Independence Contract Drilling (NYSE:ICD) Share Price Crosses Below Two Hundred Day Moving Average of $2.24

Independence Contract Drilling, Inc. (NYSE:ICD) crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $2.24 and traded as low as $1.86. Independence Contract Drilling shares last traded at $1.90, with a volume of 68,873 shares changing hands.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Independence Contract Drilling from a “sell” rating to a “hold” rating in a research report on Thursday, April 4th.

Independence Contract Drilling Stock Down 1.1 %

The business has a 50-day simple moving average of $1.85 and a two-hundred day simple moving average of $2.24. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.04 and a current ratio of 1.07. The company has a market capitalization of $28.71 million, a price-to-earnings ratio of -0.71 and a beta of 4.91.

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

Institutional Trading of Independence Contract Drilling

A number of hedge funds have recently added to or reduced their stakes in the stock. Northern Trust Corp raised its stake in shares of Independence Contract Drilling by 26.6% during the 2nd quarter. Northern Trust Corp now owns 15,244 shares of the oil and gas company’s stock worth $48,000 after buying an additional 3,206 shares in the last quarter. UBS Group AG raised its stake in shares of Independence Contract Drilling by 9,952.0% during the 4th quarter. UBS Group AG now owns 7,539 shares of the oil and gas company’s stock worth $25,000 after buying an additional 7,464 shares in the last quarter. BlackRock Inc. raised its stake in shares of Independence Contract Drilling by 18.3% during the 2nd quarter. BlackRock Inc. now owns 49,612 shares of the oil and gas company’s stock worth $135,000 after buying an additional 7,692 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of Independence Contract Drilling during the 1st quarter worth approximately $32,000. Finally, Schonfeld Strategic Advisors LLC raised its stake in shares of Independence Contract Drilling by 72.9% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 22,300 shares of the oil and gas company’s stock worth $73,000 after buying an additional 9,400 shares in the last quarter. 29.38% of the stock is owned by institutional investors and hedge funds.

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.