StockNews.com Begins Coverage on Independence Contract Drilling (NYSE:ICD)

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

Independence Contract Drilling Stock Up 11.3 %

Independence Contract Drilling stock opened at $0.68 on Friday. The stock has a market cap of $10.33 million, a PE ratio of -0.21 and a beta of 4.93. 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 $3.45. The stock has a fifty day moving average of $1.26 and a 200 day moving average of $1.61.

Independence Contract Drilling (NYSE:ICD) last posted its quarterly earnings data on Wednesday, August 7th. The oil and gas company reported ($0.73) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.03. The company had revenue of $43.33 million during the quarter, compared to analysts’ expectations 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, sell-side analysts predict that Independence Contract Drilling will post -2.54 EPS for the current year.

Institutional Trading of Independence Contract Drilling

A hedge fund recently raised its stake in Independence Contract Drilling stock. CastleKnight Management LP grew its stake in Independence Contract Drilling, Inc. (NYSE:ICD) by 54.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 approximately 3.84% of Independence Contract Drilling worth $1,324,000 as of its most recent SEC filing. 29.38% of the stock is owned by hedge funds and other institutional investors.

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.