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

Independence Contract Drilling (NYSE:ICD) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.

Independence Contract Drilling Price Performance

Independence Contract Drilling stock remained flat at $1.96 during trading on Wednesday. 258,827 shares of the company were exchanged, compared to its average volume of 69,088. 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 has a one year low of $1.61 and a one year high of $3.54. The stock has a market capitalization of $29.93 million, a PE ratio of -0.73 and a beta of 4.92. The firm has a 50-day moving average of $1.91 and a 200 day moving average of $2.35.

Independence Contract Drilling (NYSE:ICD) last released its quarterly earnings data 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). The firm had revenue of $45.83 million for the quarter, compared to analysts’ expectations of $43.89 million. Independence Contract Drilling had a negative return on equity of 6.12% and a negative net margin of 17.94%. On average, equities analysts predict that Independence Contract Drilling will post -2.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Independence Contract Drilling

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Glendon Capital Management LP purchased a new position in shares of Independence Contract Drilling in the 1st quarter valued at $2,342,000. Tejara Capital Ltd acquired a new stake in shares of Independence Contract Drilling in the 4th quarter valued at about $664,000. CastleKnight Management LP grew its stake in Independence Contract Drilling by 54.5% during the 4th quarter. CastleKnight Management LP now owns 540,554 shares of the oil and gas company’s stock worth $1,324,000 after buying an additional 190,679 shares during the last quarter. Millennium Management LLC increased its position in Independence Contract Drilling by 478.7% during the second quarter. Millennium Management LLC now owns 171,929 shares of the oil and gas company’s stock worth $538,000 after buying an additional 142,219 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in shares of Independence Contract Drilling by 161.5% in the fourth quarter. Renaissance Technologies LLC now owns 164,465 shares of the oil and gas company’s stock valued at $538,000 after acquiring an additional 101,565 shares during the period. 29.38% of the stock is owned by institutional investors and hedge funds.

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. The company constructs, owns, and operates a fleet of pad-optimal, superspec AC powered rigs, and additional idle AC rigs in the Permian Basin and the Haynesville Shale.