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

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

Independence Contract Drilling Stock Down 9.9 %

ICD stock traded down $0.14 during trading hours on Friday, hitting $1.28. The company’s stock had a trading volume of 83,423 shares, compared to its average volume of 53,707. The stock has a 50 day moving average price of $1.36 and a two-hundred day moving average price of $1.68. Independence Contract Drilling has a 12 month low of $1.06 and a 12 month high of $3.45. The company has a market capitalization of $19.47 million, a PE ratio of -0.39 and a beta of 4.93. 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 earnings results on Wednesday, May 1st. The oil and gas company reported ($0.50) earnings per share 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 company had revenue of $46.64 million for the quarter, compared to analyst estimates of $41.64 million. During the same period last year, the company earned $0.14 earnings per share. On average, 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

A hedge fund recently bought a new stake in Independence Contract Drilling stock. Virtu Financial LLC bought a new position in shares of Independence Contract Drilling, Inc. (NYSE:ICD) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund 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 quarter. Institutional investors and hedge funds 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.