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

StockNews.com assumed coverage on shares of Independence Contract Drilling (NYSE:ICD) in a research note released on Thursday. The firm issued a hold rating on the oil and gas company’s stock.

Independence Contract Drilling Trading Down 4.2 %

NYSE:ICD opened at $1.37 on Thursday. The stock’s 50 day moving average price is $1.38 and its 200 day moving average price is $1.73. The company has a market capitalization of $20.84 million, a PE ratio of -0.42 and a beta of 4.93. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.98. Independence Contract Drilling has a 52-week low of $1.06 and a 52-week high of $3.45.

Independence Contract Drilling (NYSE:ICD) last released its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported ($0.50) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $46.64 million for the quarter, compared to the consensus estimate of $41.64 million. During the same quarter last year, the business posted $0.14 EPS. On average, research analysts anticipate that Independence Contract Drilling will post -2.51 EPS for the current year.

Institutional Inflows and Outflows

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