Zacks: Analysts Anticipate Independence Contract Drilling Inc (ICD) Will Post Quarterly Sales of $61.50 Million

Analysts expect that Independence Contract Drilling Inc (NYSE:ICD) will announce sales of $61.50 million for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Independence Contract Drilling’s earnings. The highest sales estimate is $63.00 million and the lowest is $60.00 million. Independence Contract Drilling posted sales of $25.75 million in the same quarter last year, which would indicate a positive year over year growth rate of 138.8%. The business is expected to announce its next quarterly earnings report on Thursday, August 1st.

On average, analysts expect that Independence Contract Drilling will report full year sales of $251.18 million for the current financial year, with estimates ranging from $240.53 million to $262.00 million. For the next financial year, analysts anticipate that the firm will post sales of $282.54 million, with estimates ranging from $274.13 million to $290.50 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Independence Contract Drilling.

Independence Contract Drilling (NYSE:ICD) last released its earnings results on Thursday, May 2nd. The oil and gas company reported $0.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.06. The company had revenue of $60.36 million during the quarter, compared to the consensus estimate of $60.15 million. Independence Contract Drilling had a negative net margin of 10.27% and a negative return on equity of 0.35%.

ICD has been the subject of a number of recent research reports. B. Riley set a $8.00 price objective on shares of Independence Contract Drilling and gave the company a “buy” rating in a research report on Friday, May 3rd. Zacks Investment Research raised shares of Independence Contract Drilling from a “hold” rating to a “buy” rating and set a $3.75 price objective for the company in a research report on Thursday, February 14th. Finally, ValuEngine raised shares of Independence Contract Drilling from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $5.81.

Shares of ICD traded down $0.07 during midday trading on Wednesday, hitting $2.76. The company had a trading volume of 73,765 shares, compared to its average volume of 160,916. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.09 and a current ratio of 2.16. Independence Contract Drilling has a 52 week low of $2.60 and a 52 week high of $5.32. The company has a market capitalization of $218.13 million, a P/E ratio of -16.24 and a beta of 2.06.

In other Independence Contract Drilling news, Director Credit Opportunity Master Msd acquired 9,888 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was acquired at an average price of $2.86 per share, with a total value of $28,279.68. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders have purchased 44,580 shares of company stock valued at $126,358. Insiders own 3.10% of the company’s stock.

Several large investors have recently made changes to their positions in ICD. MSD Partners L.P. bought a new stake in shares of Independence Contract Drilling during the 4th quarter valued at about $58,637,000. Axar Capital Management L.P. acquired a new stake in shares of Independence Contract Drilling in the 4th quarter worth approximately $3,025,000. Foundry Partners LLC acquired a new stake in shares of Independence Contract Drilling in the 1st quarter worth approximately $2,669,000. BlackRock Inc. lifted its stake in shares of Independence Contract Drilling by 40.3% in the 4th quarter. BlackRock Inc. now owns 2,536,793 shares of the oil and gas company’s stock worth $7,915,000 after acquiring an additional 729,189 shares during the period. Finally, Federated Investors Inc. PA lifted its stake in shares of 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 worth $5,647,000 after acquiring an additional 603,500 shares during the period. 69.57% of the stock is 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. 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.

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Earnings History and Estimates for Independence Contract Drilling (NYSE:ICD)

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