Diamond Offshore Drilling Inc (DO) Expected to Announce Earnings of $0.24 Per Share
Analysts expect that Diamond Offshore Drilling Inc (NYSE:DO) will announce earnings of $0.24 per share for the current quarter, according to Zacks Investment Research. Seven analysts have made estimates for Diamond Offshore Drilling’s earnings, with the lowest EPS estimate coming in at $0.16 and the highest estimate coming in at $0.43. Diamond Offshore Drilling reported earnings of $0.16 per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 50%. The company is expected to issue its next quarterly earnings report on Monday, August 7th.
According to Zacks, analysts expect that Diamond Offshore Drilling will report full year earnings of $0.79 per share for the current fiscal year, with EPS estimates ranging from $0.38 to $1.31. For the next fiscal year, analysts forecast that the business will report earnings of $0.11 per share, with EPS estimates ranging from ($0.33) to $0.38. Zacks’ EPS averages are an average based on a survey of research firms that follow Diamond Offshore Drilling.
Diamond Offshore Drilling (NYSE:DO) last announced its quarterly earnings results on Monday, May 1st. The offshore drilling services provider reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.05. The firm had revenue of $374.22 million for the quarter, compared to analysts’ expectations of $366.03 million. Diamond Offshore Drilling had a negative net margin of 23.28% and a positive return on equity of 6.33%. The company’s revenue was down 20.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 EPS.
A number of research firms recently commented on DO. Jefferies Group LLC set a $14.00 price objective on Diamond Offshore Drilling and gave the stock a “hold” rating in a research report on Wednesday. Instinet restated a “reduce” rating and issued a $14.00 price target on shares of Diamond Offshore Drilling in a report on Tuesday, February 7th. 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 Sunday, February 5th. Royal Bank of Canada restated a “sell” rating and issued a $18.00 price target (down previously from $22.00) on shares of Diamond Offshore Drilling in a report on Wednesday, February 1st. Finally, BMO Capital Markets restated a “sell” rating and issued a $14.50 price target on shares of Diamond Offshore Drilling in a report on Tuesday, April 18th. Eight equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $18.24.
In other Diamond Offshore Drilling news, Director Paul G. Gaffney purchased 4,000 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The shares were purchased at an average cost of $13.67 per share, with a total value of $54,680.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.04% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Lazard Asset Management LLC raised its position in shares of Diamond Offshore Drilling by 10.2% in the first quarter. Lazard Asset Management LLC now owns 6,685 shares of the offshore drilling services provider’s stock valued at $111,000 after buying an additional 620 shares during the last quarter. Advantus Capital Management Inc raised its position in shares of Diamond Offshore Drilling by 3.0% in the first quarter. Advantus Capital Management Inc now owns 8,254 shares of the offshore drilling services provider’s stock worth $138,000 after buying an additional 242 shares in the last quarter. Segantii Capital Management Ltd bought a new position in shares of Diamond Offshore Drilling during the first quarter worth approximately $140,000. Texas Yale Capital Corp. bought a new position in shares of Diamond Offshore Drilling during the fourth quarter worth approximately $177,000. Finally, Commerzbank Aktiengesellschaft FI bought a new position in shares of Diamond Offshore Drilling during the first quarter worth approximately $169,000.
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Shares of Diamond Offshore Drilling (NYSE:DO) traded down 2.20% on Friday, hitting $12.02. 2,382,472 shares of the stock traded hands. Diamond Offshore Drilling has a 12 month low of $12.01 and a 12 month high of $26.72. The company’s market cap is $1.65 billion. The firm’s 50 day moving average is $14.51 and its 200-day moving average is $16.61.
About Diamond Offshore Drilling
Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry. As of December 31, 2016, the Company had a fleet of 24 offshore drilling rigs. As of December 31, 2016, its fleet consisted of four drillships, 19 semisubmersible rigs and one jack-up rig. Its fleet enables it to offer a range of services, primarily in the floater market, including ultra-deepwater, deepwater and mid-water.
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