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

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

Independence Contract Drilling Price Performance

The company has a debt-to-equity ratio of 0.98, a current ratio of 1.31 and a quick ratio of 1.26. The firm has a market capitalization of $8.91 million, a price-to-earnings ratio of -0.18 and a beta of 4.93. Independence Contract Drilling has a 52-week low of $0.50 and a 52-week high of $3.29. The stock has a fifty day moving average of $1.00 and a two-hundred day moving average of $1.45.

Independence Contract Drilling (NYSE:ICD) last released its quarterly earnings data on Wednesday, August 7th. The oil and gas company reported ($0.73) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.03. The business had revenue of $43.33 million for the quarter, compared to analysts’ expectations of $41.86 million. Independence Contract Drilling had a negative net margin of 24.20% and a negative return on equity of 11.44%. Equities research analysts expect that Independence Contract Drilling will post -2.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Independence Contract Drilling

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

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.