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

StockNews.com started coverage on shares of Independence Contract Drilling (NYSE:ICD) in a report released on Monday. The brokerage issued a hold rating on the oil and gas company’s stock.

Independence Contract Drilling Stock Up 4.5 %

ICD stock opened at $0.75 on Monday. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.98. Independence Contract Drilling has a 1-year low of $0.50 and a 1-year high of $3.40. The stock has a market cap of $11.36 million, a price-to-earnings ratio of -0.23 and a beta of 4.93. The company’s 50 day moving average is $1.16 and its 200 day moving average is $1.55.

Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings data on Wednesday, August 7th. The oil and gas company reported ($0.73) EPS for the quarter, beating the consensus estimate of ($0.76) by $0.03. 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 $43.33 million for the quarter, compared to analyst estimates of $41.86 million. Sell-side analysts predict that Independence Contract Drilling will post -2.54 EPS for the current fiscal year.

Institutional Trading of Independence Contract Drilling

A hedge fund recently bought a new stake in Independence Contract Drilling stock. Virtu Financial LLC purchased a new stake in shares of Independence Contract Drilling, Inc. (NYSE:ICD) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 15,710 shares of the oil and gas company’s stock, valued at approximately $29,000. Virtu Financial LLC owned about 0.10% of Independence Contract Drilling as of its most recent SEC filing. 29.38% of the stock is currently owned by institutional investors.

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.