Equities analysts expect Independence Contract Drilling Inc (NYSE:ICD) to post $24.15 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for Independence Contract Drilling’s earnings. The highest sales estimate is $24.30 million and the lowest is $24.00 million. Independence Contract Drilling reported sales of $17.99 million during the same quarter last year, which indicates a positive year over year growth rate of 34.2%. The firm is expected to report its next earnings report on Tuesday, February 27th.

On average, analysts expect that Independence Contract Drilling will report full-year sales of $24.15 million for the current financial year, with estimates ranging from $89.00 million to $89.74 million. For the next year, analysts anticipate that the company will post sales of $120.16 million per share, with estimates ranging from $114.69 million to $129.00 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 released its quarterly earnings data on Tuesday, October 31st. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.11) by ($0.02). The company had revenue of $23.45 million for the quarter, compared to analyst estimates 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 company’s revenue for the quarter was up 62.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.17) EPS.

Several analysts have weighed in on the company. Zacks Investment Research raised Independence Contract Drilling from a “sell” rating to a “hold” rating in a research note on Wednesday. Cowen set a $6.00 target price on Independence Contract Drilling and gave the company a “buy” rating in a research note on Thursday, January 11th. Royal Bank of Canada set a $5.00 target price on Independence Contract Drilling and gave the company a “buy” rating in a research note on Thursday, December 21st. B. Riley cut their target price on Independence Contract Drilling from $8.75 to $7.75 and set a “buy” rating on the stock in a research note on Wednesday, November 22nd. Finally, ValuEngine raised Independence Contract Drilling from a “strong sell” rating to a “sell” rating in a research note on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $5.94.

Institutional investors and hedge funds have recently bought and sold shares of the company. FMR LLC raised its stake in shares of Independence Contract Drilling by 617.7% in the 2nd quarter. FMR LLC now owns 1,191,439 shares of the oil and gas company’s stock worth $4,635,000 after buying an additional 1,025,425 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Independence Contract Drilling by 84.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 473,258 shares of the oil and gas company’s stock worth $1,841,000 after buying an additional 216,772 shares in the last quarter. Northern Trust Corp raised its stake in shares of Independence Contract Drilling by 61.2% in the 2nd quarter. Northern Trust Corp now owns 467,479 shares of the oil and gas company’s stock worth $1,819,000 after buying an additional 177,525 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Independence Contract Drilling by 6.3% in the 2nd quarter. Vanguard Group Inc. now owns 1,341,715 shares of the oil and gas company’s stock worth $5,219,000 after buying an additional 79,035 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Independence Contract Drilling by 22.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 130,742 shares of the oil and gas company’s stock worth $508,000 after buying an additional 23,894 shares in the last quarter. 78.24% of the stock is currently owned by institutional investors.

Shares of Independence Contract Drilling (ICD) traded down $0.02 during trading on Wednesday, reaching $4.89. The company’s stock had a trading volume of 163,600 shares, compared to its average volume of 148,110. The company has a quick ratio of 1.84, a current ratio of 2.01 and a debt-to-equity ratio of 0.20. The company has a market cap of $186.49, a P/E ratio of -6.27 and a beta of 2.80. Independence Contract Drilling has a 52-week low of $2.72 and a 52-week high of $7.25.

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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 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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