Independence Contract Drilling (NYSE:ICD) Stock Rating Lowered by StockNews.com

Independence Contract Drilling (NYSE:ICD) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.

Independence Contract Drilling Stock Down 3.1 %

Shares of NYSE:ICD opened at $1.86 on Wednesday. Independence Contract Drilling has a 1 year low of $1.61 and a 1 year high of $3.54. The firm has a market capitalization of $28.40 million, a PE ratio of -0.69 and a beta of 4.92. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.07 and a quick ratio of 1.04. The firm’s 50-day moving average is $1.91 and its two-hundred day moving average is $2.35.

Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings data on Wednesday, February 28th. The oil and gas company reported ($0.61) EPS for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.15). Independence Contract Drilling had a negative return on equity of 6.12% and a negative net margin of 17.94%. The company had revenue of $45.83 million for the quarter, compared to analyst estimates of $43.89 million. Analysts predict that Independence Contract Drilling will post -2.59 EPS for the current year.

Hedge Funds Weigh In On Independence Contract Drilling

A number of institutional investors and hedge funds have recently made changes to their positions in ICD. Tejara Capital Ltd boosted its holdings in Independence Contract Drilling by 21.9% in the third quarter. Tejara Capital Ltd now owns 439,944 shares of the oil and gas company’s stock valued at $1,320,000 after purchasing an additional 79,029 shares in the last quarter. CastleKnight Management LP boosted its holdings in Independence Contract Drilling by 76.0% in the second quarter. CastleKnight Management LP now owns 211,959 shares of the oil and gas company’s stock valued at $579,000 after purchasing an additional 91,526 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Independence Contract Drilling by 46.4% in the first quarter. Bank of New York Mellon Corp now owns 36,276 shares of the oil and gas company’s stock valued at $118,000 after purchasing an additional 11,504 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Independence Contract Drilling in the first quarter valued at approximately $106,000. Finally, State Street Corp boosted its holdings in Independence Contract Drilling by 65.9% in the first quarter. State Street Corp now owns 24,483 shares of the oil and gas company’s stock valued at $101,000 after purchasing an additional 9,721 shares in the last quarter. 29.38% of the stock is owned by institutional investors and hedge funds.

Independence Contract Drilling Company Profile

Independence Contract Drilling, Inc provides land-based contract drilling services for oil and natural gas producers in the United States. The company constructs, owns, and operates a fleet of pad-optimal, superspec AC powered rigs, and additional idle AC rigs in the Permian Basin and the Haynesville Shale.