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

StockNews.com began coverage on shares of Independence Contract Drilling (NYSE:ICD) in a research report released on Saturday. The brokerage issued a hold rating on the oil and gas company’s stock.

Independence Contract Drilling Price Performance

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 market cap of $8.91 million, a PE ratio of -0.18 and a beta of 4.93. Independence Contract Drilling has a fifty-two week low of $0.50 and a fifty-two week high of $3.29. The stock has a 50-day moving average price of $0.98 and a 200-day moving average price of $1.44.

Independence Contract Drilling (NYSE:ICD) last released its quarterly earnings data on Wednesday, August 7th. The oil and gas company reported ($0.73) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.03. Independence Contract Drilling had a negative return on equity of 11.44% and a negative net margin of 24.20%. The company had revenue of $43.33 million during the quarter, compared to the consensus estimate of $41.86 million. On average, equities research analysts expect that Independence Contract Drilling will post -2.54 EPS for the current year.

Hedge Funds Weigh In On Independence Contract Drilling

A hedge fund recently bought a new stake in Independence Contract Drilling stock. Virtu Financial LLC bought a new position in shares of Independence Contract Drilling, Inc. (NYSE:ICD) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 15,710 shares of the oil and gas company’s stock, valued at approximately $29,000. Virtu Financial LLC owned about 0.10% of Independence Contract Drilling as of its most recent SEC filing. 29.38% of the stock is currently owned by institutional investors and hedge funds.

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.