$45.05 Million in Sales Expected for Independence Contract Drilling Inc (NYSE:ICD) This Quarter

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%.

A number of brokerages have commented on ICD. Morgan Stanley decreased their price target on Independence Contract Drilling from $5.50 to $4.00 and set an “equal weight” rating on the stock in a research note on Friday, July 12th. TheStreet cut Independence Contract Drilling from a “c-” rating to a “d+” rating in a research note on Wednesday, June 12th. Zacks Investment Research cut Independence Contract Drilling from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 3rd. ValuEngine raised Independence Contract Drilling from a “sell” rating to a “hold” rating in a research note on Friday, August 2nd. Finally, Royal Bank of Canada set a $4.00 price target on Independence Contract Drilling and gave the stock a “buy” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $3.69.

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.

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

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