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 note published on Friday morning. The firm issued a hold rating on the oil and gas company’s stock.

Independence Contract Drilling Trading Down 9.9 %

Shares of Independence Contract Drilling stock opened at $0.59 on Friday. The company has a market capitalization of $8.91 million, a price-to-earnings ratio of -0.18 and a beta of 4.93. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.98. Independence Contract Drilling has a 12-month low of $0.50 and a 12-month high of $3.29. The firm’s 50-day moving average price is $1.00 and its two-hundred day moving average price is $1.45.

Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings data 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 firm had revenue of $43.33 million for 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%. On average, analysts forecast that Independence Contract Drilling will post -2.54 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 15,710 shares of the oil and gas company’s stock, valued at approximately $29,000. Virtu Financial LLC owned about 0.10% of Independence Contract Drilling at the end of the most recent reporting period. 29.38% of the stock is currently 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.