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

StockNews.com cut shares of Independence Contract Drilling (NYSE:ICD) from a hold rating to a sell rating in a report released on Friday morning.

Independence Contract Drilling Price Performance

NYSE:ICD opened at $1.87 on Friday. The company has a fifty day moving average of $1.84 and a 200 day moving average of $2.20. Independence Contract Drilling has a 52 week low of $1.61 and a 52 week high of $3.45. The company has a current ratio of 1.07, a quick ratio of 1.04 and a debt-to-equity ratio of 0.85.

Independence Contract Drilling (NYSE:ICD) last posted its quarterly earnings results on Wednesday, February 28th. The oil and gas company reported ($0.61) EPS for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.15). Independence Contract Drilling had a negative net margin of 17.94% and a negative return on equity of 6.12%. The firm had revenue of $45.83 million for the quarter, compared to the consensus estimate of $43.89 million. On average, equities research analysts predict that Independence Contract Drilling will post -2.59 earnings per share 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. Tejara Capital Ltd raised its stake in shares of Independence Contract Drilling, Inc. (NYSE:ICD) by 21.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 439,944 shares of the oil and gas company’s stock after purchasing an additional 79,029 shares during the quarter. Tejara Capital Ltd owned approximately 3.12% of Independence Contract Drilling worth $1,320,000 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.