Equities analysts forecast that Independence Contract Drilling Inc (NYSE:ICD) will announce sales of $57.35 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Independence Contract Drilling’s earnings, with the highest sales estimate coming in at $63.00 million and the lowest estimate coming in at $51.70 million. Independence Contract Drilling reported sales of $25.75 million during the same quarter last year, which indicates a positive year-over-year growth rate of 122.7%. The firm is scheduled to announce its next quarterly earnings report on Thursday, August 1st.
According to Zacks, analysts expect that Independence Contract Drilling will report full-year sales of $238.76 million for the current fiscal year, with estimates ranging from $224.40 million to $262.00 million. For the next financial year, analysts expect that the company will post sales of $272.02 million, with estimates ranging from $265.20 million to $283.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Independence Contract Drilling.
Independence Contract Drilling (NYSE:ICD) last posted its quarterly earnings data on Thursday, May 2nd. The oil and gas company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.06. Independence Contract Drilling had a negative return on equity of 0.35% and a negative net margin of 10.27%. The business had revenue of $60.36 million for the quarter, compared to analyst estimates of $60.15 million.
A number of research firms have recently weighed in on ICD. Zacks Investment Research lowered Independence Contract Drilling from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 7th. ValuEngine lowered Independence Contract Drilling from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Finally, B. Riley set a $8.00 price objective on Independence Contract Drilling and gave the stock a “buy” rating in a research report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $5.81.
In other Independence Contract Drilling news, Director Thomas R. Bates, Jr. bought 25,000 shares of the company’s stock in a transaction that occurred on 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 completion of the acquisition, the director now directly owns 151,110 shares of the company’s stock, valued at approximately $281,064.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Credit Opportunity Master Msd bought 9,888 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was acquired at an average cost of $2.86 per share, for a total transaction of $28,279.68. The disclosure for this purchase can be found here. Insiders purchased 55,188 shares of company stock worth $128,682 in the last three months. 3.10% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA boosted its stake in Independence Contract Drilling by 1,030.5% in the first quarter. BNP Paribas Arbitrage SA now owns 10,141 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 9,244 shares in the last quarter. ClariVest Asset Management LLC acquired a new position in Independence Contract Drilling in the fourth quarter valued at $69,000. Jane Street Group LLC acquired a new position in Independence Contract Drilling in the fourth quarter valued at $73,000. Advisory Services Network LLC boosted its stake in Independence Contract Drilling by 253.0% in the fourth quarter. Advisory Services Network LLC now owns 23,634 shares of the oil and gas company’s stock valued at $74,000 after acquiring an additional 16,939 shares in the last quarter. Finally, American International Group Inc. boosted its stake in Independence Contract Drilling by 40.9% in the fourth quarter. American International Group Inc. now owns 32,089 shares of the oil and gas company’s stock valued at $100,000 after acquiring an additional 9,318 shares in the last quarter. 74.29% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Independence Contract Drilling stock traded down $0.08 during trading hours on Friday, reaching $1.79. 128,927 shares of the company were exchanged, compared to its average volume of 186,557. Independence Contract Drilling has a 1 year low of $1.76 and a 1 year high of $5.05. The company has a current ratio of 2.16, a quick ratio of 2.09 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $139.90 million, a P/E ratio of -10.53 and a beta of 2.20.
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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