Independence Contract Drilling (NYSE:ICD) Rating Lowered to Sell at StockNews.com

Independence Contract Drilling (NYSE:ICD) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.

Independence Contract Drilling Trading Down 4.1 %

Shares of Independence Contract Drilling stock opened at $1.86 on Friday. The stock has a fifty day simple moving average of $1.84 and a 200 day simple moving average of $2.19. Independence Contract Drilling has a 12-month low of $1.61 and a 12-month high of $3.45. The company has a market capitalization of $28.40 million, a P/E ratio of -0.69 and a beta of 4.91. The company has a current ratio of 1.07, a quick ratio of 1.04 and a debt-to-equity ratio of 0.85.

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

Institutional Inflows and Outflows

An institutional investor recently raised its position in Independence Contract Drilling stock. Tejara Capital Ltd boosted its holdings in Independence Contract Drilling, Inc. (NYSE:ICD) by 21.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 439,944 shares of the oil and gas company’s stock after purchasing an additional 79,029 shares during the period. Tejara Capital Ltd owned about 3.12% of Independence Contract Drilling worth $1,320,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 29.38% of the company’s stock.

Independence Contract Drilling Company Profile

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.