Independence Contract Drilling, Inc. (ICD) Set to Announce Earnings on Tuesday
Independence Contract Drilling, Inc. (NYSE:ICD) is set to release its earnings data before the market opens on Tuesday, October 24th. Analysts expect Independence Contract Drilling to post earnings of ($0.11) per share for the quarter.
Independence Contract Drilling (NYSE:ICD) last issued its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.13). The firm had revenue of $21.29 million for the quarter, compared to analysts’ expectations of $21.24 million. Independence Contract Drilling had a negative return on equity of 8.62% and a negative net margin of 40.75%. The firm’s revenue for the quarter was up 40.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.07) EPS. On average, analysts expect Independence Contract Drilling to post $-0.48 EPS for the current fiscal year and $-0.13 EPS for the next fiscal year.
Independence Contract Drilling, Inc. (NYSE:ICD) opened at 3.61 on Tuesday. The firm’s market cap is $136.02 million. Independence Contract Drilling, Inc. has a 12 month low of $2.91 and a 12 month high of $7.30. The company has a 50-day moving average price of $3.57 and a 200 day moving average price of $3.96.
Several equities research analysts recently weighed in on ICD shares. Cowen and Company reiterated a “buy” rating and set a $5.00 price objective on shares of Independence Contract Drilling in a research note on Friday, August 11th. Royal Bank Of Canada reiterated a “buy” rating and set a $7.00 price objective on shares of Independence Contract Drilling in a research note on Thursday, July 20th. Morgan Stanley lowered shares of Independence Contract Drilling from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $8.50 to $5.00 in a research note on Wednesday, June 21st. Zacks Investment Research upgraded shares of Independence Contract Drilling from a “sell” rating to a “hold” rating in a research note on Tuesday, August 29th. Finally, ValuEngine upgraded shares of Independence Contract Drilling from a “strong sell” rating to a “sell” rating in a research note on Monday, October 2nd. Two research analysts have rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $6.13.
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An institutional investor recently raised its position in Independence Contract Drilling stock. California State Teachers Retirement System raised its position in Independence Contract Drilling, Inc. (NYSE:ICD) by 0.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 60,763 shares of the oil and gas company’s stock after purchasing an additional 500 shares during the quarter. California State Teachers Retirement System owned about 0.16% of Independence Contract Drilling worth $236,000 as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 80.91% of the company’s stock.
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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