Independence Contract Drilling, Inc. Expected to Post FY2024 Earnings of ($2.54) Per Share (NYSE:ICD)

Independence Contract Drilling, Inc. (NYSE:ICD) – Equities researchers at Sidoti Csr dropped their FY2024 earnings per share estimates for Independence Contract Drilling in a research report issued to clients and investors on Monday, July 22nd. Sidoti Csr analyst S. Ferazani now forecasts that the oil and gas company will earn ($2.54) per share for the year, down from their prior estimate of ($2.51). The consensus estimate for Independence Contract Drilling’s current full-year earnings is ($2.54) per share. Sidoti Csr also issued estimates for Independence Contract Drilling’s Q4 2024 earnings at ($0.53) EPS.

Separately, StockNews.com began coverage on shares of Independence Contract Drilling in a research note on Friday. They set a “hold” rating for the company.

Independence Contract Drilling Stock Performance

NYSE ICD opened at $1.37 on Wednesday. The business’s 50 day moving average price is $1.37 and its 200-day moving average price is $1.71. Independence Contract Drilling has a fifty-two week low of $1.06 and a fifty-two week high of $3.45. The company has a market cap of $20.76 million, a P/E ratio of -0.41 and a beta of 4.93. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.26 and a current ratio of 1.31.

Independence Contract Drilling (NYSE:ICD) last released its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported ($0.50) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.23. The company had revenue of $46.64 million for the quarter, compared to the consensus estimate of $41.64 million. Independence Contract Drilling had a negative net margin of 24.20% and a negative return on equity of 11.44%. During the same quarter in the prior year, the firm earned $0.14 earnings per share.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Independence Contract Drilling stock. Virtu Financial LLC purchased a new position in Independence Contract Drilling, Inc. (NYSE:ICD) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 15,710 shares of the oil and gas company’s stock, valued at approximately $29,000. Virtu Financial LLC owned approximately 0.10% of Independence Contract Drilling at the end of the most recent quarter. Institutional investors own 29.38% of the company’s stock.

About Independence Contract Drilling

Independence Contract Drilling, Inc provides land-based contract drilling services for oil and natural gas producers in the United States. It operates a fleet of pad-optimal and superspec AC powered rigs in the Permian Basin and the Haynesville Shale. The company was incorporated in 2011 and is headquartered in Houston, Texas.