Independence Contract Drilling, Inc. (ICD) to Post Q3 2017 Earnings of ($0.14) Per Share, Capital One Financial Corporation Forecasts
Independence Contract Drilling, Inc. (NYSE:ICD) – Stock analysts at Capital One Financial Corporation increased their Q3 2017 earnings estimates for Independence Contract Drilling in a research note issued to investors on Tuesday. Capital One Financial Corporation analyst L. Lemoine now forecasts that the oil and gas company will post earnings of ($0.14) per share for the quarter, up from their prior forecast of ($0.15). Capital One Financial Corporation also issued estimates for Independence Contract Drilling’s Q4 2017 earnings at ($0.10) EPS, FY2017 earnings at ($0.52) EPS, Q1 2018 earnings at ($0.06) EPS, FY2018 earnings at ($0.08) EPS and FY2019 earnings at ($1.00) EPS.
A number of other research analysts also recently weighed in on the company. Zacks Investment Research raised Independence Contract Drilling from a “sell” rating to a “hold” rating in a report on Tuesday. FBR & Co reissued a “buy” rating on shares of Independence Contract Drilling in a report on Tuesday. ValuEngine raised Independence Contract Drilling from a “strong sell” rating to a “sell” rating in a report on Monday, October 2nd. Royal Bank Of Canada lowered their target price on Independence Contract Drilling from $7.00 to $6.00 and set an “outperform” rating on the stock in a report on Friday, September 29th. Finally, Cowen and Company set a $5.00 target price on Independence Contract Drilling and gave the company a “buy” rating in a report on Wednesday, October 18th. One investment 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. Independence Contract Drilling has an average rating of “Buy” and an average target price of $6.13.
ILLEGAL ACTIVITY NOTICE: This news story was posted by TheOlympiaReport and is the sole property of of TheOlympiaReport. If you are reading this news story on another publication, it was illegally copied and reposted in violation of U.S. and international copyright and trademark law. The legal version of this news story can be read at https://theolympiareport.com/2017/11/02/independence-contract-drilling-inc-icd-to-post-q3-2017-earnings-of-0-14-per-share-capital-one-financial-corporation-forecasts.html. Independence Contract Drilling (NYSE:ICD) last announced 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). Independence Contract Drilling had a negative net margin of 34.87% and a negative return on equity of 8.19%. The firm had revenue of $23.45 million during the quarter, compared to the consensus estimate of $23.54 million. During the same quarter in the prior year, the firm posted ($0.17) earnings per share. The company’s revenue was up 62.1% on a year-over-year basis.
A number of hedge funds have recently bought and sold shares of the business. Sterling Capital Management LLC bought a new position in Independence Contract Drilling in the second quarter valued at about $1,660,000. California State Teachers Retirement System lifted its holdings in Independence Contract Drilling by 0.8% in the second quarter. California State Teachers Retirement System now owns 60,763 shares of the oil and gas company’s stock valued at $236,000 after acquiring an additional 500 shares during the period. State Street Corp lifted its holdings in Independence Contract Drilling by 9.4% in the second quarter. State Street Corp now owns 461,957 shares of the oil and gas company’s stock valued at $1,799,000 after acquiring an additional 39,570 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Independence Contract Drilling by 12.9% in the second quarter. Goldman Sachs Group Inc. now owns 60,414 shares of the oil and gas company’s stock valued at $235,000 after acquiring an additional 6,917 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Independence Contract Drilling by 84.5% in the second quarter. Dimensional Fund Advisors LP now owns 473,258 shares of the oil and gas company’s stock valued at $1,841,000 after acquiring an additional 216,772 shares during the period. 80.80% of the stock is currently owned by institutional investors.
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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