Independence Contract Drilling (NYSE:ICD) Now Covered by Analysts at StockNews.com

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

Independence Contract Drilling Price Performance

Shares of Independence Contract Drilling stock opened at $1.27 on Tuesday. Independence Contract Drilling has a 52-week low of $1.23 and a 52-week high of $3.45. The stock has a market capitalization of $19.32 million, a price-to-earnings ratio of -0.38 and a beta of 4.94. The company has a fifty day moving average of $1.52 and a 200-day moving average of $1.84. 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 (NYSE:ICD) last announced its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported ($0.50) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company 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 earned $0.14 EPS. Equities research analysts expect that Independence Contract Drilling will post -2.51 EPS for the current year.

Institutional Investors Weigh In On Independence Contract Drilling

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CastleKnight Management LP raised its holdings in Independence Contract Drilling by 54.5% during the 4th quarter. CastleKnight Management LP now owns 540,554 shares of the oil and gas company’s stock valued at $1,324,000 after buying an additional 190,679 shares during the last quarter. Tejara Capital Ltd raised its holdings in Independence Contract Drilling by 21.9% during the 3rd quarter. Tejara Capital Ltd now owns 439,944 shares of the oil and gas company’s stock valued at $1,320,000 after buying an additional 79,029 shares during the last quarter. Finally, Virtu Financial LLC bought a new stake in Independence Contract Drilling during the 1st quarter valued at $29,000. 29.38% of the stock is currently owned by 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.