Diamond Offshore Drilling Price Target Cut to $79.00 (DO)
Analysts at Barclays cut their target price on shares of Diamond Offshore Drilling (NYSE:DO) from $85.00 to $79.00 in a research report issued to clients and investors on Friday, StockRatingsNetwork reports. The firm currently has an “underweight” rating on the stock. Barclays’ target price indicates a potential upside of 29.59% from the company’s current price.
A number of other analysts have also recently weighed in on DO. Analysts at Morgan Stanley downgraded shares of Diamond Offshore Drilling from an “equal weight” rating to an “underweight” rating in a research note to investors on Friday. They now have a $62.00 price target on the stock. Separately, analysts at Nordea Equity Research cut their price target on shares of Diamond Offshore Drilling from $74.00 to $69.00 in a research note to investors on Wednesday. They now have a “hold” rating on the stock. Finally, analysts at BMO Capital Markets downgraded shares of Diamond Offshore Drilling from a “market perform” rating to an “underperform” rating in a research note to investors on Wednesday, October 16th. Four equities research analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and six have given a buy rating to the company’s stock. Diamond Offshore Drilling presently has a consensus rating of “Hold” and an average price target of $72.93.
Shares of Diamond Offshore Drilling (NYSE:DO) traded up 0.31% on Friday, hitting $61.15. 977,415 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 $66.10 and a 200-day moving average of $68.36. The company has a market cap of $8.502 billion and a P/E ratio of 12.19.
Diamond Offshore Drilling (NYSE:DO) last released its earnings data on Thursday, October 24th. The company reported $1.22 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.18 by $0.04. The company had revenue of $691.00 million for the quarter, compared to the consensus estimate of $753.84 million. During the same quarter in the prior year, the company posted $1.28 earnings per share. The company’s quarterly revenue was down 3.2% on a year-over-year basis. On average, analysts predict that Diamond Offshore Drilling will post $4.73 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, December 2nd. Investors of record on Tuesday, November 5th will be paid a dividend of $0.13 per share. This represents a $0.50 annualized dividend and a dividend yield of 0.82%. The ex-dividend date is Friday, November 1st.
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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