Zacks: Analysts Expect Independence Contract Drilling Inc (ICD) Will Announce Quarterly Sales of $24.15 Million

Analysts predict that Independence Contract Drilling Inc (NYSE:ICD) will post $24.15 million in sales for the current quarter, according to Zacks. Two analysts have provided estimates for Independence Contract Drilling’s earnings, with estimates ranging from $24.00 million to $24.30 million. Independence Contract Drilling posted sales of $17.99 million in the same quarter last year, which suggests a positive year-over-year growth rate of 34.2%. The business is scheduled to issue its next earnings results 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 fiscal year, analysts forecast that the company will report sales of $120.16 million per share, with estimates ranging from $114.69 million to $129.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Independence Contract Drilling.

A number of equities research analysts recently issued reports on ICD shares. Royal Bank of Canada set a $5.00 price target on shares of Independence Contract Drilling and gave the company a “buy” rating in a research note on Thursday, December 21st. FBR & Co reissued a “buy” rating on shares of Independence Contract Drilling in a research note on Tuesday, October 31st. Zacks Investment Research raised shares of Independence Contract Drilling from a “sell” rating to a “hold” rating in a research note on Tuesday, October 31st. Cowen set a $6.00 price target on shares of Independence Contract Drilling and gave the company a “buy” rating in a research note on Thursday, January 11th. Finally, B. Riley decreased their price objective on Independence Contract Drilling from $8.75 to $7.75 and set a “buy” rating on the stock in a report on Wednesday, November 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $5.94.

Shares of Independence Contract Drilling (NYSE ICD) opened at $4.60 on Friday. Independence Contract Drilling has a one year low of $2.72 and a one year high of $6.45. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.01 and a quick ratio of 1.84.

A number of hedge funds have recently made changes to their positions in ICD. Rhumbline Advisers lifted its holdings in Independence Contract Drilling by 23.1% in 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 in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Independence Contract Drilling by 12.9% in 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 in the last quarter. California State Teachers Retirement System lifted its holdings in Independence Contract Drilling by 0.8% in 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 in the last quarter. National Investment Services Inc. WI lifted its holdings in Independence Contract Drilling by 70.7% in the 4th quarter. National Investment Services Inc. WI now owns 111,983 shares of the oil and gas company’s stock valued at $446,000 after purchasing an additional 46,397 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in Independence Contract Drilling by 22.7% in 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 in the last quarter. Institutional investors own 78.30% of the company’s stock.

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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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