Diamond Offshore Drilling, Inc. (NYSE:DO) – Analysts at Jefferies Group reduced their FY2017 earnings per share (EPS) estimates for Diamond Offshore Drilling in a research report issued to clients and investors on Monday. Jefferies Group analyst E. Royes now forecasts that the offshore drilling services provider will post earnings of $0.85 per share for the year, down from their previous forecast of $1.00. Jefferies Group has a “Hold” rating and a $12.00 price objective on the stock. Jefferies Group also issued estimates for Diamond Offshore Drilling’s FY2018 earnings at $0.00 EPS.

Diamond Offshore Drilling (NYSE:DO) last announced its quarterly earnings data on Monday, July 31st. The offshore drilling services provider reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.21. Diamond Offshore Drilling had a net margin of 11.19% and a return on equity of 5.77%. The business had revenue of $399.30 million during the quarter, compared to analyst estimates of $381.50 million. During the same period last year, the firm posted $0.16 EPS. The company’s revenue was up 2.7% on a year-over-year basis.

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A number of other research firms have also recently commented on DO. BMO Capital Markets restated a “sell” rating and issued a $14.50 price objective on shares of Diamond Offshore Drilling in a research report on Tuesday, April 18th. Credit Suisse Group set a $18.00 price target on Diamond Offshore Drilling and gave the stock a “hold” rating in a research report on Thursday, April 20th. Barclays PLC reiterated an “equal weight” rating and set a $15.00 price target (down from $19.00) on shares of Diamond Offshore Drilling in a research report on Monday, May 1st. BidaskClub upgraded Diamond Offshore Drilling from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 13th. Finally, Seaport Global Securities reiterated a “sell” rating on shares of Diamond Offshore Drilling in a research report on Monday, July 31st. Ten analysts have rated the stock with a sell rating, twelve have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $15.91.

Diamond Offshore Drilling (DO) opened at 10.89 on Wednesday. The company has a market capitalization of $1.49 billion, a P/E ratio of 8.85 and a beta of 1.12. The stock’s 50 day moving average price is $11.46 and its 200-day moving average price is $13.89. Diamond Offshore Drilling has a 52-week low of $10.06 and a 52-week high of $22.65.

Several institutional investors have recently made changes to their positions in DO. BlackRock Inc. raised its position in Diamond Offshore Drilling by 22.0% in the second quarter. BlackRock Inc. now owns 9,209,573 shares of the offshore drilling services provider’s stock valued at $99,741,000 after buying an additional 1,658,687 shares during the last quarter. Contrarius Investment Management Ltd raised its position in Diamond Offshore Drilling by 99.0% in the second quarter. Contrarius Investment Management Ltd now owns 6,606,440 shares of the offshore drilling services provider’s stock valued at $71,548,000 after buying an additional 3,286,580 shares during the last quarter. Equity Investment Corp Acquisition Inc raised its position in 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 last quarter. State Street Corp raised its position in Diamond Offshore Drilling by 27.3% in the second quarter. State Street Corp now owns 3,021,468 shares of the offshore drilling services provider’s stock valued at $32,721,000 after buying an additional 648,077 shares during the last quarter. Finally, Prudential Financial Inc. raised its position in Diamond Offshore Drilling by 194.3% in the first quarter. Prudential Financial Inc. now owns 2,117,443 shares of the offshore drilling services provider’s stock valued at $35,383,000 after buying an additional 1,398,057 shares during the last quarter.

In other Diamond Offshore Drilling news, Director Paul G. Gaffney purchased 4,000 shares of the firm’s stock in a transaction dated Monday, May 22nd. The shares were acquired at an average price of $13.67 per share, with a total value 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.

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.

Earnings History and Estimates for Diamond Offshore Drilling (NYSE:DO)

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