StockNews.com Upgrades Independence Contract Drilling (NYSE:ICD) to Hold

Independence Contract Drilling (NYSE:ICD) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Saturday.

Independence Contract Drilling Price Performance

ICD stock opened at $1.76 on Friday. The stock’s 50 day moving average is $1.83 and its two-hundred day moving average is $2.15. Independence Contract Drilling has a 52-week low of $1.61 and a 52-week high of $3.45. The company has a market capitalization of $26.77 million, a PE ratio of -0.53 and a beta of 4.86. The company has a quick ratio of 1.04, a current ratio of 1.31 and a debt-to-equity ratio of 0.98.

Independence Contract Drilling (NYSE:ICD) last released its quarterly 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 business had revenue of $46.64 million during the quarter, compared to the consensus estimate of $41.64 million. Independence Contract Drilling had a negative net margin of 24.20% and a negative return on equity of 11.44%. During the same quarter last year, the company earned $0.14 earnings per share. Analysts predict that Independence Contract Drilling will post -2.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Independence Contract Drilling

An institutional investor recently raised its position in Independence Contract Drilling stock. Tejara Capital Ltd increased its holdings in shares of Independence Contract Drilling, Inc. (NYSE:ICD) by 21.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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 quarter. 29.38% of the stock is owned by institutional investors.

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.