Investors Buy Large Volume of Put Options on Diamond Offshore Drilling (DO)
Shares of Diamond Offshore Drilling (NYSE:DO) were the target of some unusual options trading activity on Monday. Investors acquired 2,421 put options on the company, StockRatingsNetwork.com reports. This represents an increase of 200% compared to the typical daily volume of 807 put options.
A number of research firms have recently commented on DO. Analysts at Global Hunter Securities cut their price target on shares of Diamond Offshore Drilling from $48.00 to $46.00 in a research note on Thursday, June 19th. Separately, analysts at Cowen and Company reiterated a “market perform” rating on shares of Diamond Offshore Drilling in a research note on Wednesday, June 18th. Finally, analysts at Morgan Stanley upgraded shares of Diamond Offshore Drilling from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, May 28th. They now have a $57.00 price target on the stock, up previously from $47.50. Five equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $54.84.
Shares of Diamond Offshore Drilling (NYSE:DO) traded down 1.37% on Monday, hitting $48.79. The stock had a trading volume of 1,511,862 shares. Diamond Offshore Drilling has a one year low of $43.69 and a one year high of $73.00. The stock’s 50-day moving average is $49.4 and its 200-day moving average is $50.05. The company has a market cap of $6.691 billion and a P/E ratio of 13.27.
Diamond Offshore Drilling (NYSE:DO) last released its earnings data on Thursday, April 24th. The company reported $0.93 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $1.27 earnings per share. The company’s quarterly revenue was down 2.8% on a year-over-year basis. On average, analysts predict that Diamond Offshore Drilling will post $3.49 earnings per share for the current fiscal year.
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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