|Over a week ago|
Independence Contract Drilling falls -38.0% » 12:0003/1203/12/20
Independence Contract Drilling is down -38.0%, or -$1.90 to $3.10.
Independence Contract announces effectiveness of 1-for-20 reverse stock split » 17:0103/1103/11/20
Independence Contract Drilling announced that its previously disclosed 1-for-20 reverse stock split has become effective at 5:00 p.m. Eastern Time on March 11, 2020, and the company's common stock will begin trading on a split-adjusted basis on the New York Stock Exchange as of the market open on March 12, 2020. The CUSIP number for the post-split ICD common stock following the Reverse Stock Split is 453415 606. The reverse stock split reduces the number of issued and outstanding shares of the company's common stock from approximately 77,523,973 and 76,241,045 shares, respectively to approximately 3,876,199 and 3,812,052 shares, respectively.
Independence Contract Drilling downgraded to Hold from Buy at Tudor Pickering » 09:0803/1103/11/20
Tudor Pickering analyst…
Tudor Pickering analyst Taylor Zurcher downgraded Independence Contract Drilling to Hold from Buy.
Independence Contract Drilling downgraded to In Line from Outperform at Evercore ISI » 07:0403/0903/09/20
Evercore ISI analyst…
Evercore ISI analyst James West downgraded Independence Contract Drilling to In Line from Outperform.
|Over a month ago|
Independence Contract Drilling reports Q4 EPS (47c), consensus (9c) » 07:0002/2802/28/20
Reports Q4 revenue…
Reports Q4 revenue $45.29M, consensus $44.5M. CEO Anthony Gallegos commented, "The fourth quarter of 2019 reflected a continued period of strategic market positioning for ICD. We successfully added drilling optimization software to three of our operating rigs during the quarter, completed two strategic rig upgrades, and exited the quarter enhancing our industry's efforts to address ESG concerns by utilizing bi-fuel systems on approximately half of our operating rigs. For the quarter, expected rig count gains and increasing momentum in the Permian were offset slightly by weakness in the Haynesville where depressed natural gas prices caused several key customers to alter planned drilling programs entering 2020."
|Over a quarter ago|
Independence Contract Drilling receives noncompliance letter from NYSE » 06:4811/0511/05/19
Independence Contract Drilling announced that it received written notification from the New York Stock Exchange, or NYSE, that as of Friday, November 1, the company is no longer in compliance with NYSE continued listing criteria, which require listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period. In accordance with NYSE rules, the company has a period of six months from receipt of the notice to regain compliance with the NYSE's minimum share price requirement, or until the company's next annual meeting of stockholders, if stockholder approval is required to cure the share price non-compliance. Under NYSE rules, the company's common stock will continue to be listed and trade on the NYSE during this period, subject to the company's compliance with other NYSE continued listing requirements. Under NYSE rules, ICD can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period ICD's common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month or on the last day of the cure period. The NYSE notification has no impact on ICD operations or its Securities and Exchange Commission reporting requirements, and it does not cause an event of default under any of the Company's material debt or other agreements.
Independence Contract Drilling reports Q3 adj. EPS (10c), consensus (10c) » 06:4410/3110/31/19
Reports Q3 revenue…
Reports Q3 revenue $45.1M, consensus $44.57M. CEO Anthony Gallegos commented, "Our reported results came in line with our preliminary release from two weeks ago. As mentioned in that press release, although market headwinds persist, we believe ICD is well positioned and currently expect to increase our contracted rig count with two rigs scheduled to re-enter our marketed fleet this quarter as well as contract discussions regarding our other idle rigs. In this regard, just this week we signed a contract to reactivate an idle rig to commence operations in November in the Permian basin."
Independence Contract Drilling reports preliminary Q3 adj. EPS (11c)-(10c) » 06:3510/1410/14/19
Consensus (8c). Reports…
Consensus (8c). Reports preliminary Q3 revenue per day $20,236. Reports preliminary Q3 adjusted EBITDA $7.4M-$7.9M. CEO Anthony Gallegos commented, "During the third quarter, ICD increased its operating rig count and exited the third quarter with 23 rigs earning revenues under contract which is more than at the beginning of the quarter. We also successfully completed the budgeted upgrade of one our rigs at the end of the quarter, increasing the rig's racking and hook-load capabilities, and our first SCR-to-AC conversion is on schedule for completion during the fourth quarter of 2019. Looking forward, we expect headwinds to remain for the industry with the contracted U.S. land rig count continuing to decline as we enter the fourth quarter, which will continue to create some cost inefficiencies for us during the quarter. Nevertheless, we believe ICD is well positioned. With our two rigs scheduled to re-enter the marketed fleet as well as contract discussions surrounding other rigs, we continue to expect our contracted rig count to increase as we exit the fourth quarter of 2019. We have made continued progress on our various equipment and technology initiatives leading to the deployment and activation of our first drilling optimization software system earlier this month and a second system deployment with a major operator planned for later in the fourth quarter. With respect to our stock repurchase program that was instituted in early August, we have repurchased 595,211 shares to date under this program, with the pace of this program being based on free cash flow generation and prioritizing between our most economic investment opportunities within our existing fleet, and debt repayment."
Independence Contract Drilling cut to Sector Perform at RBC Capital » 06:1709/2509/25/19
As previously reported,…
As previously reported, RBC Capital analyst Kurt Hallead downgraded Independence Contract Drilling to Sector Perform from Outperform and lowered his price target for the shares to $2 from $4. The analyst believes that the company's near term growth prospects are constrained, adding that his expectation of a 9% decline in U.S. land rig count in 2020 warrants a "more selective approach" to firms with the strongest capital structures.
Independence Contract Drilling downgraded to Sector Perform at RBC Capital » 05:1409/2509/25/19
RBC Capital analyst Kurt…
RBC Capital analyst Kurt Hallead downgraded Independence Contract Drilling to Sector Perform from Outperform and lowered his price target for the shares to $2 from $4.