Independence Contract Drilling (NYSE:ICD) Rating Increased to Hold at StockNews.com

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

Independence Contract Drilling Stock Down 2.8 %

NYSE ICD opened at $1.76 on Friday. The business has a fifty day moving average price of $1.83 and a two-hundred day moving average price of $2.17. The stock has a market capitalization of $26.77 million, a PE ratio of -0.53 and a beta of 4.86. Independence Contract Drilling has a fifty-two week low of $1.61 and a fifty-two week high of $3.45. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.07 and a quick ratio of 1.04.

Independence Contract Drilling (NYSE:ICD) last issued its earnings results on Wednesday, May 1st. The oil and gas company reported ($0.50) EPS for the quarter, topping the consensus estimate of ($0.73) by $0.23. The firm 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 firm earned $0.14 earnings per share. Equities analysts expect that Independence Contract Drilling will post -2.59 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 boosted its holdings in Independence Contract Drilling, Inc. (NYSE:ICD) by 21.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 439,944 shares of the oil and gas company’s stock after buying 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. 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.