Independence Contract Drilling (NYSE:ICD) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of Independence Contract Drilling (NYSE:ICD) from a sell rating to a hold rating in a report issued on Saturday morning.

Independence Contract Drilling Trading Up 3.2 %

NYSE ICD opened at $1.76 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.98. The stock’s 50-day simple moving average is $1.83 and its two-hundred day simple moving average is $2.13. Independence Contract Drilling has a twelve month low of $1.61 and a twelve month high of $3.45. The company has a market capitalization of $26.69 million, a price-to-earnings ratio of -0.53 and a beta of 4.86.

Independence Contract Drilling (NYSE:ICD) last released its earnings results on Wednesday, May 1st. The oil and gas company reported ($0.50) earnings per share 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 company 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 EPS. Research analysts forecast that Independence Contract Drilling will post -2.69 EPS for the current fiscal year.

Institutional Investors Weigh In On Independence Contract Drilling

A hedge fund recently raised its stake in Independence Contract Drilling stock. CastleKnight Management LP increased its position in Independence Contract Drilling, Inc. (NYSE:ICD) by 54.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 540,554 shares of the oil and gas company’s stock after buying an additional 190,679 shares during the quarter. CastleKnight Management LP owned 3.84% of Independence Contract Drilling worth $1,324,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds 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.