Independence Contract (ICD) Expected to Post Quarterly Sales of $24.80 Million

Wall Street brokerages expect Independence Contract (NYSE:ICD) to announce $24.80 million in sales for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Independence Contract’s earnings, with estimates ranging from $24.40 million to $25.20 million. Independence Contract posted sales of $20.24 million in the same quarter last year, which suggests a positive year-over-year growth rate of 22.5%. The company is expected to issue its next quarterly earnings report on Thursday, April 26th.

According to Zacks, analysts expect that Independence Contract will report full-year sales of $24.80 million for the current financial year, with estimates ranging from $108.90 million to $115.00 million. For the next year, analysts expect that the company will report sales of $142.72 million per share, with estimates ranging from $129.60 million to $153.56 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Independence Contract.

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Independence Contract (NYSE:ICD) last issued its earnings results on Monday, February 26th. The oil and gas company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.01). The company had revenue of $25.04 million for the quarter, compared to analysts’ expectations of $24.43 million. Independence Contract had a negative return on equity of 8.24% and a negative net margin of 27.00%. Independence Contract’s revenue for the quarter was up 39.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.14) earnings per share.



Several equities research analysts have commented on ICD shares. TheStreet upgraded shares of Independence Contract from a “d” rating to a “c-” rating in a research report on Monday, February 26th. Royal Bank of Canada set a $5.00 target price on shares of Independence Contract and gave the stock a “buy” rating in a research report on Thursday, December 21st. Cowen set a $6.00 target price on shares of Independence Contract and gave the stock a “buy” rating in a research report on Thursday, January 11th. B. Riley set a $8.00 price objective on shares of Independence Contract and gave the stock a “buy” rating in a research report on Monday, February 12th. Finally, Zacks Investment Research lowered shares of Independence Contract from a “hold” rating to a “sell” rating in a research report on Friday, March 2nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. Independence Contract currently has an average rating of “Hold” and a consensus target price of $6.25.

Institutional investors have recently added to or reduced their stakes in the stock. Two Sigma Investments LP purchased a new stake in shares of Independence Contract in the 4th quarter worth about $107,000. Wells Fargo & Company MN boosted its position in shares of Independence Contract by 40.9% in the 4th quarter. Wells Fargo & Company MN now owns 51,032 shares of the oil and gas company’s stock worth $203,000 after buying an additional 14,812 shares in the last quarter. California State Teachers Retirement System boosted its position in shares of Independence Contract 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 worth $236,000 after buying an additional 500 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Independence Contract by 63.9% in the 4th quarter. Deutsche Bank AG now owns 105,410 shares of the oil and gas company’s stock worth $418,000 after buying an additional 41,112 shares in the last quarter. Finally, National Investment Services Inc. WI boosted its position in shares of Independence Contract 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 worth $446,000 after buying an additional 46,397 shares in the last quarter. Institutional investors and hedge funds own 74.96% of the company’s stock.

Shares of NYSE ICD traded down $0.21 during trading on Monday, hitting $3.57. 136,734 shares of the company were exchanged, compared to its average volume of 150,751. The firm has a market capitalization of $144.01, a P/E ratio of -6.74 and a beta of 2.77. Independence Contract has a 1 year low of $2.72 and a 1 year high of $5.95. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.47 and a current ratio of 1.62.

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Independence Contract 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.

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Earnings History and Estimates for Independence Contract (NYSE:ICD)

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