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

Investment analysts at StockNews.com began coverage on shares of Independence Contract Drilling (NYSE:ICD) in a research report issued on Saturday. The firm set a “hold” rating on the oil and gas company’s stock.

Independence Contract Drilling Stock Down 9.9 %

Shares of NYSE:ICD opened at $0.59 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $8.91 million, a P/E ratio of -0.18 and a beta of 4.93. Independence Contract Drilling has a 52-week low of $0.50 and a 52-week high of $3.29. The stock’s fifty day simple moving average is $0.98 and its 200-day simple moving average is $1.44.

Independence Contract Drilling (NYSE:ICD) last posted its quarterly earnings data 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. Independence Contract Drilling had a negative net margin of 24.20% and a negative return on equity of 11.44%. The business had revenue of $43.33 million during the quarter, compared to analyst estimates of $41.86 million. As a group, equities research analysts forecast that Independence Contract Drilling will post -2.54 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 bought a new position in shares of Independence Contract Drilling, Inc. (NYSE:ICD) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent quarter. Institutional investors and hedge funds 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.