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

Equities researchers at StockNews.com initiated coverage on shares of Independence Contract Drilling (NYSE:ICDGet Free Report) in a research report issued to clients and investors on Monday. The firm set a “hold” rating on the oil and gas company’s stock.

Independence Contract Drilling Price Performance

Shares of NYSE:ICD opened at $0.72 on Monday. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.98. The firm’s 50 day moving average is $1.18 and its two-hundred day moving average is $1.56. The firm has a market capitalization of $11.02 million, a P/E ratio of -0.22 and a beta of 4.93. Independence Contract Drilling has a 52 week low of $0.50 and a 52 week high of $3.45.

Independence Contract Drilling (NYSE:ICDGet Free Report) last announced 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. Independence Contract Drilling had a negative return on equity of 11.44% and a negative net margin of 24.20%. The company had revenue of $43.33 million during the quarter, compared to analyst estimates of $41.86 million. Analysts anticipate that Independence Contract Drilling will post -2.54 earnings per share for the current 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 purchased a new position in Independence Contract Drilling, Inc. (NYSE:ICDFree Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 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. Hedge funds and other 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.

Read More

Receive News & Ratings for Independence Contract Drilling Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Contract Drilling and related companies with MarketBeat.com's FREE daily email newsletter.