Equities analysts expect Diamond Offshore Drilling Inc (NYSE:DO) to post sales of $380.47 million for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have made estimates for Diamond Offshore Drilling’s earnings. The highest sales estimate is $396.9 million and the lowest is $346.9 million. Diamond Offshore Drilling reported sales of $388.75 million during the same quarter last year, which indicates a negative year-over-year growth rate of 2.1%. The company is expected to announce its next quarterly earnings results on Monday, August 7th.

On average, analysts expect that Diamond Offshore Drilling will report full-year sales of $380.47 million for the current financial year, with estimates ranging from $1.39 billion to $1.54 billion. For the next financial year, analysts anticipate that the firm will report sales of $1.27 billion per share, with estimates ranging from $1.08 billion to $1.51 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that follow Diamond Offshore Drilling.

Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings results on Monday, May 1st. The offshore drilling services provider reported $0.17 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.05. The company had revenue of $374.22 million for the quarter, compared to the consensus estimate of $366.03 million. Diamond Offshore Drilling had a negative net margin of 23.28% and a positive return on equity of 6.33%. Diamond Offshore Drilling’s revenue was down 20.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.64 earnings per share.

DO has been the topic of a number of research reports. Jefferies Group LLC decreased their price objective on Diamond Offshore Drilling from $18.00 to $17.00 and set a “hold” rating on the stock in a report on Monday, January 30th. Royal Bank of Canada restated a “sell” rating and issued a $18.00 price objective (down previously from $22.00) on shares of Diamond Offshore Drilling in a report on Wednesday, February 1st. Credit Suisse Group AG restated a “hold” rating and issued a $18.00 price objective on shares of Diamond Offshore Drilling in a report on Sunday, February 5th. Goldman Sachs Group Inc decreased their price objective on Diamond Offshore Drilling from $15.00 to $14.50 and set a “sell” rating on the stock in a report on Tuesday, February 7th. Finally, Instinet restated a “reduce” rating and issued a $14.00 price objective on shares of Diamond Offshore Drilling in a report on Tuesday, February 7th. Eight research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $18.24.

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In other news, Director Paul G. Gaffney bought 4,000 shares of the company’s stock in a transaction on Monday, May 22nd. The stock was bought 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 SEC, which is available through this link. 0.04% of the stock is currently owned by insiders.

Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Investment Management LLC increased its position in Diamond Offshore Drilling by 42.0% in the third quarter. BlackRock Investment Management LLC now owns 191,950 shares of the offshore drilling services provider’s stock valued at $3,380,000 after buying an additional 56,743 shares in the last quarter. BlackRock Fund Advisors increased its position in Diamond Offshore Drilling by 102.4% in the third quarter. BlackRock Fund Advisors now owns 2,602,840 shares of the offshore drilling services provider’s stock valued at $45,836,000 after buying an additional 1,316,557 shares in the last quarter. Majedie Asset Management Ltd increased its position in Diamond Offshore Drilling by 26.7% in the third quarter. Majedie Asset Management Ltd now owns 608,708 shares of the offshore drilling services provider’s stock valued at $10,719,000 after buying an additional 128,439 shares in the last quarter. Contrarius Investment Management Ltd purchased a new position in Diamond Offshore Drilling during the third quarter valued at $20,098,000. Finally, Suntrust Banks Inc. purchased a new position in Diamond Offshore Drilling during the third quarter valued at $226,000.

Shares of Diamond Offshore Drilling (NYSE:DO) opened at 12.15 on Friday. The stock’s market cap is $1.67 billion. Diamond Offshore Drilling has a 1-year low of $12.01 and a 1-year high of $26.72. The company’s 50-day moving average is $14.44 and its 200-day moving average is $16.58.

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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