Independence Contract Drilling (NYSE:ICD) Downgraded by StockNews.com to “Sell”

StockNews.com lowered shares of Independence Contract Drilling (NYSE:ICD) from a hold rating to a sell rating in a report released on Friday morning.

Independence Contract Drilling Trading Up 0.5 %

Shares of NYSE:ICD opened at $1.87 on Friday. The stock has a 50 day moving average of $1.84 and a 200 day moving average of $2.18. The company has a market cap of $28.55 million, a PE ratio of -0.70 and a beta of 4.91. Independence Contract Drilling has a 12-month low of $1.61 and a 12-month high of $3.45. 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 posted 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 firm had revenue of $45.83 million during the quarter, compared to the consensus estimate of $43.89 million. Independence Contract Drilling had a negative return on equity of 6.12% and a negative net margin of 17.94%. As a group, equities research analysts expect that Independence Contract Drilling will post -2.59 EPS for the current year.

Institutional Trading of Independence Contract Drilling

An institutional investor recently raised its position in Independence Contract Drilling stock. Tejara Capital Ltd grew its stake in shares of Independence Contract Drilling, Inc. (NYSE:ICD) by 21.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 439,944 shares of the oil and gas company’s stock after buying an additional 79,029 shares during the period. Tejara Capital Ltd owned 3.12% of Independence Contract Drilling worth $1,320,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors own 29.38% of the company’s stock.

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.