StockNews.com Begins Coverage on Independence Contract Drilling (NYSE:ICD)

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

Independence Contract Drilling Stock Performance

Shares of ICD opened at $1.25 on Monday. The business’s 50 day moving average is $1.59 and its two-hundred day moving average is $1.88. Independence Contract Drilling has a 52-week low of $1.23 and a 52-week high of $3.45. The firm has a market cap of $19.02 million, a price-to-earnings ratio of -0.38 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 (NYSE:ICD) last posted its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported ($0.50) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.73) by $0.23. 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 $46.64 million for the quarter, compared to analyst estimates of $41.64 million. During the same period in the prior year, the company posted $0.14 EPS. Analysts forecast that Independence Contract Drilling will post -2.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Independence Contract Drilling

Several large investors have recently added to or reduced their stakes in ICD. CastleKnight Management LP lifted its stake in Independence Contract Drilling by 54.5% during the fourth quarter. CastleKnight Management LP now owns 540,554 shares of the oil and gas company’s stock worth $1,324,000 after purchasing an additional 190,679 shares during the last quarter. Tejara Capital Ltd increased its position in Independence Contract Drilling by 21.9% in the third quarter. Tejara Capital Ltd now owns 439,944 shares of the oil and gas company’s stock worth $1,320,000 after buying an additional 79,029 shares during the period. Finally, Virtu Financial LLC acquired a new stake in Independence Contract Drilling in the first quarter worth $29,000. 29.38% of the stock is currently owned by institutional investors.

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.