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 research report released on Saturday morning.

Independence Contract Drilling Stock Down 2.8 %

ICD traded down $0.05 on Friday, reaching $1.76. The company’s stock had a trading volume of 22,433 shares, compared to its average volume of 46,967. The stock has a 50 day moving average of $1.83 and a two-hundred day moving average of $2.15. 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 0.98, a quick ratio of 1.04 and a current ratio of 1.31.

Independence Contract Drilling (NYSE:ICD) last posted its earnings results on Wednesday, May 1st. The oil and gas company reported ($0.50) earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $41.64 million. During the same quarter in the prior year, the company earned $0.14 EPS. On average, research analysts predict that Independence Contract Drilling will post -2.69 EPS for the current year.

Institutional Trading of Independence Contract Drilling

An institutional investor recently raised its position in Independence Contract Drilling stock. Tejara Capital Ltd increased its stake in Independence Contract Drilling, Inc. (NYSE:ICD) by 21.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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 about 3.12% of Independence Contract Drilling worth $1,320,000 as of its most recent filing with the SEC. Institutional investors and hedge funds own 29.38% of the company’s stock.

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.