Diamond Offshore Drilling Inc. (NYSE:DO) was downgraded by investment analysts at Goldman Sachs Group Inc. to a “sell” rating in a report released on Wednesday.

Other equities analysts have also issued research reports about the stock. Evercore ISI upgraded shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating and cut their target price for the stock from $22.00 to $19.00 in a research report on Tuesday. Vetr lowered shares of Diamond Offshore Drilling from a “strong-buy” rating to a “buy” rating and set a $28.11 target price for the company. in a research report on Monday, July 4th. Zacks Investment Research upgraded shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating and set a $27.00 target price for the company in a research report on Tuesday, July 12th. Bank of America Corp. assumed coverage on shares of Diamond Offshore Drilling in a research report on Monday, June 13th. They set a “buy” rating and a $34.00 target price for the company. Finally, Credit Suisse Group AG reiterated a “hold” rating and set a $18.00 target price on shares of Diamond Offshore Drilling in a research report on Wednesday, August 3rd. Six research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $21.68.

Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

Shares of Diamond Offshore Drilling (NYSE:DO) opened at 15.26 on Wednesday. Diamond Offshore Drilling has a 12-month low of $14.18 and a 12-month high of $26.72. The company’s market capitalization is $2.09 billion. The firm’s 50-day moving average is $18.47 and its 200-day moving average is $22.31.

This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/21/diamond-offshore-drilling-inc-do-stock-rating-lowered-by-goldman-sachs-group-inc.html

Diamond Offshore Drilling (NYSE:DO) last issued its earnings results on Monday, August 1st. The offshore drilling services provider reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.08. The firm earned $388.75 million during the quarter, compared to analyst estimates of $374.17 million. Diamond Offshore Drilling had a negative net margin of 30.20% and a positive return on equity of 9.12%. The company’s quarterly revenue was down 38.7% on a year-over-year basis. During the same quarter last year, the business earned $0.66 earnings per share. On average, equities analysts predict that Diamond Offshore Drilling will post $1.02 EPS for the current year.

A number of hedge funds have recently added to or reduced their stakes in DO. Vanguard Group Inc. boosted its stake in Diamond Offshore Drilling by 31.9% in the second quarter. Vanguard Group Inc. now owns 7,205,279 shares of the offshore drilling services provider’s stock valued at $175,305,000 after buying an additional 1,741,584 shares during the period. Dimensional Fund Advisors LP boosted its stake in Diamond Offshore Drilling by 39.2% in the second quarter. Dimensional Fund Advisors LP now owns 5,117,935 shares of the offshore drilling services provider’s stock valued at $124,520,000 after buying an additional 1,440,650 shares during the period. AQR Capital Management LLC boosted its stake in Diamond Offshore Drilling by 1,017.0% in the second quarter. AQR Capital Management LLC now owns 1,464,485 shares of the offshore drilling services provider’s stock valued at $35,631,000 after buying an additional 1,333,382 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in Diamond Offshore Drilling by 54.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,467,909 shares of the offshore drilling services provider’s stock valued at $75,358,000 after buying an additional 1,216,069 shares during the period. Finally, LSV Asset Management boosted its stake in Diamond Offshore Drilling by 8,864.1% in the second quarter. LSV Asset Management now owns 1,183,267 shares of the offshore drilling services provider’s stock valued at $28,788,000 after buying an additional 1,170,067 shares during the period. Institutional investors and hedge funds own 99.34% of the company’s stock.

About Diamond Offshore Drilling

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).

5 Day Chart for NYSE:DO

Receive News & Ratings for Diamond Offshore Drilling Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Diamond Offshore Drilling Inc. and related companies with MarketBeat.com's FREE daily email newsletter.