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

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

Independence Contract Drilling Stock Performance

The company has a market capitalization of $8.91 million, a PE ratio of -0.18 and a beta of 4.93. The firm’s 50-day moving average is $1.00 and its two-hundred day moving average is $1.45. Independence Contract Drilling has a twelve month low of $0.50 and a twelve month high of $3.29. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.26 and a current ratio of 1.31.

Independence Contract Drilling (NYSE:ICD) last announced its earnings results 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 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 predict that Independence Contract Drilling will post -2.54 earnings per share for the current year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Independence Contract Drilling stock. Virtu Financial LLC purchased a new position in shares of Independence Contract Drilling, Inc. (NYSE:ICD) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 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 as of its most recent SEC filing. Hedge funds and other institutional investors 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.