Credit Agricole SA Upgrades Diamond Offshore Drilling Inc. (DO) to Underperform
Diamond Offshore Drilling Inc. (NYSE:DO) was upgraded by investment analysts at Credit Agricole SA from a “sell” rating to an “underperform” rating in a note issued to investors on Monday, The Fly reports.
DO has been the subject of several other research reports. Vetr lowered Diamond Offshore Drilling from a “strong-buy” rating to a “buy” rating and set a $18.75 price objective for the company. in a report on Monday, October 10th. Barclays PLC boosted their price objective on Diamond Offshore Drilling from $14.00 to $15.00 and gave the stock an “underweight” rating in a report on Monday, August 8th. RBC Capital Markets reissued a “sector perform” rating and set a $23.00 price objective (down previously from $29.00) on shares of Diamond Offshore Drilling in a report on Saturday, August 13th. FBR & Co reaffirmed a “sell” rating on shares of Diamond Offshore Drilling in a research note on Tuesday, August 2nd. Finally, Seaport Global Securities lowered Diamond Offshore Drilling from an “accumulate” rating to a “neutral” rating and set a $17.00 target price for the company. in a research note on Friday, October 7th. Seven research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $20.20.
Shares of Diamond Offshore Drilling (NYSE:DO) opened at 17.16 on Monday. Diamond Offshore Drilling has a 1-year low of $14.18 and a 1-year high of $26.72. The company’s market cap is $2.35 billion. The stock has a 50 day moving average of $16.67 and a 200 day moving average of $21.59.
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Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings data on Monday, August 1st. The offshore drilling services provider reported $0.16 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.08. Diamond Offshore Drilling had a positive return on equity of 9.12% and a negative net margin of 30.20%. The company earned $388.75 million during the quarter, compared to analyst estimates of $374.17 million. During the same quarter in the previous year, the firm earned $0.66 earnings per share. Diamond Offshore Drilling’s revenue was down 38.7% on a year-over-year basis. Analysts predict that Diamond Offshore Drilling will post $1.01 EPS for the current year.
A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position 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 worth $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 worth $124,520,000 after buying an additional 1,440,650 shares in the last quarter. 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 worth $35,631,000 after buying an additional 1,333,382 shares in the last quarter. 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 worth $75,358,000 after buying an additional 1,216,069 shares in the last quarter. 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 worth $28,788,000 after buying an additional 1,170,067 shares in the last quarter.
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).
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