Independence Contract Drilling (NYSE:ICD) Shares Pass Above Fifty Day Moving Average of $3.27

Independence Contract Drilling, Inc. (NYSE:ICD – Get Rating)’s share price passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $3.27 and traded as high as $3.28. Independence Contract Drilling shares last traded at $3.12, with a volume of 115,555 shares.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Independence Contract Drilling from a “sell” rating to a “hold” rating in a report on Friday, April 14th.

Independence Contract Drilling Stock Up 2.0 %

The company has a fifty day moving average of $3.27 and a 200 day moving average of $3.61. The company has a market cap of $43.87 million, a P/E ratio of -1.93 and a beta of 4.98. The company has a quick ratio of 0.96, a current ratio of 0.99 and a debt-to-equity ratio of 0.67.

Independence Contract Drilling (NYSE:ICD – Get Rating) last announced its quarterly earnings data on Thursday, March 2nd. The oil and gas company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.13. Independence Contract Drilling had a negative return on equity of 13.08% and a negative net margin of 10.03%. The business had revenue of $60.26 million for the quarter, compared to the consensus estimate of $56.98 million. On average, research analysts anticipate that Independence Contract Drilling, Inc. will post 0.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Independence Contract Drilling

A number of hedge funds have recently made changes to their positions in ICD. UBS Group AG lifted its position in shares of Independence Contract Drilling by 9,952.0% in the fourth 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. Acadian Asset Management LLC purchased a new stake in shares of Independence Contract Drilling in the first quarter worth about $32,000. Belvedere Trading LLC purchased a new stake in shares of Independence Contract Drilling in the fourth quarter worth about $38,000. Goldman Sachs Group Inc. purchased a new stake in shares of Independence Contract Drilling in the second quarter worth about $41,000. Finally, Northern Trust Corp lifted its position in shares of Independence Contract Drilling by 26.6% in the second 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. 42.29% of the stock is currently owned by hedge funds and other institutional investors.

About Independence Contract Drilling

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Independence Contract Drilling, Inc engages in the provision of land-based contract drilling services for oil and natural gas producers. It develops and assembles the sharedriller series rig design. Its series are AC programmable, and energy efficient BiFuel. The company was founded by Philip A. Choyce and Byron A.