Independence Contract Drilling (NYSE:ICD) Share Price Passes Below Fifty Day Moving Average of $1.54

Independence Contract Drilling, Inc. (NYSE:ICD) crossed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $1.54 and traded as low as $1.27. Independence Contract Drilling shares last traded at $1.27, with a volume of 21,438 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com initiated coverage on Independence Contract Drilling in a report on Tuesday. They issued a “hold” rating on the stock.

Independence Contract Drilling Stock Down 2.3 %

The stock has a market cap of $19.32 million, a P/E ratio of -0.38 and a beta of 4.94. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.98. The company has a 50-day simple moving average of $1.54 and a two-hundred day simple moving average of $1.85.

Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported ($0.50) earnings per share for the quarter, beating the consensus estimate of ($0.73) by $0.23. Independence Contract Drilling had a negative net margin of 24.20% and a negative return on equity of 11.44%. The business had revenue of $46.64 million during the quarter, compared to analysts’ expectations of $41.64 million. During the same quarter in the prior year, the company posted $0.14 EPS. On average, equities analysts forecast that Independence Contract Drilling, Inc. will post -2.51 EPS for the current year.

Institutional Trading of Independence Contract Drilling

Several large investors have recently modified their holdings of ICD. Tejara Capital Ltd lifted its holdings in Independence Contract Drilling by 21.9% in the 3rd quarter. Tejara Capital Ltd now owns 439,944 shares of the oil and gas company’s stock worth $1,320,000 after buying an additional 79,029 shares during the period. CastleKnight Management LP raised its holdings in shares of Independence Contract Drilling by 54.5% during the fourth quarter. CastleKnight Management LP now owns 540,554 shares of the oil and gas company’s stock valued at $1,324,000 after acquiring an additional 190,679 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Independence Contract Drilling during the first quarter valued at approximately $29,000. 29.38% of the stock is 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.