BidaskClub Upgrades Diamond Offshore Drilling, Inc. (DO) to Sell
Diamond Offshore Drilling, Inc. (NYSE:DO) was upgraded by investment analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research report issued on Friday.
Other equities research analysts have also issued research reports about the stock. Bank of America Corporation lowered shares of Diamond Offshore Drilling from a “buy” rating to a “neutral” rating in a report on Friday. Seaport Global Securities lowered shares of Diamond Offshore Drilling from a “neutral” rating to a “sell” rating and reduced their price target for the company from $12.00 to $9.00 in a report on Wednesday, June 21st. Barclays PLC restated an “equal weight” rating and issued a $15.00 price target (down previously from $19.00) on shares of Diamond Offshore Drilling in a report on Monday, May 1st. Jefferies Group LLC reduced their price target on shares of Diamond Offshore Drilling from $17.00 to $15.00 and set a “hold” rating for the company in a report on Tuesday, May 2nd. Finally, Scotiabank restated a “hold” rating and issued a $19.00 price target on shares of Diamond Offshore Drilling in a report on Wednesday, March 22nd. Ten investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $17.04.
Shares of Diamond Offshore Drilling (DO) traded down 2.70% during midday trading on Friday, reaching $10.83. 2,211,445 shares of the company’s stock were exchanged. The company’s market cap is $1.49 billion. The stock’s 50 day moving average price is $12.01 and its 200 day moving average price is $15.55. Diamond Offshore Drilling has a 12-month low of $10.06 and a 12-month high of $26.49.
Diamond Offshore Drilling (NYSE:DO) last posted its quarterly earnings results on Monday, May 1st. The offshore drilling services provider reported $0.17 EPS for the quarter, beating the consensus estimate of $0.12 by $0.05. Diamond Offshore Drilling had a negative net margin of 29.01% and a positive return on equity of 4.76%. The business had revenue of $374.22 million during the quarter, compared to analyst estimates of $366.03 million. During the same quarter in the previous year, the business posted $0.64 EPS. The company’s quarterly revenue was down 20.5% compared to the same quarter last year. Equities analysts anticipate that Diamond Offshore Drilling will post $0.85 earnings per share for the current fiscal year.
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In related news, Director Paul G. Gaffney bought 4,000 shares of the company’s stock in a transaction on Monday, May 22nd. The shares were bought at an average price 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 at this hyperlink. 0.03% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Pastel & Associes SA increased its stake in Diamond Offshore Drilling by 20.0% in the first quarter. Pastel & Associes SA now owns 449,120 shares of the offshore drilling services provider’s stock valued at $7,505,000 after buying an additional 75,000 shares during the period. Metropolitan Life Insurance Co. NY increased its stake in Diamond Offshore Drilling by 80.5% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 60,233 shares of the offshore drilling services provider’s stock valued at $1,066,000 after buying an additional 26,863 shares during the period. LMR Partners LLP acquired a new stake in Diamond Offshore Drilling during the first quarter valued at approximately $785,000. Teachers Retirement System of The State of Kentucky increased its stake in Diamond Offshore Drilling by 17.1% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 13,700 shares of the offshore drilling services provider’s stock valued at $242,000 after buying an additional 2,000 shares during the period. Finally, Karp Capital Management Corp acquired a new stake in Diamond Offshore Drilling during the first quarter valued at approximately $680,000.
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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