Diamond Offshore Drilling Inc. (DO) Upgraded by Zacks Investment Research to Hold
Diamond Offshore Drilling Inc. (NYSE:DO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “Diamond Offshore Drilling boasts solid fundamentals with significant free cash flow potential and a clean balance sheet. Moreover, the company intends to increase its footprint in emerging markets (like Australia, Brazil and West Africa) to reap benefits from the recently discovered deepwater fields. This should work well for the company in the long term. Moreover, Diamond Offshore Drilling’s decision to discontinue dividends will lead to annual savings of $69 million and result in more efficient operations. However, near-term headwinds continue to weigh on it. The volatile oil and gas price scenario, geopolitical risks related to international operations, the uneven deepwater markets and expectations of a gradual decline in deepwater rates are concerns going forward.”
Other research analysts also recently issued research reports about the stock. Vetr downgraded shares of Diamond Offshore Drilling from a “strong-buy” rating to a “buy” rating and set a $27.54 price target for the company. in a research note on Monday, June 20th. Bank of America Corp. started coverage on shares of Diamond Offshore Drilling in a research note on Sunday, June 19th. They issued a “buy” rating and a $24.32 price target for the company. Zephirin Group upgraded shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a research note on Monday, September 19th. Evercore ISI upgraded shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating and decreased their price target for the stock from $22.00 to $19.00 in a research note on Tuesday, September 20th. Finally, Jefferies Group reiterated a “hold” rating on shares of Diamond Offshore Drilling in a research note on Monday, July 11th. Six research 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. Diamond Offshore Drilling presently has a consensus rating of “Hold” and a consensus target price of $20.20.
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 https://www.americanbankingnews.com/2016/10/13/diamond-offshore-drilling-inc-do-upgraded-by-zacks-investment-research-to-hold.html
Diamond Offshore Drilling (NYSE:DO) traded down 1.72% during mid-day trading on Thursday, hitting $17.14. 1,351,073 shares of the stock were exchanged. The firm’s market cap is $2.35 billion. Diamond Offshore Drilling has a 52-week low of $14.18 and a 52-week high of $26.72. 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 (NYSE:DO) last posted its quarterly earnings data on Monday, August 1st. The offshore drilling services provider reported $0.16 EPS for the quarter, beating 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 business earned $388.75 million during the quarter, compared to analyst estimates of $374.17 million. During the same quarter last year, the firm posted $0.66 earnings per share. The business’s revenue for the quarter was down 38.7% compared to the same quarter last year. On average, analysts anticipate that Diamond Offshore Drilling will post $1.01 EPS for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Balentine LLC raised its position in Diamond Offshore Drilling by 5.7% in the second quarter. Balentine LLC now owns 4,186 shares of the offshore drilling services provider’s stock worth $102,000 after buying an additional 226 shares during the period. Tower Research Capital LLC TRC raised its position in Diamond Offshore Drilling by 24,233.3% in the second quarter. Tower Research Capital LLC TRC now owns 5,840 shares of the offshore drilling services provider’s stock worth $142,000 after buying an additional 5,816 shares during the period. Pacer Advisors Inc. purchased a new position in Diamond Offshore Drilling during the second quarter worth about $155,000. Mason Street Advisors LLC purchased a new position in Diamond Offshore Drilling during the second quarter worth about $211,000. Finally, Societe Generale purchased a new position in Diamond Offshore Drilling during the second quarter worth about $214,000.
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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.