Diamond Offshore Drilling Inc. (DO) Given Average Rating of “Hold” by Brokerages
Shares of Diamond Offshore Drilling Inc. (NYSE:DO) have earned a consensus recommendation of “Hold” from the twenty-nine ratings firms that are covering the company. Six investment analysts have rated the stock with a sell recommendation, fifteen have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $20.09.
DO has been the subject of a number of research reports. Bank of America Corp. initiated coverage on Diamond Offshore Drilling in a report on Sunday, June 19th. They set a “buy” rating and a $24.32 target price for the company. Vetr cut Diamond Offshore Drilling from a “strong-buy” rating to a “buy” rating and set a $27.54 target price for the company. in a report on Monday, June 20th. Evercore ISI reiterated a “hold” rating on shares of Diamond Offshore Drilling in a report on Thursday, June 30th. Jefferies Group reiterated a “hold” rating on shares of Diamond Offshore Drilling in a report on Monday, July 11th. Finally, Zacks Investment Research upgraded Diamond Offshore Drilling from a “hold” rating to a “buy” rating and set a $27.00 target price for the company in a report on Tuesday, July 12th.
Shares of Diamond Offshore Drilling (NYSE:DO) traded down 1.15% during mid-day trading on Thursday, hitting $17.24. The stock had a trading volume of 1,452,649 shares. The company has a 50 day moving average price of $16.77 and a 200 day moving average price of $21.66. Diamond Offshore Drilling has a 12-month low of $14.18 and a 12-month high of $26.72. The firm’s market cap is $2.36 billion.
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Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings data on Monday, August 1st. The offshore drilling services provider reported $0.16 EPS for the quarter, beating the Zacks’ 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 business earned $388.75 million during the quarter, compared to analysts’ expectations of $374.17 million. During the same quarter in the prior year, the company earned $0.66 EPS. The firm’s quarterly revenue was down 38.7% on a year-over-year basis. Equities analysts forecast that Diamond Offshore Drilling will post $1.01 earnings per share for the current fiscal year.
Institutional investors have recently modified their holdings of the company. Thompson Rubinstein Investment Management Inc. OR raised its position in shares of Diamond Offshore Drilling by 34.0% in the third quarter. Thompson Rubinstein Investment Management Inc. OR now owns 178,379 shares of the offshore drilling services provider’s stock worth $3,141,000 after buying an additional 45,280 shares during the period. New England Research & Management Inc. acquired a new position in shares of Diamond Offshore Drilling during the third quarter worth approximately $291,000. BNP Paribas Arbitrage SA raised its position in shares of Diamond Offshore Drilling by 10.5% in the third quarter. BNP Paribas Arbitrage SA now owns 31,579 shares of the offshore drilling services provider’s stock worth $556,000 after buying an additional 2,990 shares during the period. Macquarie Group Ltd. acquired a new position in shares of Diamond Offshore Drilling during the second quarter worth approximately $951,000. Finally, Mason Street Advisors LLC acquired a new position in shares of Diamond Offshore Drilling during the second quarter worth approximately $211,000.
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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