Independence Contract Drilling (NYSE:ICD) Shares Pass Below 200 Day Moving Average of $2.17

Shares of Independence Contract Drilling, Inc. (NYSE:ICD) passed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $2.17 and traded as low as $1.74. Independence Contract Drilling shares last traded at $1.76, with a volume of 22,433 shares.

Analyst Ratings Changes

Separately, StockNews.com raised Independence Contract Drilling from a “sell” rating to a “hold” rating in a report on Saturday.

Independence Contract Drilling Price Performance

The company has a current ratio of 1.31, a quick ratio of 1.04 and a debt-to-equity ratio of 0.98. The stock has a fifty day moving average of $1.83 and a 200 day moving average of $2.15.

Independence Contract Drilling (NYSE:ICD) last released its earnings results on Wednesday, May 1st. The oil and gas company reported ($0.50) EPS for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.23. Independence Contract Drilling had a negative return on equity of 11.44% and a negative net margin of 24.20%. The firm had revenue of $46.64 million during the quarter, compared to the consensus estimate of $41.64 million. During the same quarter in the previous year, the company posted $0.14 earnings per share. On average, equities analysts anticipate that Independence Contract Drilling, Inc. will post -2.69 EPS for the current fiscal year.

Institutional Investors Weigh In On Independence Contract Drilling

An institutional investor recently raised its position in Independence Contract Drilling stock. CastleKnight Management LP raised its stake in Independence Contract Drilling, Inc. (NYSE:ICD) by 54.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 540,554 shares of the oil and gas company’s stock after acquiring an additional 190,679 shares during the quarter. CastleKnight Management LP owned approximately 3.84% of Independence Contract Drilling worth $1,324,000 at the end of the most recent reporting period. 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.