Independence Contract Drilling (NYSE:ICD) Share Price Crosses Below Two Hundred Day Moving Average of $2.24

Shares of Independence Contract Drilling, Inc. (NYSE:ICD) crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $2.24 and traded as low as $1.86. Independence Contract Drilling shares last traded at $1.90, with a volume of 68,873 shares trading hands.

Analyst Ratings Changes

Separately, StockNews.com upgraded Independence Contract Drilling from a “sell” rating to a “hold” rating in a research note on Thursday, April 4th.

Independence Contract Drilling Stock Performance

The company has a quick ratio of 1.04, a current ratio of 1.07 and a debt-to-equity ratio of 0.85. The company has a 50-day moving average price of $1.85 and a 200-day moving average price of $2.24. The firm has a market capitalization of $28.71 million, a price-to-earnings ratio of -0.71 and a beta of 4.91.

Independence Contract Drilling (NYSE:ICD) last issued 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 business had revenue of $45.83 million for the quarter, compared to analyst estimates 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 forecast that Independence Contract Drilling, Inc. will post -2.59 earnings per share for the current year.

Hedge Funds Weigh In On Independence Contract Drilling

Several hedge funds and other institutional investors have recently made changes to their positions in the business. CastleKnight Management LP boosted its position in shares of Independence Contract Drilling by 54.5% during the fourth 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 period. Northern Trust Corp raised its holdings in Independence Contract Drilling by 231.8% during the fourth quarter. Northern Trust Corp now owns 57,519 shares of the oil and gas company’s stock worth $141,000 after purchasing an additional 40,185 shares in the last quarter. Vanguard Group Inc. raised its holdings in Independence Contract Drilling by 18.1% during the third quarter. Vanguard Group Inc. now owns 377,482 shares of the oil and gas company’s stock worth $1,132,000 after purchasing an additional 57,848 shares in the last quarter. Tejara Capital Ltd raised its holdings in Independence Contract Drilling by 21.9% during the third quarter. Tejara Capital Ltd now owns 439,944 shares of the oil and gas company’s stock worth $1,320,000 after purchasing an additional 79,029 shares in the last quarter. Finally, BlackRock Inc. raised its holdings in Independence Contract Drilling by 18.3% during the second quarter. BlackRock Inc. now owns 49,612 shares of the oil and gas company’s stock worth $135,000 after purchasing an additional 7,692 shares in the last quarter. 29.38% of the stock is currently 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. 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.