Zacks: Brokerages Anticipate Independence Contract Drilling Inc (NYSE:ICD) to Post -$0.07 Earnings Per Share

Brokerages expect Independence Contract Drilling Inc (NYSE:ICD) to announce earnings of ($0.07) per share for the current quarter, according to Zacks. Two analysts have provided estimates for Independence Contract Drilling’s earnings, with the lowest EPS estimate coming in at ($0.08) and the highest estimate coming in at ($0.07). Independence Contract Drilling reported earnings of ($0.05) per share in the same quarter last year, which would suggest a negative year-over-year growth rate of 40%. The company is scheduled to announce its next quarterly earnings results on Tuesday, November 5th.

According to Zacks, analysts expect that Independence Contract Drilling will report full year earnings of ($0.11) per share for the current year, with EPS estimates ranging from ($0.16) to ($0.01). For the next fiscal year, analysts expect that the firm will post earnings of $0.00 per share, with EPS estimates ranging from ($0.09) to $0.06. Zacks’ EPS calculations are an average based on a survey of research analysts that cover Independence Contract Drilling.

Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings results 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 company had revenue of $52.88 million during the quarter, compared to analysts’ expectations of $51.70 million. Independence Contract Drilling had a negative return on equity of 0.97% and a negative net margin of 13.58%.

Several equities research analysts recently commented on ICD shares. ValuEngine raised Independence Contract Drilling from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd. Royal Bank of Canada set a $4.00 price objective on Independence Contract Drilling and gave the company a “buy” rating in a research report on Friday, August 2nd. Morgan Stanley dropped their price objective on Independence Contract Drilling from $5.50 to $4.00 and set an “equal weight” rating on the stock in a research report on Friday, July 12th. B. Riley dropped their price objective on Independence Contract Drilling from $5.75 to $5.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, TheStreet cut Independence Contract Drilling from a “c-” rating to a “d+” rating in a research report on Wednesday, June 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $3.69.

In other news, Director Thomas R. Bates, Jr. bought 25,000 shares of the company’s stock in a transaction on Friday, June 7th. The shares were acquired at an average cost of $1.86 per share, with a total value of $46,500.00. Following the completion of the transaction, the director now owns 151,110 shares of the company’s stock, valued at approximately $281,064.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have purchased 31,000 shares of company stock worth $61,410 over the last ninety days. 3.10% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in ICD. Foundry Partners LLC purchased a new position in Independence Contract Drilling in the first quarter worth about $2,669,000. BlackRock Inc. raised its stake in shares of Independence Contract Drilling by 40.3% in the fourth quarter. BlackRock Inc. now owns 2,536,793 shares of the oil and gas company’s stock worth $7,915,000 after buying an additional 729,189 shares during the period. Federated Investors Inc. PA raised its stake in shares of Independence Contract Drilling by 42.1% in the first quarter. Federated Investors Inc. PA now owns 2,038,500 shares of the oil and gas company’s stock worth $5,647,000 after buying an additional 603,500 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Independence Contract Drilling by 15.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,548,482 shares of the oil and gas company’s stock worth $4,833,000 after buying an additional 211,759 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Independence Contract Drilling by 29.6% in the fourth quarter. Northern Trust Corp now owns 604,592 shares of the oil and gas company’s stock worth $1,886,000 after buying an additional 137,989 shares during the period. 73.98% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:ICD traded down $0.01 on Monday, hitting $1.12. 140,859 shares of the company traded hands, compared to its average volume of 220,692. The company has a current ratio of 1.29, a quick ratio of 1.25 and a debt-to-equity ratio of 0.34. Independence Contract Drilling has a 52 week low of $1.05 and a 52 week high of $5.05. The company has a market capitalization of $86.18 million, a P/E ratio of -6.59 and a beta of 1.90. The business has a 50 day moving average price of $1.35.

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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