$0.26 EPS Expected for Diamond Offshore Drilling, Inc. (NYSE:DO) This Quarter
Wall Street brokerages expect Diamond Offshore Drilling, Inc. (NYSE:DO) to post $0.26 earnings per share for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Diamond Offshore Drilling’s earnings, with the lowest EPS estimate coming in at $0.13 and the highest estimate coming in at $0.38. Diamond Offshore Drilling posted earnings per share of $0.10 in the same quarter last year, which would suggest a positive year-over-year growth rate of 160%. The firm is expected to issue its next quarterly earnings report on Monday, October 30th.
According to Zacks, analysts expect that Diamond Offshore Drilling will report full-year earnings of $0.91 per share for the current year, with EPS estimates ranging from $0.67 to $1.20. For the next year, analysts expect that the firm will post earnings of $0.08 per share, with EPS estimates ranging from ($0.48) to $0.55. Zacks’ EPS averages are a mean average based on a survey of research analysts that cover Diamond Offshore Drilling.
Diamond Offshore Drilling (NYSE:DO) last announced its quarterly earnings data on Monday, July 31st. The offshore drilling services provider reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.21. The firm had revenue of $399.30 million during the quarter, compared to the consensus estimate of $381.50 million. Diamond Offshore Drilling had a net margin of 11.19% and a return on equity of 5.77%. The firm’s revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.16 earnings per share.
Several research analysts have commented on DO shares. Barclays PLC restated an “equal weight” rating and issued a $15.00 target price (down previously from $19.00) on shares of Diamond Offshore Drilling in a research report on Monday, May 1st. Credit Suisse Group set a $18.00 target price on shares of Diamond Offshore Drilling and gave the stock a “hold” rating in a research report on Thursday, April 20th. Jefferies Group LLC set a $14.00 target price on shares of Diamond Offshore Drilling and gave the stock a “hold” rating in a research report on Wednesday, May 24th. Piper Jaffray Companies restated a “hold” rating and issued a $12.50 target price on shares of Diamond Offshore Drilling in a research report on Thursday. Finally, Bank of America Corporation cut shares of Diamond Offshore Drilling from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $22.00 to $12.00 in a research report on Friday, June 30th. Eleven analysts have rated the stock with a sell rating, twelve have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $15.91.
Shares of Diamond Offshore Drilling (DO) opened at 12.43 on Monday. Diamond Offshore Drilling has a 12 month low of $10.06 and a 12 month high of $22.65. The company has a 50-day moving average of $11.27 and a 200-day moving average of $14.31. The firm has a market cap of $1.71 billion, a P/E ratio of 10.11 and a beta of 1.12.
In other Diamond Offshore Drilling news, Director Paul G. Gaffney purchased 4,000 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were bought at an average price of $13.67 per share, for a total transaction of $54,680.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.03% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Equity Investment Corp Acquisition Inc raised its position in shares of Diamond Offshore Drilling by 76.1% in the second quarter. Equity Investment Corp Acquisition Inc now owns 4,566,588 shares of the offshore drilling services provider’s stock valued at $49,456,000 after buying an additional 1,973,653 shares during the period. Symons Capital Management Inc. purchased a new position in Diamond Offshore Drilling during the second quarter worth about $546,000. Wayne Hummer Investments L.L.C. purchased a new position in Diamond Offshore Drilling during the second quarter worth about $145,000. BNP Paribas Arbitrage SA raised its position in Diamond Offshore Drilling by 522.1% in the second quarter. BNP Paribas Arbitrage SA now owns 119,776 shares of the offshore drilling services provider’s stock worth $1,297,000 after buying an additional 100,521 shares during the last quarter. Finally, Comerica Bank raised its position in Diamond Offshore Drilling by 0.8% in the second quarter. Comerica Bank now owns 55,321 shares of the offshore drilling services provider’s stock worth $647,000 after buying an additional 437 shares during the last quarter.
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Diamond Offshore Drilling Company Profile
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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