Independence Contract Drilling (NYSE:ICD) Stock Crosses Below Two Hundred Day Moving Average of $2.17

Independence Contract Drilling, Inc. (NYSE:ICD) shares crossed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $2.17 and traded as low as $1.74. Independence Contract Drilling shares last traded at $1.76, with a volume of 22,433 shares trading hands.

Analyst Ratings Changes

Separately, StockNews.com upgraded Independence Contract Drilling from a “sell” rating to a “hold” rating in a research report on Saturday.

Independence Contract Drilling Trading Down 2.8 %

The company has a 50-day simple moving average of $1.83 and a 200-day simple moving average of $2.17. 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 $26.77 million, a P/E ratio of -0.53 and a beta of 4.86.

Independence Contract Drilling (NYSE:ICD) last released its earnings results on Wednesday, May 1st. The oil and gas company reported ($0.50) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.23. The company had revenue of $46.64 million during the quarter, compared to the consensus estimate of $41.64 million. Independence Contract Drilling had a negative return on equity of 11.05% and a negative net margin of 24.20%. During the same quarter in the previous year, the company posted $0.14 earnings per share. On average, sell-side analysts forecast that Independence Contract Drilling, Inc. will post -2.59 EPS for the current fiscal year.

Institutional Investors Weigh In On Independence Contract Drilling

An institutional investor recently raised its position in Independence Contract Drilling stock. Tejara Capital Ltd lifted its position in shares of Independence Contract Drilling, Inc. (NYSE:ICD) by 21.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 439,944 shares of the oil and gas company’s stock after acquiring an additional 79,029 shares during the quarter. Tejara Capital Ltd owned approximately 3.12% of Independence Contract Drilling worth $1,320,000 at the end of the most recent reporting period. 29.38% of the stock is currently owned by hedge funds and other institutional investors.

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.