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

Research analysts at StockNews.com assumed coverage on shares of Independence Contract Drilling (NYSE:ICD – Get Free Report) in a report released on Wednesday. The brokerage set a “hold” rating on the oil and gas company’s stock.

Independence Contract Drilling Stock Down 4.3 %

Independence Contract Drilling stock opened at $1.10 on Wednesday. The firm has a market capitalization of $16.73 million, a price-to-earnings ratio of -0.33 and a beta of 4.93. The firm’s fifty day moving average price is $1.47 and its two-hundred day moving average price is $1.81. Independence Contract Drilling has a 1-year low of $1.06 and a 1-year high of $3.45. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.98.

Independence Contract Drilling (NYSE:ICD – Get Free Report) last announced its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported ($0.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.73) by $0.23. The business had revenue of $46.64 million during the quarter, compared to the consensus estimate of $41.64 million. Independence Contract Drilling had a negative return on equity of 11.44% and a negative net margin of 24.20%. During the same quarter in the prior year, the company posted $0.14 earnings per share. On average, equities research analysts predict that Independence Contract Drilling will post -2.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Independence Contract Drilling

A hedge fund recently bought a new stake in Independence Contract Drilling stock. Virtu Financial LLC acquired a new stake in Independence Contract Drilling, Inc. (NYSE:ICD – Free Report) in the first quarter, according to its most recent filing with the SEC. The fund acquired 15,710 shares of the oil and gas company’s stock, valued at approximately $29,000. Virtu Financial LLC owned approximately 0.10% of Independence Contract Drilling at the end of the most recent quarter. Institutional investors own 29.38% of the company’s stock.

About Independence Contract Drilling

(Get Free Report)

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.

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