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

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

Independence Contract Drilling Stock Performance

NYSE:ICD opened at $0.59 on Friday. The company has a market capitalization of $8.91 million, a PE ratio of -0.18 and a beta of 4.93. The company has a 50 day simple moving average of $1.00 and a two-hundred day simple moving average of $1.45. 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 has a fifty-two week low of $0.50 and a fifty-two week high of $3.29.

Independence Contract Drilling (NYSE:ICD) last released its earnings results on Wednesday, August 7th. The oil and gas company reported ($0.73) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.03. The business had revenue of $43.33 million during the quarter, compared to the consensus estimate of $41.86 million. Independence Contract Drilling had a negative net margin of 24.20% and a negative return on equity of 11.44%. Research analysts anticipate 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 raised its stake in Independence Contract Drilling stock. CastleKnight Management LP lifted its stake in shares of Independence Contract Drilling, Inc. (NYSE:ICD) by 54.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 540,554 shares of the oil and gas company’s stock after buying an additional 190,679 shares during the quarter. CastleKnight Management LP owned about 3.84% of Independence Contract Drilling worth $1,324,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors 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.