Diamond Offshore Drilling Rating Lowered to Neutral at UBS AG (DO)
Diamond Offshore Drilling (NYSE:DO) was downgraded by analysts at UBS AG from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, TheFlyOnTheWall.com reports. They currently have a $68.00 price target on the stock. UBS AG’s target price indicates a potential upside of 3.77% from the stock’s previous close. The analysts noted that the move was a valuation call.
Shares of Diamond Offshore Drilling (NYSE:DO) traded down 0.47% on Tuesday, hitting $65.53. 516,513 shares of the company’s stock traded hands. Diamond Offshore Drilling has a one year low of $63.95 and a one year high of $76.85. The stock has a 50-day moving average of $68.76 and a 200-day moving average of $69.27. The company has a market cap of $9.111 billion and a price-to-earnings ratio of 13.17.
Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings data on Thursday, July 25th. The company reported $1.33 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.24 by $0.09. The company had revenue of $758.00 billion for the quarter, compared to the consensus estimate of $767.42 billion. During the same quarter in the previous year, the company posted $1.09 earnings per share. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, analysts predict that Diamond Offshore Drilling will post $4.89 earnings per share for the current fiscal year.
A number of other firms have also recently commented on DO. Analysts at Sanford C. Bernstein cut their price target on shares of Diamond Offshore Drilling from $75.00 to $74.00 in a research note to investors on Friday, August 16th. They now have a “market perform” rating on the stock. Separately, analysts at Capital One Financial Corp. downgraded shares of Diamond Offshore Drilling from an “add” rating to a “neutral” rating in a research note to investors on Tuesday, August 13th. Finally, analysts at Tudor Pickering downgraded shares of Diamond Offshore Drilling from an “accumulate” rating to a “hold” rating in a research note to investors on Monday, August 12th.
Two analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $74.04.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, September 3rd. Shareholders of record on Tuesday, August 6th will be paid a dividend of $0.13 per share. This represents a $0.50 annualized dividend and a dividend yield of 0.76%. The ex-dividend date is Friday, August 2nd.
Diamond Offshore Drilling, Inc is a global offshore oil and gas drilling contractor. The Company has a fleet of 44 offshore drilling rigs, consisting of 32 semisubmersibles, seven jack-ups and five dynamically positioned drillships, four of which are under construction.
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