Diamond Offshore Drilling Inc. (DO) Upgraded to Strong-Buy at Vetr Inc.
Diamond Offshore Drilling Inc. (NYSE:DO) was upgraded by analysts at Vetr from a “buy” rating to a “strong-buy” rating in a note issued to investors on Wednesday. The firm currently has a $19.33 target price on the offshore drilling services provider’s stock. Vetr‘s price objective would suggest a potential upside of 13.17% from the company’s current price.
DO has been the subject of a number of other reports. Scotiabank restated a “sector perform” rating on shares of Diamond Offshore Drilling in a report on Wednesday, September 14th. Citigroup Inc. reduced their price target on shares of Diamond Offshore Drilling from $25.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, August 25th. Howard Weil started coverage on shares of Diamond Offshore Drilling in a report on Wednesday, September 14th. They issued a “sector perform” rating and a $17.00 price target for the company. Credit Suisse Group AG restated a “hold” rating and issued a $18.00 price target on shares of Diamond Offshore Drilling in a report on Monday, September 26th. Finally, Bank of America Corp. restated a “buy” rating and issued a $28.00 price target on shares of Diamond Offshore Drilling in a report on Thursday, September 15th. Six research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $20.22.
Diamond Offshore Drilling (NYSE:DO) traded up 1.91% during midday trading on Wednesday, reaching $17.08. 3,732,041 shares of the company traded hands. The company has a 50 day moving average of $16.94 and a 200-day moving average of $21.77. Diamond Offshore Drilling has a 12-month low of $14.18 and a 12-month high of $26.72. The stock’s market capitalization is $2.34 billion.
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Diamond Offshore Drilling (NYSE:DO) last posted its quarterly earnings data on Monday, August 1st. The offshore drilling services provider reported $0.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.08. Diamond Offshore Drilling had a negative net margin of 30.20% and a positive return on equity of 9.12%. The company earned $388.75 million during the quarter, compared to analysts’ expectations of $374.17 million. During the same period in the prior year, the company posted $0.66 earnings per share. Diamond Offshore Drilling’s revenue for the quarter was down 38.7% compared to the same quarter last year. Equities analysts anticipate that Diamond Offshore Drilling will post $1.01 EPS for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in DO. Vanguard Group Inc. raised its stake in shares of 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 worth $175,305,000 after buying an additional 1,741,584 shares during the last quarter. Dimensional Fund Advisors LP raised 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 worth $124,520,000 after buying an additional 1,440,650 shares in the last quarter. AQR Capital Management LLC raised 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 worth $35,631,000 after buying an additional 1,333,382 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised 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 worth $75,358,000 after buying an additional 1,216,069 shares in the last quarter. Finally, LSV Asset Management raised 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 worth $28,788,000 after buying an additional 1,170,067 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).
To view Vetr’s full report, visit Vetr’s official website.
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