Independence Contract Drilling (NYSE:ICD) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Independence Contract Drilling (NYSE:ICD) from a sell rating to a hold rating in a report issued on Saturday.

Independence Contract Drilling Trading Up 3.2 %

Independence Contract Drilling stock opened at $1.76 on Friday. The business’s fifty day simple moving average is $1.83 and its two-hundred day simple moving average is $2.13. 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 company has a market capitalization of $26.69 million, a price-to-earnings ratio of -0.53 and a beta of 4.86. 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 posted its earnings results on Wednesday, May 1st. The oil and gas company reported ($0.50) EPS for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.23. The business had revenue of $46.64 million during the quarter, compared to analyst estimates of $41.64 million. Independence Contract Drilling had a negative return on equity of 11.44% and a negative net margin of 24.20%. During the same quarter last year, the company earned $0.14 EPS. As a group, equities analysts predict that Independence Contract Drilling will post -2.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Independence Contract Drilling

An institutional investor recently raised its position in Independence Contract Drilling stock. CastleKnight Management LP raised its holdings in shares of Independence Contract Drilling, Inc. (NYSE:ICD) by 54.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 540,554 shares of the oil and gas company’s stock after purchasing an additional 190,679 shares during the quarter. CastleKnight Management LP owned 3.84% of Independence Contract Drilling worth $1,324,000 as of its most recent filing with the Securities & Exchange Commission. 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.