RBC Capital Lowers Diamond Offshore Drilling Price Target to $50.00 (DO)
Analysts at RBC Capital dropped their price objective on shares of Diamond Offshore Drilling (NYSE:DO) from $62.00 to $50.00 in a research report issued to clients and investors on Friday, American Banking News.com reports. RBC Capital’s target price would indicate a potential upside of 8.53% from the stock’s previous close.
Diamond Offshore Drilling (NYSE:DO) traded down 2.62% during mid-day trading 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 prior year, the company posted $1.12 earnings per share. The company’s quarterly revenue was down 3.2% on a year-over-year basis. Analysts expect that Diamond Offshore Drilling will post $4.79 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, March 3rd. Investors 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.
Other equities research analysts have also recently issued reports about the stock. Analysts at Guggenheim cut their price target on shares of Diamond Offshore Drilling from $80.00 to $65.00 in a research note to investors on Friday. Separately, analysts at Jefferies Group cut their price target on shares of Diamond Offshore Drilling from $62.00 to $53.00 in a research note to investors on Friday. Finally, analysts at Global Hunter Securities downgraded shares of Diamond Offshore Drilling from a “neutral” rating to a “sell” rating in a research note to investors on Friday. They now have a $38.00 price target on the stock, down previously from $61.00. Eight equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus 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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.