Equities research analysts expect Independence Contract Drilling Inc (NYSE:ICD) to announce $24.80 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Independence Contract Drilling’s earnings. The lowest sales estimate is $24.40 million and the highest is $25.20 million. Independence Contract Drilling reported sales of $20.24 million in the same quarter last year, which would suggest a positive year over year growth rate of 22.5%. The firm is scheduled to issue its next quarterly earnings results on Thursday, April 26th.
According to Zacks, analysts expect that Independence Contract Drilling will report full year sales of $24.80 million for the current fiscal year, with estimates ranging from $108.90 million to $115.00 million. For the next financial year, analysts anticipate that the business will post sales of $142.72 million per share, with estimates ranging from $129.60 million to $153.56 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Independence Contract Drilling.
Independence Contract Drilling (NYSE:ICD) last posted its quarterly earnings data on Monday, February 26th. The oil and gas company reported ($0.12) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.01). The company had revenue of $25.04 million for the quarter, compared to analysts’ expectations of $24.43 million. Independence Contract Drilling had a negative net margin of 27.00% and a negative return on equity of 8.24%. The business’s quarterly revenue was up 39.1% compared to the same quarter last year. During the same quarter last year, the business posted ($0.14) EPS.
Independence Contract Drilling (NYSE:ICD) traded down $0.04 during trading on Friday, hitting $4.40. 125,368 shares of the stock traded hands, compared to its average volume of 166,370. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.47 and a current ratio of 1.62. The stock has a market cap of $169.16, a PE ratio of -6.95 and a beta of 2.79. Independence Contract Drilling has a 12-month low of $2.72 and a 12-month high of $5.95.
A number of large investors have recently modified their holdings of ICD. Dumac Inc. purchased a new position in Independence Contract Drilling in the 4th quarter worth $1,562,000. Lafitte Capital Management LP raised its position in Independence Contract Drilling by 126.9% in the 4th quarter. Lafitte Capital Management LP now owns 471,394 shares of the oil and gas company’s stock worth $1,876,000 after purchasing an additional 263,673 shares during the period. Dimensional Fund Advisors LP raised its position in Independence Contract Drilling by 84.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 473,258 shares of the oil and gas company’s stock worth $1,841,000 after purchasing an additional 216,772 shares during the period. Napier Park Global Capital US LP raised its position in Independence Contract Drilling by 142.3% in the 4th quarter. Napier Park Global Capital US LP now owns 315,000 shares of the oil and gas company’s stock worth $1,256,000 after purchasing an additional 185,000 shares during the period. Finally, Northern Trust Corp raised its position in Independence Contract Drilling by 61.2% in the 2nd quarter. Northern Trust Corp now owns 467,479 shares of the oil and gas company’s stock worth $1,819,000 after purchasing an additional 177,525 shares during the period. Institutional investors own 77.01% 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. 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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