Independence Contract Drilling (NYSE:ICD) Earns Hold Rating from Analysts at StockNews.com

StockNews.com initiated coverage on shares of Independence Contract Drilling (NYSE:ICD) in a research report sent to investors on Monday. The firm issued a hold rating on the oil and gas company’s stock.

Independence Contract Drilling Stock Up 5.6 %

Shares of ICD opened at $1.32 on Monday. The stock has a market cap of $20.08 million, a price-to-earnings ratio of -0.40 and a beta of 4.79. 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 has a 12 month low of $1.23 and a 12 month high of $3.45. The company has a 50-day moving average price of $1.56 and a two-hundred day moving average price of $1.87.

Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported ($0.50) EPS for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.23. The firm had revenue of $46.64 million during the quarter, compared to analysts’ expectations of $41.64 million. Independence Contract Drilling had a negative net margin of 24.20% and a negative return on equity of 11.44%. During the same quarter last year, the company earned $0.14 earnings per share. Equities analysts predict that Independence Contract Drilling will post -2.51 EPS for the current fiscal year.

Institutional Trading of Independence Contract Drilling

A number of hedge funds and other institutional investors have recently modified their holdings of ICD. Tejara Capital Ltd grew 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 worth $1,320,000 after acquiring an additional 79,029 shares during the period. CastleKnight Management LP grew 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 worth $1,324,000 after acquiring an additional 190,679 shares during the period. Finally, Virtu Financial LLC acquired a new stake in Independence Contract Drilling during the 1st quarter worth $29,000. Institutional investors and hedge funds own 29.38% of the company’s stock.

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.