Independence Contract Drilling (NYSE:ICD) Now Covered by Analysts at StockNews.com

Posted by Jessica Moore on Sep 8th, 2024

StockNews.com initiated coverage on shares of Independence Contract Drilling (NYSE:ICD – Free Report) in a research report report published on Wednesday. The brokerage issued a hold rating on the oil and gas company’s stock.

Independence Contract Drilling Price Performance

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 has a 50-day simple moving average of $1.07 and a 200-day simple moving average of $1.50. Independence Contract Drilling has a twelve month low of $0.50 and a twelve month high of $3.29. The company has a market capitalization of $8.91 million, a PE ratio of -0.18 and a beta of 4.93.

Independence Contract Drilling (NYSE:ICD – Get Free Report) last issued its earnings results on Wednesday, August 7th. The oil and gas company reported ($0.73) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.03. Independence Contract Drilling had a negative net margin of 24.20% and a negative return on equity of 11.44%. The firm had revenue of $43.33 million for the quarter, compared to analysts’ expectations of $41.86 million. As a group, equities research analysts expect that Independence Contract Drilling will post -2.54 earnings per share for the current year.

Institutional Investors Weigh In On Independence Contract Drilling

A hedge fund recently bought a new stake in Independence Contract Drilling stock. Virtu Financial LLC acquired a new stake in shares of Independence Contract Drilling, Inc. (NYSE:ICD – Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 15,710 shares of the oil and gas company’s stock, valued at approximately $29,000. Virtu Financial LLC owned 0.10% of Independence Contract Drilling at the end of the most recent reporting period. Institutional investors own 29.38% of the company’s stock.

About Independence Contract Drilling

(Get Free Report)

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.