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 released on Tuesday morning. The brokerage issued a hold rating on the oil and gas company’s stock.

Independence Contract Drilling Stock Up 0.8 %

Shares of Independence Contract Drilling stock opened at $1.23 on Tuesday. Independence Contract Drilling has a 52-week low of $1.18 and a 52-week high of $3.45. The company has a 50 day moving average of $1.48 and a 200 day moving average of $1.83. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $18.71 million, a P/E ratio of -0.37 and a beta of 4.93.

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

Hedge Funds Weigh In On Independence Contract Drilling

A number of institutional investors have recently modified their holdings of the business. CastleKnight Management LP increased its stake in Independence Contract Drilling by 54.5% in the 4th quarter. CastleKnight Management LP now owns 540,554 shares of the oil and gas company’s stock valued at $1,324,000 after buying an additional 190,679 shares during the period. Tejara Capital Ltd boosted its position in shares of 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 purchasing an additional 79,029 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Independence Contract Drilling in the 1st quarter worth about $29,000. 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.