Diamond Offshore Drilling Inc. (DO) Lowered to “Sell” at Goldman Sachs Group Inc.
Diamond Offshore Drilling Inc. (NYSE:DO) was downgraded by Goldman Sachs Group Inc. from a “neutral” rating to a “sell” rating in a report issued on Wednesday.
Several other equities research analysts have also recently weighed in on DO. Vetr cut shares of Diamond Offshore Drilling from a “strong-buy” rating to a “buy” rating and set a $28.66 target price for the company. in a research note on Monday, July 18th. Barclays PLC increased their target price on shares of Diamond Offshore Drilling from $14.00 to $15.00 and gave the company an “underweight” rating in a research note on Monday, August 8th. RBC Capital Markets reiterated a “sector perform” rating and issued a $23.00 target price (down previously from $29.00) on shares of Diamond Offshore Drilling in a research note on Saturday, August 13th. FBR & Co reiterated a “sell” rating on shares of Diamond Offshore Drilling in a research note on Tuesday, August 2nd. Finally, Jefferies Group reiterated a “hold” rating on shares of Diamond Offshore Drilling in a research note on Monday, July 11th. Six investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $21.68.
Diamond Offshore Drilling (NYSE:DO) traded up 3.54% on Wednesday, hitting $15.80. The company had a trading volume of 3,964,916 shares. The stock’s market cap is $2.17 billion. The firm’s 50 day moving average price is $18.33 and its 200 day moving average price is $22.27. Diamond Offshore Drilling has a 12-month low of $14.18 and a 12-month high of $26.72.
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Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings results on Monday, August 1st. The offshore drilling services provider reported $0.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.08. The company had revenue of $388.75 million for the quarter, compared to the consensus estimate of $374.17 million. Diamond Offshore Drilling had a positive return on equity of 9.12% and a negative net margin of 30.20%. The firm’s revenue was down 38.7% compared to the same quarter last year. During the same period last year, the business posted $0.66 earnings per share. Equities analysts predict that Diamond Offshore Drilling will post $1.02 earnings per share for the current fiscal year.
Several hedge funds have recently modified their holdings of DO. Norges Bank bought a new stake in shares of Diamond Offshore Drilling during the fourth quarter worth $12,892,000. Chevy Chase Trust Holdings Inc. raised its stake in shares of Diamond Offshore Drilling by 4.4% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 54,784 shares of the offshore drilling services provider’s stock worth $1,190,000 after buying an additional 2,314 shares in the last quarter. Virginia Retirement System bought a new stake in shares of Diamond Offshore Drilling during the first quarter worth $995,000. TIAA CREF Investment Management LLC raised its stake in shares of Diamond Offshore Drilling by 105.5% in the first quarter. TIAA CREF Investment Management LLC now owns 287,594 shares of the offshore drilling services provider’s stock worth $6,249,000 after buying an additional 147,662 shares in the last quarter. Finally, Teachers Advisors Inc. raised its stake in shares of Diamond Offshore Drilling by 73.6% in the first quarter. Teachers Advisors Inc. now owns 111,587 shares of the offshore drilling services provider’s stock worth $2,425,000 after buying an additional 47,306 shares in the last quarter. 99.34% of the stock is owned by institutional investors and hedge funds.
Diamond Offshore Drilling Company Profile
Diamond Offshore Drilling, Inc is engaged in offshore drilling and providing contract drilling services to the energy industry. The Company has a fleet of approximately 30 offshore drilling rigs, such as semisubmersibles, jack-ups and dynamically positioned (DP) drillships. Its fleet offers a range of services around the world in the floater market (ultra-deepwater, deepwater and mid-water).
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