Independence Contract Drilling, Inc. ICD is an integrated onshore drilling services provider that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.
These positive earnings estimate revisions suggest that analysts are becoming more optimistic on ICD’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Independence Contract Drilling could be a solid choice for investors.
Current Quarter Estimates for ICD
In the past 30 days, 1 estimate has gone higher for Independence Contract Drilling, with no downward revisions in the same time period. The trend has been pretty favorable too, with estimates narrowing from a loss of 12 cents a share 30 days ago, to a loss of 11 cents a share today, a move of 9.1%.
Current Year Estimates for ICD
Meanwhile, Independence Contract Drilling’s current year figures are also looking quite promising, with 1 estimate moving higher in the past month, with no downward revisions. The consensus estimate trend has also seen a boost for this time frame, narrowing from a loss of 47 cents per share 30 days ago to a loss of 39 cents per share today, an increase of 20.5%.
Bottom Line
The stock has also started to move higher lately, adding 5.9% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #1 (Strong Buy) stock to profit in the near future.
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