Independence Contract Drilling Inc [ICD] stock prices are down -3.12% to $1.86 at the moment. One of the good ways to gauge the recent performance is if the stock’s short-term value is rising or falling. The ICD shares have gain 11.38% over the last week, with a monthly amount glided 3.91%, and seem to be holding up well over a long-time horizon.
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On 21, March 2024, INDEPENDENCE CONTRACT DRILLING, INC. ENGAGES PIPER SANDLER & CO. AS FINANCIAL ADVISOR TO STRATEGIC ALTERNATIVES COMMITTEE. In a post published today on Yahoo Finance, Independence Contract Drilling, Inc. (the “Company” or “ICD”) (NYSE: ICD) previously disclosed that ICD’s Board of Directors (“Board”) has initiated a formal review process to begin evaluating alternatives with respect to refinancing its convertible notes and other strategic opportunities and formed a committee of independent directors for that purpose. Today, ICD is announcing that the Strategic Alternatives Committee of the Board has engaged Piper Sandler & Co. as financial advisor to the committee to assist in this evaluation process.
From an analyst’s perspective:
Independence Contract Drilling Inc [NYSE: ICD] stock has seen the most recent analyst activity on March 22, 2022, when Johnson Rice upgraded its rating to a Buy but kept the price target unchanged to $7 for it. Previously, B. Riley FBR downgraded its rating to Neutral on May 11, 2020, and kept the price target unchanged to $3. On March 11, 2020, downgrade downgraded it’s rating to Hold. Evercore ISI downgraded its rating to a In-line. CapitalOne downgraded its rating to a Equal Weight. B. Riley FBR Inc. reiterated a Buy rating for this stock on November 22, 2017, and downed its price target to $7.75. In a note dated September 29, 2017, RBC Capital Mkts reiterated an Outperform rating on this stock and revised its target price from $7 to $6.
The stock price of Independence Contract Drilling Inc [ICD] has been fluctuating between $1.61 and $3.54 over the past year. Independence Contract Drilling Inc [NYSE: ICD] shares were valued at $1.86 at the most recent close of the market.
Analyzing the ICD fundamentals
The Independence Contract Drilling Inc [NYSE:ICD] reported sales of 210.11M for trailing twelve months, representing a drop of -23.94%. Gross Profit Margin for this corporation currently stands at 0.17% with Operating Profit Margin at 0.05%, Pretax Profit Margin comes in at -0.19%, and Net Profit Margin reading is -0.18%. To continue investigating profitability, this company’s Return on Assets is posted at -0.07, Equity is -0.18 and Total Capital is 0.02. Upon thorough examination of the company’s fundamental financial framework, it becomes apparent that the debt-to-equity ratio stands at 0.85.
Before buying any particular stock, readers tend to pay close attention to the indicators that support and create resistance. The company’s stock is currently sitting at 1.7600 points at the first support level, and at 1.6600 for the second support level. However, for the 1st resistance point, the stock is sitting at 2.0000, and for the 2nd resistance point, it is at 2.1400.
Independence Contract Drilling Inc [ICD] reported earnings per share of -$0.61 for its fiscal quarter that ended on 12/30/2023. Based on the Wall Street analysts’ estimates, the company was expected to report earnings of -$0.28/share, meaning a difference of -$0.33 and a surprise factor of -117.90%. By comparison, the stated earnings for the previous quarter ended on 9/29/2023 were -$0.37 per share as compared to estimates of -$0.3 per share, a difference of -$0.07 representing a surprise of -23.30%.
Ratios To Look Out For
It’s worth pointing out that Independence Contract Drilling Inc [NYSE:ICD]’s Current Ratio is 1.06. Also, the Quick Ratio is 1.02, while the Cash Ratio stands at 0.14. Considering the valuation of this stock, the price to sales ratio is 0.14, the price to book ratio is 0.15.
