Independence Contract Drilling Inc. [ICD] Revenue clocked in at $115.40 million, up 125.85% YTD: What’s Next?

Independence Contract Drilling Inc. [NYSE: ICD] gained 29.18% or 1.5 points to close at $6.64 with a heavy trading volume of 1697985 shares. The company report on January 29, 2021 that Independence Contract Drilling, Inc. Announces Timing of Fourth Quarter and Year End 2020 Financial Results and Conference Call.

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Independence Contract Drilling, Inc. (the “Company”) (NYSE: ICD) announced that it will release its fourth quarter and year end 2020 results before the New York Stock Exchange opens on Wednesday, February 24, 2021. This release will be followed by a conference call for investors at 11:00 a.m. Central Time (12:00 p.m. Eastern Time) to discuss the Company’s fourth quarter and year end 2020 results.

The call can be accessed live over the telephone by dialing (855) 239-3115 or for international callers, (412) 542-4125. A replay will be available shortly after the call and can be accessed by dialing (877) 344-7529 or for international callers, (412) 317-0088. The passcode for the replay is 10151640. The replay will be available until March 3, 2021.

It opened the trading session at $5.13, the shares rose to $6.75 and dropped to $5.13, the range by which the price of stock traded the whole day. The daily chart for ICD points out that the company has recorded 126.62% gains over the past six months. However, it is still -514.81% lower than its most recent low trading price.

If we look at the average trading volume of 336.37K shares, ICD reached to a volume of 1697985 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Independence Contract Drilling Inc. [ICD]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ICD shares is $3.67 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ICD stock is a recommendation set at 3.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

B. Riley FBR have made an estimate for Independence Contract Drilling Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on May 11, 2020. The new note on the price target was released on March 11, 2020, representing the official price target for Independence Contract Drilling Inc. stock.

The Average True Range (ATR) for Independence Contract Drilling Inc. is set at 0.57, with the Price to Sales ratio for ICD stock in the period of the last 12 months amounting to 0.27. The Price to Book ratio for the last quarter was 0.13, with the Price to Cash per share for the same quarter was set at 3.94.

Trading performance analysis for ICD stock

Independence Contract Drilling Inc. [ICD] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 33.33. With this latest performance, ICD shares gained by 63.95% in over the last four-week period, additionally plugging by 126.62% over the last 6 months – not to mention a drop of -39.64% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ICD stock in for the last two-week period is set at 73.52, with the RSI for the last a single of trading hit 76.79, and the three-weeks RSI is set at 71.00 for Independence Contract Drilling Inc. [ICD]. The present Moving Average for the last 50 days of trading for this stock 3.88, while it was recorded at 5.57 for the last single week of trading, and 3.68 for the last 200 days.

Independence Contract Drilling Inc. [ICD]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Independence Contract Drilling Inc. [ICD] shares currently have an operating margin of -1.34 and a Gross Margin at +6.54. Independence Contract Drilling Inc.’s Net Margin is presently recorded at -29.86.

Return on Total Capital for ICD is now -0.55, given the latest momentum, and Return on Invested Capital for the company is -12.29. Return on Equity for this stock declined to -16.81, with Return on Assets sitting at -10.55. When it comes to the capital structure of this company, Independence Contract Drilling Inc. [ICD] has a Total Debt to Total Equity ratio set at 42.33. Additionally, ICD Total Debt to Total Capital is recorded at 29.74, with Total Debt to Total Assets ending up at 24.74. Long-Term Debt to Equity for the company is recorded at 41.07, with the Long-Term Debt to Total Capital now at 28.86.

Reflecting on the efficiency of the workforce at the company, Independence Contract Drilling Inc. [ICD] managed to generate an average of -$93,520 per employee. Receivables Turnover for the company is 5.23 with a Total Asset Turnover recorded at a value of 0.35.Independence Contract Drilling Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.00 and a Current Ratio set at 2.00.

Independence Contract Drilling Inc. [ICD]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, Independence Contract Drilling Inc. posted -2/share EPS, while the average EPS was predicted by analysts to be reported at -1.73/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -15.60%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for ICD. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Independence Contract Drilling Inc. go to 7.00%.

An analysis of insider ownership at Independence Contract Drilling Inc. [ICD]

There are presently around $9 million, or 23.10% of ICD stock, in the hands of institutional investors. The top three institutional holders of ICD stocks are: MSD PARTNERS, L.P. with ownership of 723,621, which is approximately -23.176% of the company’s market cap and around 1.80% of the total institutional ownership; MSD CAPITAL L P, holding 171,543 shares of the stock with an approximate value of $1.14 million in ICD stocks shares; and VANGUARD GROUP INC, currently with $0.65 million in ICD stock with ownership of nearly 3.347% of the company’s market capitalization.

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Positions in Independence Contract Drilling Inc. stocks held by institutional investors increased at the end of February and at the time of the February reporting period, where 6 institutional holders increased their position in Independence Contract Drilling Inc. [NYSE:ICD] by around 52,662 shares. Additionally, 18 investors decreased positions by around 446,978 shares, while 7 investors held positions by with 825,150 shares. The mentioned changes placed institutional holdings at 1,324,790 shares, according to the latest SEC report filing. ICD stock had 2 new institutional investments in for a total of 35,422 shares, while 8 institutional investors sold positions of 144,154 shares during the same period.

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