Independence Contract Drilling (NYSE:ICD) Research Coverage Started at StockNews.com

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

Independence Contract Drilling Stock Down 9.9 %

ICD stock opened at $0.59 on Thursday. The firm has a 50-day moving average price of $1.03 and a 200-day moving average price of $1.47. Independence Contract Drilling has a 12 month low of $0.50 and a 12 month high of $3.29. 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 stock has a market capitalization of $8.91 million, a P/E ratio of -0.18 and a beta of 4.93.

Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings data on Wednesday, August 7th. The oil and gas company reported ($0.73) EPS for the quarter, beating the consensus estimate of ($0.76) by $0.03. The business had revenue of $43.33 million during the quarter, compared to the consensus estimate of $41.86 million. Independence Contract Drilling had a negative net margin of 24.20% and a negative return on equity of 11.44%. As a group, equities research analysts anticipate that Independence Contract Drilling will post -2.54 EPS 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 bought a new position in shares of Independence Contract Drilling, Inc. (NYSE:ICD) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 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 at the end of the most recent reporting period. 29.38% of the stock is owned by institutional investors and hedge funds.

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.