Independence Contract Drilling (NYSE:ICD) Upgraded to “Hold” by StockNews.com

Posted by Tyrone Williams on May 7th, 2024

StockNews.com upgraded shares of Independence Contract Drilling (NYSE:ICD – Free Report) from a sell rating to a hold rating in a report published on Saturday.

Independence Contract Drilling Price Performance

ICD stock opened at $1.72 on Friday. The stock has a market cap of $26.16 million, a PE ratio of -0.52 and a beta of 4.86. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.98. Independence Contract Drilling has a 12 month low of $1.61 and a 12 month high of $3.45. The company has a 50-day moving average price of $1.83 and a 200 day moving average price of $2.14.

Independence Contract Drilling (NYSE:ICD – Get Free Report) last released its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported ($0.50) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.73) by $0.23. The company had revenue of $46.64 million during the quarter, compared to analysts’ expectations of $41.64 million. Independence Contract Drilling had a negative net margin of 24.20% and a negative return on equity of 11.44%. During the same period in the previous year, the company earned $0.14 EPS. Equities research analysts anticipate that Independence Contract Drilling will post -2.69 earnings per share for the current year.

Institutional Investors Weigh In On Independence Contract Drilling

An institutional investor recently raised its position in Independence Contract Drilling stock. CastleKnight Management LP grew its holdings in Independence Contract Drilling, Inc. (NYSE:ICD – Free Report) by 54.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 540,554 shares of the oil and gas company’s stock after purchasing an additional 190,679 shares during the quarter. CastleKnight Management LP owned approximately 3.84% of Independence Contract Drilling worth $1,324,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 29.38% of the company’s stock.

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.