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

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

Independence Contract Drilling Stock Down 9.9 %

ICD stock opened at $0.59 on Friday. The stock has a market capitalization of $8.91 million, a PE ratio of -0.18 and a beta of 4.93. The company has a fifty day moving average of $0.98 and a 200-day moving average of $1.44. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.26 and a current ratio of 1.31. Independence Contract Drilling has a one year low of $0.50 and a one year high of $3.29.

Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings data on Wednesday, August 7th. The oil and gas company reported ($0.73) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.03. The company had revenue of $43.33 million for the quarter, compared to analyst estimates of $41.86 million. Independence Contract Drilling had a negative return on equity of 11.44% and a negative net margin of 24.20%. As a group, analysts expect that Independence Contract Drilling will post -2.54 EPS for the current year.

Institutional Investors Weigh In On Independence Contract Drilling

An institutional investor recently bought a new position in Independence Contract Drilling stock. Virtu Financial LLC acquired a new position in shares of Independence Contract Drilling, Inc. (NYSE:ICD) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 15,710 shares of the oil and gas company’s stock, valued at approximately $29,000. Virtu Financial LLC owned approximately 0.10% of Independence Contract Drilling at the end of the most recent quarter. Hedge funds and other institutional investors own 29.38% of the company’s stock.

Independence Contract Drilling Company Profile

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.