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Analysts at Cowen and Company raised their price target on shares of Diamond Offshore Drilling (NYSE:DO) from $41.00 to $45.00 in a research report issued to clients and investors on Friday, StockRatingsNetwork.com reports. The firm currently has a “market perform” rating on the stock. Cowen and Company’s price objective suggests a potential downside of 15.89% from the company’s current price.

Shares of Diamond Offshore Drilling (NYSE:DO) traded up 3.50% on Friday, hitting $53.50. 2,208,231 shares of the company’s stock traded hands. Diamond Offshore Drilling has a 52 week low of $43.69 and a 52 week high of $73.19. The stock has a 50-day moving average of $47.53 and a 200-day moving average of $53.79. The company has a market cap of $7.438 billion and a price-to-earnings ratio of 13.10.

Diamond Offshore Drilling (NYSE:DO) last announced its earnings results on Thursday, April 24th. 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. On average, analysts predict that Diamond Offshore Drilling will post $3.61 earnings per share for the current fiscal year.

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.

A number of other firms have also recently commented on DO. 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 investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $55.85.

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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