Independence Contract Drilling (NYSE:ICD) Receives New Coverage from Analysts at StockNews.com

Equities research analysts at StockNews.com assumed coverage on shares of Independence Contract Drilling (NYSE:ICD) in a research note issued to investors on Saturday. The brokerage set a “hold” rating on the oil and gas company’s stock.

Independence Contract Drilling Stock Performance

The firm has a market capitalization of $8.91 million, a PE ratio of -0.18 and a beta of 4.93. Independence Contract Drilling has a twelve month low of $0.50 and a twelve month high of $3.29. The business’s fifty day simple moving average is $0.98 and its two-hundred day simple moving average is $1.44. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.98.

Independence Contract Drilling (NYSE:ICD) last issued its earnings results 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 company 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%. Sell-side analysts expect that Independence Contract Drilling will post -2.54 EPS for the current fiscal year.

Hedge Funds Weigh In On Independence Contract Drilling

A hedge fund recently bought a new stake in Independence Contract Drilling stock. Virtu Financial LLC purchased a new position in shares of Independence Contract Drilling, Inc. (NYSE:ICD) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & 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 filing with the Securities & 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.