Diamond Offshore Drilling Inc. (DO) Downgraded by Vetr Inc.
Diamond Offshore Drilling Inc. (NYSE:DO) was downgraded by equities research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Monday. They presently have a $18.75 price target on the offshore drilling services provider’s stock. Vetr‘s target price suggests a potential upside of 9.78% from the stock’s current price.
A number of other analysts have also issued reports on DO. Bank of America Corp. started coverage on shares of Diamond Offshore Drilling in a research note on Monday, June 13th. They set a “buy” rating and a $34.00 target price for the company. Evercore ISI reissued a “hold” rating on shares of Diamond Offshore Drilling in a research note on Thursday, June 30th. Jefferies Group restated a “hold” rating on shares of Diamond Offshore Drilling in a report on Monday, July 11th. Zacks Investment Research upgraded Diamond Offshore Drilling from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a report on Tuesday, July 12th. Finally, FBR & Co restated a “sell” rating on shares of Diamond Offshore Drilling in a report on Tuesday, August 2nd. Six research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $20.20.
Shares of Diamond Offshore Drilling (NYSE:DO) opened at 17.08 on Monday. Diamond Offshore Drilling has a one year low of $14.18 and a one year high of $26.72. The stock’s 50 day moving average is $16.94 and its 200-day moving average is $21.77. The stock’s market cap is $2.34 billion.
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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 (EPS) for the quarter, beating the Zacks’ consensus estimate 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 business’s revenue was down 38.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.66 earnings per share. On average, equities analysts forecast that Diamond Offshore Drilling will post $1.01 EPS for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in DO. TIAA CREF Investment Management LLC increased its position 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 valued at $6,249,000 after buying an additional 147,662 shares during the last quarter. JPMorgan Chase & Co. increased its position in Diamond Offshore Drilling by 290.6% in the first quarter. JPMorgan Chase & Co. now owns 182,609 shares of the offshore drilling services provider’s stock valued at $3,968,000 after buying an additional 135,861 shares in the last quarter. Teachers Advisors Inc. increased its position in 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 valued at $2,425,000 after buying an additional 47,306 shares in the last quarter. Dimensional Fund Advisors LP increased its position 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 in the last quarter. Finally, Seven Eight Capital LLC purchased a new position in Diamond Offshore Drilling during the first quarter valued at approximately $327,000. 99.34% of the stock is owned by institutional investors and hedge funds.
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).
To view Vetr’s full report, visit Vetr’s official website.
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