Brokerages Anticipate Independence Contract Drilling Inc (ICD) Will Post Earnings of -$0.11 Per Share

Wall Street brokerages expect Independence Contract Drilling Inc (NYSE:ICD) to report earnings of ($0.11) per share for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Independence Contract Drilling’s earnings. The highest EPS estimate is ($0.10) and the lowest is ($0.11). Independence Contract Drilling reported earnings of ($0.14) per share in the same quarter last year, which suggests a positive year over year growth rate of 21.4%. The firm is expected to report its next quarterly earnings results on Tuesday, February 27th.

On average, analysts expect that Independence Contract Drilling will report full-year earnings of ($0.53) per share for the current financial year, with EPS estimates ranging from ($0.56) to ($0.51). For the next financial year, analysts anticipate that the firm will report earnings of ($0.25) per share, with EPS estimates ranging from ($0.49) to ($0.04). Zacks’ EPS calculations are an average based on a survey of research analysts that cover Independence Contract Drilling.

Independence Contract Drilling (NYSE:ICD) last announced its quarterly earnings results on Tuesday, October 31st. The oil and gas company reported ($0.13) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.11) by ($0.02). The business had revenue of $23.45 million for the quarter, compared to analysts’ expectations of $23.54 million. Independence Contract Drilling had a negative net margin of 34.87% and a negative return on equity of 8.28%. The business’s quarterly revenue was up 62.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.17) earnings per share.

Several analysts have issued reports on ICD shares. Zacks Investment Research cut shares of Independence Contract Drilling from a “hold” rating to a “sell” rating in a research note on Wednesday, September 6th. ValuEngine cut shares of Independence Contract Drilling from a “sell” rating to a “strong sell” rating in a research note on Friday, September 8th. Royal Bank of Canada lowered their target price on shares of Independence Contract Drilling from $7.00 to $6.00 and set an “outperform” rating on the stock in a research note on Friday, September 29th. Cowen set a $5.00 target price on shares of Independence Contract Drilling and gave the stock a “buy” rating in a research note on Wednesday, October 18th. Finally, FBR & Co reiterated a “buy” rating on shares of Independence Contract Drilling in a research note on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $5.69.

Large investors have recently modified their holdings of the company. Rhumbline Advisers grew its holdings in shares of Independence Contract Drilling by 23.1% during the 2nd quarter. Rhumbline Advisers now owns 36,824 shares of the oil and gas company’s stock valued at $143,000 after purchasing an additional 6,920 shares during the last quarter. BB&T Securities LLC grew its holdings in shares of Independence Contract Drilling by 1.0% during the 2nd quarter. BB&T Securities LLC now owns 40,300 shares of the oil and gas company’s stock valued at $156,000 after purchasing an additional 400 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Independence Contract Drilling by 12.9% during the 2nd quarter. Goldman Sachs Group Inc. now owns 60,414 shares of the oil and gas company’s stock valued at $235,000 after purchasing an additional 6,917 shares during the last quarter. California State Teachers Retirement System grew its holdings in shares of Independence Contract Drilling by 0.8% during the 2nd quarter. California State Teachers Retirement System now owns 60,763 shares of the oil and gas company’s stock valued at $236,000 after purchasing an additional 500 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in shares of Independence Contract Drilling by 22.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 121,019 shares of the oil and gas company’s stock valued at $460,000 after purchasing an additional 22,420 shares during the last quarter. 78.24% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Independence Contract Drilling (NYSE:ICD) traded down $0.04 during mid-day trading on Friday, hitting $3.98. 46,650 shares of the company were exchanged, compared to its average volume of 169,855. The stock has a market cap of $153.07, a PE ratio of -5.10 and a beta of 2.80. The company has a quick ratio of 1.84, a current ratio of 2.01 and a debt-to-equity ratio of 0.20. Independence Contract Drilling has a 12 month low of $2.72 and a 12 month high of $7.25.

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

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