Diamond Offshore Drilling Downgraded by Global Hunter Securities to Sell (DO)
Diamond Offshore Drilling (NYSE:DO) was downgraded by equities researchers at Global Hunter Securities from a “neutral” rating to a “sell” rating in a research report issued on Friday, TheFlyOnTheWall.com reports. They currently have a $38.00 price target on the stock, down from their previous price target of $61.00. Global Hunter Securities’ price target would suggest a potential downside of 17.52% from the stock’s previous close.
Shares of Diamond Offshore Drilling (NYSE:DO) traded down 2.62% on Friday, hitting $46.07. The stock had a trading volume of 4,563,279 shares. Diamond Offshore Drilling has a 52 week low of $45.24 and a 52 week high of $76.08. The stock has a 50-day moving average of $53.21 and a 200-day moving average of $60.75. The company has a market cap of $6.405 billion and a price-to-earnings ratio of 10.75.
Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings data on Thursday, February 6th. The company reported $0.67 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.80 by $0.13. The company had revenue of $707.97 million for the quarter, compared to the consensus estimate of $705.35 million. During the same quarter in the previous year, the company posted $1.12 earnings per share. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, analysts predict that Diamond Offshore Drilling will post $4.79 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, March 3rd. Shareholders of record on Wednesday, February 19th will be given a dividend of 0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend is Friday, February 14th.
A number of other firms have also recently commented on DO. Analysts at Iberia Capital downgraded shares of Diamond Offshore Drilling from a “sector perform” rating to an “underperform” rating in a research note to investors on Thursday. They now have a $30.00 price target on the stock, down previously from $53.00. Separately, analysts at Wunderlich downgraded shares of Diamond Offshore Drilling from a “buy” rating to a “hold” rating in a research note to investors on Tuesday. They now have a $50.00 price target on the stock, down previously from $77.00. Finally, analysts at FBR Capital Markets cut their price target on shares of Diamond Offshore Drilling from $53.00 to $47.00 in a research note to investors on Wednesday, January 29th. They now have an “underperform” rating on the stock. Eight investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $62.54.
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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