Independence Contract Drilling (NYSE:ICD) Receives New Coverage from Analysts at StockNews.com

StockNews.com began coverage on shares of Independence Contract Drilling (NYSE:ICD) in a report published on Friday. The firm issued a hold rating on the oil and gas company’s stock.

Independence Contract Drilling Price Performance

The company has a market capitalization of $8.91 million, a P/E ratio of -0.18 and a beta of 4.93. The stock has a 50-day moving average of $0.98 and a two-hundred day moving average of $1.44. Independence Contract Drilling has a 52-week low of $0.50 and a 52-week high of $3.29. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.26 and a current ratio of 1.31.

Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings results on Wednesday, August 7th. The oil and gas company reported ($0.73) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.03. The company had revenue of $43.33 million during the quarter, compared to the consensus estimate of $41.86 million. Independence Contract Drilling had a negative return on equity of 11.44% and a negative net margin of 24.20%. As a group, research analysts anticipate that Independence Contract Drilling will post -2.54 earnings per share for the current fiscal 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 Independence Contract Drilling, Inc. (NYSE:ICD) during the first quarter, according to the company in its most recent filing with the Securities & 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 as of its most recent SEC filing. 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.