Independence Contract Drilling (NYSE:ICD) Shares Pass Above 50-Day Moving Average of $1.88

Shares of Independence Contract Drilling, Inc. (NYSE:ICDGet Free Report) crossed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $1.88 and traded as high as $1.95. Independence Contract Drilling shares last traded at $1.90, with a volume of 18,378 shares traded.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Independence Contract Drilling from a “sell” rating to a “hold” rating in a research note on Thursday.

Get Our Latest Research Report on Independence Contract Drilling

Independence Contract Drilling Price Performance

The stock has a market capitalization of $29.01 million, a PE ratio of -0.71 and a beta of 4.91. The stock’s 50 day moving average is $1.88 and its two-hundred day moving average is $2.31. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.04 and a current ratio of 1.07.

Independence Contract Drilling (NYSE:ICDGet Free Report) last issued its quarterly earnings results on Wednesday, February 28th. The oil and gas company reported ($0.61) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.15). The company had revenue of $45.83 million during the quarter, compared to analysts’ expectations of $43.89 million. Independence Contract Drilling had a negative net margin of 17.94% and a negative return on equity of 6.12%. On average, equities analysts anticipate that Independence Contract Drilling, Inc. will post -2.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. CastleKnight Management LP lifted its stake in Independence Contract Drilling by 54.5% in the 4th quarter. CastleKnight Management LP now owns 540,554 shares of the oil and gas company’s stock valued at $1,324,000 after buying an additional 190,679 shares in the last quarter. Northern Trust Corp lifted its stake in Independence Contract Drilling by 231.8% in the 4th quarter. Northern Trust Corp now owns 57,519 shares of the oil and gas company’s stock valued at $141,000 after buying an additional 40,185 shares in the last quarter. Vanguard Group Inc. raised its holdings in Independence Contract Drilling by 18.1% in the 3rd quarter. Vanguard Group Inc. now owns 377,482 shares of the oil and gas company’s stock valued at $1,132,000 after acquiring an additional 57,848 shares during the last quarter. Tejara Capital Ltd raised its holdings in Independence Contract Drilling by 21.9% in the 3rd quarter. Tejara Capital Ltd now owns 439,944 shares of the oil and gas company’s stock valued at $1,320,000 after acquiring an additional 79,029 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in Independence Contract Drilling by 18.3% in the 2nd quarter. BlackRock Inc. now owns 49,612 shares of the oil and gas company’s stock valued at $135,000 after acquiring an additional 7,692 shares during the last quarter. 29.38% of the stock is owned by hedge funds and other institutional investors.

Independence Contract Drilling Company Profile

(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.

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