Independence Contract Drilling (NYSE:ICD) Stock Passes Below 200-Day Moving Average of $2.24

Independence Contract Drilling, Inc. (NYSE:ICD) crossed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $2.24 and traded as low as $1.86. Independence Contract Drilling shares last traded at $1.90, with a volume of 68,873 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Independence Contract Drilling from a “sell” rating to a “hold” rating in a report on Thursday, April 4th.

Independence Contract Drilling Stock Down 4.0 %

The company has a quick ratio of 1.04, a current ratio of 1.07 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $29.01 million, a PE ratio of -0.71 and a beta of 4.92. The business’s 50 day simple moving average is $1.85 and its 200 day simple moving average is $2.24.

Independence Contract Drilling (NYSE:ICD) last posted its quarterly earnings data on Wednesday, February 28th. The oil and gas company reported ($0.61) EPS for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.15). Independence Contract Drilling had a negative net margin of 17.94% and a negative return on equity of 6.12%. The firm had revenue of $45.83 million for the quarter, compared to analysts’ expectations of $43.89 million. As a group, analysts forecast that Independence Contract Drilling, Inc. will post -2.59 EPS for the current year.

Institutional Trading of Independence Contract Drilling

Hedge funds have recently bought and sold shares of the company. UBS Group AG lifted its stake in Independence Contract Drilling by 9,952.0% during the fourth quarter. UBS Group AG now owns 7,539 shares of the oil and gas company’s stock valued at $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 approximately $32,000. Belvedere Trading LLC purchased a new stake in shares of Independence Contract Drilling in the fourth quarter worth approximately $38,000. Goldman Sachs Group Inc. acquired a new stake in shares of Independence Contract Drilling during the second quarter worth approximately $41,000. Finally, Northern Trust Corp grew its position in Independence Contract Drilling by 26.6% during the second quarter. Northern Trust Corp now owns 15,244 shares of the oil and gas company’s stock valued at $48,000 after purchasing an additional 3,206 shares in the last quarter. 29.38% of the stock is owned by hedge funds and other institutional investors.

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.