Independence Contract Drilling (NYSE:ICD) Cut to Sell at StockNews.com

StockNews.com cut shares of Independence Contract Drilling (NYSE:ICD) from a hold rating to a sell rating in a research note published on Friday morning.

Independence Contract Drilling Trading Down 4.1 %

NYSE ICD opened at $1.86 on Friday. Independence Contract Drilling has a twelve month low of $1.61 and a twelve month high of $3.45. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.04 and a current ratio of 1.07. The stock has a market cap of $28.40 million, a price-to-earnings ratio of -0.69 and a beta of 4.91. The firm’s 50 day moving average price is $1.84 and its two-hundred day moving average price is $2.19.

Independence Contract Drilling (NYSE:ICD) last posted its quarterly earnings data on Wednesday, February 28th. The oil and gas company reported ($0.61) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $45.83 million for the quarter, compared to analysts’ expectations of $43.89 million. Equities analysts anticipate that Independence Contract Drilling will post -2.59 EPS for the current year.

Hedge Funds Weigh In On Independence Contract Drilling

An institutional investor recently raised its position in Independence Contract Drilling stock. Tejara Capital Ltd grew its stake in shares of Independence Contract Drilling, Inc. (NYSE:ICD) by 21.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 439,944 shares of the oil and gas company’s stock after acquiring an additional 79,029 shares during the period. Tejara Capital Ltd owned 3.12% of Independence Contract Drilling worth $1,320,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 29.38% of the company’s stock.

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. 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.