Independence Contract Drilling (NYSE:ICD) Now Covered by Analysts at StockNews.com

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

Independence Contract Drilling Stock Performance

The company has a market capitalization of $8.91 million, a PE ratio of -0.18 and a beta of 4.93. Independence Contract Drilling has a 1-year low of $0.50 and a 1-year high of $3.29. 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 business’s fifty day simple moving average is $1.07 and its 200 day simple moving average is $1.50.

Independence Contract Drilling (NYSE:ICD) last issued its earnings results on Wednesday, August 7th. The oil and gas company reported ($0.73) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.03. The firm had revenue of $43.33 million during the quarter, compared to analysts’ expectations of $41.86 million. Independence Contract Drilling had a negative net margin of 24.20% and a negative return on equity of 11.44%. On average, sell-side analysts expect that Independence Contract Drilling will post -2.54 EPS for the current fiscal year.

Hedge Funds Weigh In On Independence Contract Drilling

A hedge fund recently raised its stake in Independence Contract Drilling stock. CastleKnight Management LP increased its position in Independence Contract Drilling, Inc. (NYSE:ICD) by 54.5% in the fourth quarter, according to its most recent 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 period. CastleKnight Management LP owned about 3.84% of Independence Contract Drilling worth $1,324,000 at the end of the most recent reporting period. 29.38% of the stock is 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.