Independence Contract Drilling (NYSE:ICD) announced its earnings results on Monday. The oil and gas company reported ($0.12) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.11) by ($0.01), Bloomberg Earnings reports. Independence Contract Drilling had a negative net margin of 27.00% and a negative return on equity of 8.15%. The business had revenue of $25.04 million for the quarter, compared to analysts’ expectations of $24.43 million. During the same period in the prior year, the company posted ($0.14) earnings per share. The firm’s quarterly revenue was up 39.1% on a year-over-year basis.
Independence Contract Drilling (NYSE:ICD) opened at $4.27 on Wednesday. The firm has a market cap of $162.30, a P/E ratio of -6.57 and a beta of 2.85. Independence Contract Drilling has a 12-month low of $2.72 and a 12-month high of $6.32. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.01 and a quick ratio of 1.84.
An institutional investor recently raised its position in Independence Contract Drilling stock. State Street Corp increased its stake in shares of Independence Contract Drilling Inc (NYSE:ICD) by 9.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 461,957 shares of the oil and gas company’s stock after acquiring an additional 39,570 shares during the quarter. State Street Corp owned about 1.22% of Independence Contract Drilling worth $1,799,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 78.35% 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. The company constructs, owns, and operates a fleet of ShaleDriller rigs to optimize the development of various oil and gas properties in the Permian Basin. As of December 31, 2016, it had 12 rigs.
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