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

StockNews.com began coverage on shares of Independence Contract Drilling (NYSE:ICDFree Report) in a report issued on Monday morning. The brokerage issued a hold rating on the oil and gas company’s stock.

Independence Contract Drilling Price Performance

Shares of NYSE:ICD opened at $0.70 on Monday. Independence Contract Drilling has a 12 month low of $0.50 and a 12 month high of $3.29. The stock has a market cap of $10.68 million, a price-to-earnings ratio of -0.21 and a beta of 4.93. The stock’s 50 day moving average price is $1.15 and its 200 day moving average price is $1.55. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.31 and a quick ratio of 1.26.

Independence Contract Drilling (NYSE:ICDGet Free Report) last posted its quarterly earnings results on Wednesday, August 7th. The oil and gas company reported ($0.73) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.03. The firm had revenue of $43.33 million for the quarter, compared to analyst estimates of $41.86 million. Independence Contract Drilling had a negative net margin of 24.20% and a negative return on equity of 11.44%. Equities research analysts anticipate 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 position in shares of Independence Contract Drilling, Inc. (NYSE:ICDFree Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. 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 as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 29.38% of the company’s stock.

About Independence Contract Drilling

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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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