Equities analysts forecast that Independence Contract Drilling Inc (NYSE:ICD) will post sales of $45.05 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Independence Contract Drilling’s earnings, with the lowest sales estimate coming in at $44.60 million and the highest estimate coming in at $45.50 million. Independence Contract Drilling posted sales of $28.44 million during the same quarter last year, which would indicate a positive year over year growth rate of 58.4%. The firm is scheduled to issue its next earnings results on Tuesday, November 5th.
According to Zacks, analysts expect that Independence Contract Drilling will report full-year sales of $207.78 million for the current year, with estimates ranging from $205.90 million to $210.83 million. For the next financial year, analysts forecast that the business will report sales of $229.70 million, with estimates ranging from $225.01 million to $235.10 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover Independence Contract Drilling.
Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings data on Thursday, August 1st. The oil and gas company reported ($0.07) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.03). The firm had revenue of $52.88 million for the quarter, compared to analysts’ expectations of $51.70 million. Independence Contract Drilling had a negative return on equity of 0.97% and a negative net margin of 13.58%.
Several equities analysts have recently weighed in on the company. Zacks Investment Research downgraded Independence Contract Drilling from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 3rd. Morgan Stanley cut their target price on Independence Contract Drilling from $5.50 to $4.00 and set an “equal weight” rating on the stock in a research report on Friday, July 12th. ValuEngine raised Independence Contract Drilling from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd. B. Riley cut their target price on Independence Contract Drilling from $5.75 to $5.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, Royal Bank of Canada set a $4.00 target price on Independence Contract Drilling and gave the company a “buy” rating in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $3.69.
In related news, Director Thomas R. Bates, Jr. bought 25,000 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were purchased at an average price of $1.86 per share, with a total value of $46,500.00. Following the transaction, the director now owns 151,110 shares in the company, valued at approximately $281,064.60. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last three months, insiders have bought 31,000 shares of company stock worth $61,410. Corporate insiders own 3.10% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. grew its position in Independence Contract Drilling by 12.0% in the 2nd quarter. BlackRock Inc. now owns 2,799,854 shares of the oil and gas company’s stock valued at $4,425,000 after acquiring an additional 299,723 shares during the last quarter. Federated Investors Inc. PA grew its position in Independence Contract Drilling by 42.1% in the 1st quarter. Federated Investors Inc. PA now owns 2,038,500 shares of the oil and gas company’s stock valued at $5,647,000 after acquiring an additional 603,500 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Independence Contract Drilling by 15.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,548,482 shares of the oil and gas company’s stock valued at $4,833,000 after acquiring an additional 211,759 shares during the last quarter. Foundry Partners LLC grew its position in Independence Contract Drilling by 8.0% in the 2nd quarter. Foundry Partners LLC now owns 1,040,725 shares of the oil and gas company’s stock valued at $1,644,000 after acquiring an additional 77,150 shares during the last quarter. Finally, FMR LLC grew its position in shares of Independence Contract Drilling by 14.9% during the 1st quarter. FMR LLC now owns 689,455 shares of the oil and gas company’s stock worth $1,910,000 after buying an additional 89,500 shares in the last quarter. 73.98% of the stock is currently owned by institutional investors.
Shares of NYSE ICD traded down $0.06 during trading hours on Wednesday, hitting $1.12. 104,000 shares of the company traded hands, compared to its average volume of 254,698. The stock has a market capitalization of $86.18 million, a price-to-earnings ratio of -6.59 and a beta of 1.90. The company has a current ratio of 1.29, a quick ratio of 1.25 and a debt-to-equity ratio of 0.34. The company’s 50 day moving average price is $1.31 and its 200 day moving average price is $2.39. Independence Contract Drilling has a 12 month low of $1.02 and a 12 month high of $5.05.
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 ShaleDriller rigs that are engineered and designed to optimize the development of various oil and natural gas properties in the Permian Basin and the Haynesville Shale.
Further Reading: Rule of 72
Get a free copy of the Zacks research report on Independence Contract Drilling (ICD)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Independence Contract Drilling Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independence Contract Drilling and related companies with MarketBeat.com's FREE daily email newsletter.