Independence Contract Drilling (NYSE:ICD) Lowered to “Sell” at StockNews.com

StockNews.com lowered shares of Independence Contract Drilling (NYSE:ICD) from a hold rating to a sell rating in a research report released on Wednesday.

Independence Contract Drilling Price Performance

Shares of ICD opened at $1.96 on Wednesday. The stock’s 50 day moving average is $1.91 and its two-hundred day moving average is $2.35. The firm has a market capitalization of $29.93 million, a PE ratio of -0.73 and a beta of 4.92. The company has a current ratio of 1.07, a quick ratio of 1.04 and a debt-to-equity ratio of 0.85. Independence Contract Drilling has a twelve month low of $1.61 and a twelve month high of $3.54.

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

Institutional Investors Weigh In On Independence Contract Drilling

Several institutional investors have recently modified their holdings of the company. CastleKnight Management LP boosted its stake in shares of Independence Contract Drilling by 54.5% during the 4th quarter. CastleKnight Management LP now owns 540,554 shares of the oil and gas company’s stock worth $1,324,000 after acquiring an additional 190,679 shares in the last quarter. Northern Trust Corp lifted its stake in Independence Contract Drilling by 231.8% in the 4th quarter. Northern Trust Corp now owns 57,519 shares of the oil and gas company’s stock valued at $141,000 after buying an additional 40,185 shares in the last quarter. Vanguard Group Inc. lifted its stake in Independence Contract Drilling by 18.1% in the 3rd quarter. Vanguard Group Inc. now owns 377,482 shares of the oil and gas company’s stock valued at $1,132,000 after buying an additional 57,848 shares in the last quarter. Tejara Capital Ltd lifted its stake in Independence Contract Drilling by 21.9% in the 3rd quarter. Tejara Capital Ltd now owns 439,944 shares of the oil and gas company’s stock valued at $1,320,000 after buying an additional 79,029 shares in the last quarter. Finally, BlackRock Inc. lifted its stake in Independence Contract Drilling by 18.3% in the 2nd quarter. BlackRock Inc. now owns 49,612 shares of the oil and gas company’s stock valued at $135,000 after buying an additional 7,692 shares in the last quarter. 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. 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.