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

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

Independence Contract Drilling Stock Down 2.3 %

Independence Contract Drilling stock opened at $1.72 on Friday. Independence Contract Drilling has a 1-year low of $1.61 and a 1-year high of $3.45. The firm has a market capitalization of $26.16 million, a price-to-earnings ratio of -0.52 and a beta of 4.86. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.98. The firm has a 50 day simple moving average of $1.83 and a 200 day simple moving average of $2.14.

Independence Contract Drilling (NYSE:ICD) last released its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported ($0.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.23. Independence Contract Drilling had a negative net margin of 24.20% and a negative return on equity of 11.44%. The business had revenue of $46.64 million during the quarter, compared to analyst estimates of $41.64 million. During the same period in the previous year, the business earned $0.14 EPS. On average, analysts predict that Independence Contract Drilling will post -2.69 earnings per share for the current year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Independence Contract Drilling stock. Tejara Capital Ltd raised its position in Independence Contract Drilling, Inc. (NYSE:ICD) by 21.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 439,944 shares of the oil and gas company’s stock after purchasing an additional 79,029 shares during the period. Tejara Capital Ltd owned 3.12% of Independence Contract Drilling worth $1,320,000 at the end of the most recent reporting period. Institutional investors and hedge funds 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.