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Shares of Diamond Offshore Drilling (NYSE:DO) were up 7.7% during mid-day trading on Thursday following a better than expected earnings announcement, AmericanBankingNews.com reports. The stock traded as high as $52.56 and last traded at $52.28, with a volume of 1,446,440 shares. The stock had previously closed at $48.53.

The company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.29. The company had revenue of $709.00 million for the quarter, compared to the consensus estimate of $686.51 million. During the same quarter in the previous year, the company posted $1.27 earnings per share. The company’s revenue for the quarter was down 2.8% on a year-over-year basis.

The company also recently announced a special dividend, which is scheduled for Monday, June 2nd. Stockholders of record on Wednesday, May 7th will be paid a dividend of $0.75 per share.

Several analysts have recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Diamond Offshore Drilling in a research note on Friday, April 11th. They now have a $50.00 price target on the stock. Separately, analysts at Barclays cut their price target on shares of Diamond Offshore Drilling from $64.00 to $52.00 in a research note on Tuesday, April 8th. They now have an “underweight” rating on the stock. Finally, analysts at Standpoint Research upgraded shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a research note on Monday, April 7th. They now have a $62.00 price target on the stock. Six analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has issued a buy rating to the stock. Diamond Offshore Drilling has a consensus rating of “Hold” and a consensus price target of $56.07.

The stock’s 50-day moving average is $47.23 and its 200-day moving average is $53.87. The company has a market cap of $7.226 billion and a P/E ratio of 12.30.

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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