Independence Contract Drilling (NYSE:ICD) Coverage Initiated by Analysts at StockNews.com

Posted by Doug Madison on Aug 15th, 2024

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

Independence Contract Drilling Stock Performance

ICD stock opened at $0.60 on Friday. The stock has a 50-day moving average price of $1.25 and a 200-day moving average price of $1.60. Independence Contract Drilling has a 1-year low of $0.50 and a 1-year high of $3.45. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.98. The firm has a market cap of $9.16 million, a PE ratio of -0.18 and a beta of 4.93.

Independence Contract Drilling (NYSE:ICD – Get Free Report) last issued its earnings results on Wednesday, August 7th. The oil and gas company reported ($0.73) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.03. Independence Contract Drilling had a negative return on equity of 11.44% and a negative net margin of 24.20%. The business had revenue of $43.33 million during the quarter, compared to analyst estimates of $41.86 million. As a group, equities research analysts expect that Independence Contract Drilling will post -2.54 earnings per share for the current year.

Institutional Trading of Independence Contract Drilling

An institutional investor recently raised its position in Independence Contract Drilling stock. CastleKnight Management LP lifted its position in Independence Contract Drilling, Inc. (NYSE:ICD – Free Report) by 54.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 540,554 shares of the oil and gas company’s stock after purchasing an additional 190,679 shares during the quarter. CastleKnight Management LP owned about 3.84% of Independence Contract Drilling worth $1,324,000 at the end of the most recent quarter. 29.38% of the stock is owned by hedge funds and other institutional investors.

About Independence Contract Drilling

(Get Free Report)

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.