Equities analysts expect Independence Contract Drilling Inc (NYSE:ICD) to announce sales of $45.05 million for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Independence Contract Drilling’s earnings. The highest sales estimate is $45.50 million and the lowest is $44.60 million. Independence Contract Drilling posted sales of $28.44 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 58.4%. The company is scheduled to issue its next earnings results on Tuesday, November 5th.
On average, analysts expect that Independence Contract Drilling will report full-year sales of $207.78 million for the current financial year, with estimates ranging from $205.90 million to $210.83 million. For the next fiscal year, analysts expect that the business will post sales of $229.70 million, with estimates ranging from $225.01 million to $235.10 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Independence Contract Drilling.
Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings data on Thursday, August 1st. The oil and gas company reported ($0.07) earnings per share for the quarter, missing the Zacks’ 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 net margin of 13.58% and a negative return on equity of 0.97%.
In other Independence Contract Drilling news, Director Thomas R. Bates, Jr. acquired 25,000 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were purchased at an average cost of $1.86 per share, for a total transaction of $46,500.00. Following the transaction, the director now owns 151,110 shares in the company, valued at $281,064.60. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders bought 31,000 shares of company stock worth $61,410. Corporate insiders own 3.10% of the company’s stock.
Hedge funds have recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of Independence Contract Drilling by 40.3% during the 4th quarter. BlackRock Inc. now owns 2,536,793 shares of the oil and gas company’s stock valued at $7,915,000 after acquiring an additional 729,189 shares in the last quarter. Northern Trust Corp boosted its stake in Independence Contract Drilling by 29.6% in the 4th quarter. Northern Trust Corp now owns 604,592 shares of the oil and gas company’s stock worth $1,886,000 after purchasing an additional 137,989 shares during the period. Dimensional Fund Advisors LP boosted its stake 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 worth $4,833,000 after purchasing an additional 211,759 shares during the period. Geode Capital Management LLC boosted its stake in Independence Contract Drilling by 44.4% in the 4th quarter. Geode Capital Management LLC now owns 414,608 shares of the oil and gas company’s stock worth $1,293,000 after purchasing an additional 127,457 shares during the period. Finally, Jane Street Group LLC bought a new position in Independence Contract Drilling in the 4th quarter worth about $73,000. Hedge funds and other institutional investors own 76.16% of the company’s stock.
Independence Contract Drilling stock traded down $0.02 during trading hours on Wednesday, reaching $1.10. The company had a trading volume of 49,800 shares, compared to its average volume of 217,990. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.29 and a quick ratio of 1.25. The company has a 50-day moving average price of $1.28 and a 200 day moving average price of $2.37. The firm has a market cap of $88.16 million, a price-to-earnings ratio of -6.47 and a beta of 1.90. Independence Contract Drilling has a 12-month low of $1.02 and a 12-month high of $5.05.
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 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.
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.