Zacks: Analysts Expect Independence Contract Drilling Inc (NYSE:ICD) to Post -$0.09 EPS

Equities research analysts forecast that Independence Contract Drilling Inc (NYSE:ICD) will announce ($0.09) earnings per share for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Independence Contract Drilling’s earnings. The lowest EPS estimate is ($0.11) and the highest is ($0.08). Independence Contract Drilling reported earnings of $0.01 per share during the same quarter last year, which indicates a negative year-over-year growth rate of 1,000%. The company is expected to report its next quarterly earnings report on Friday, March 6th.

According to Zacks, analysts expect that Independence Contract Drilling will report full year earnings of ($0.23) per share for the current financial year, with EPS estimates ranging from ($0.23) to ($0.22). For the next year, analysts expect that the firm will report earnings of ($0.32) per share, with EPS estimates ranging from ($0.41) to ($0.22). Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for Independence Contract Drilling.

Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings results on Thursday, October 31st. The oil and gas company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. The business had revenue of $45.07 million during the quarter, compared to the consensus estimate of $45.05 million. Independence Contract Drilling had a negative return on equity of 2.47% and a negative net margin of 15.55%.

Several equities research analysts have weighed in on the company. Morgan Stanley lowered their price target on Independence Contract Drilling from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Monday, October 7th. Royal Bank of Canada downgraded Independence Contract Drilling from an “outperform” rating to a “sector perform” rating and lowered their price target for the stock from $4.00 to $2.00 in a report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $2.69.

NYSE ICD remained flat at $$0.74 during trading on Wednesday. The company’s stock had a trading volume of 216,014 shares, compared to its average volume of 230,205. The company has a current ratio of 1.23, a quick ratio of 1.17 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $56.58 million, a P/E ratio of -4.36 and a beta of 2.01. The firm’s fifty day moving average is $0.84 and its 200 day moving average is $1.32. Independence Contract Drilling has a fifty-two week low of $0.68 and a fifty-two week high of $3.69.

Several institutional investors have recently added to or reduced their stakes in ICD. BlackRock Inc. lifted its holdings in shares of Independence Contract Drilling by 12.0% during the second quarter. BlackRock Inc. now owns 2,799,854 shares of the oil and gas company’s stock worth $4,425,000 after purchasing an additional 299,723 shares during the period. Foundry Partners LLC lifted its holdings in shares of Independence Contract Drilling by 12.7% during the third quarter. Foundry Partners LLC now owns 1,173,400 shares of the oil and gas company’s stock worth $1,408,000 after purchasing an additional 132,675 shares during the period. Municipal Employees Retirement System of Michigan acquired a new stake in shares of Independence Contract Drilling during the second quarter worth about $185,000. Renaissance Technologies LLC lifted its holdings in shares of Independence Contract Drilling by 42.8% during the second quarter. Renaissance Technologies LLC now owns 355,100 shares of the oil and gas company’s stock worth $561,000 after purchasing an additional 106,400 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH acquired a new stake in shares of Independence Contract Drilling during the second quarter worth about $149,000. 74.71% of the stock is owned by hedge funds and other institutional investors.

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 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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