE:ICD) last announced its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported ($0.50) earnings per share for the quarter, topping the consensus estimate of ($0.73) by $0.23. Independence Contract Drilling had a negative return on equity of 11.44% and a negative net margin of 24.20%. The company had revenue of $46.64 million for the quarter, compared to analyst estimates of $41.64 million. During the same quarter last year, the firm earned $0.14 EPS. Sell-side analysts predict that Independence Contract Drilling will post -2.51 earnings per share for the current year.

Institutional Trading of Independence Contract Drilling

Institutional investors have recently bought and sold shares of the stock. Virtu Financial LLC acquired a new position in Independence Contract Drilling in the first quarter worth $29,000. Tejara Capital Ltd boosted its stake in Independence Contract Drilling by 21.9% in the third quarter. Tejara Capital Ltd now owns 439,944 shares of the oil and gas company’s stock worth $1,320,000 after purchasing an additional 79,029 shares in the last quarter. Finally, CastleKnight Management LP boosted its stake 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 in 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.