Diamond Offshore Drilling, Inc. (DO) Upgraded at Pareto Securities
Diamond Offshore Drilling, Inc. (NYSE:DO) was upgraded by analysts at Pareto Securities from a “hold” rating to a “buy” rating in a research note issued on Friday. The brokerage currently has a $12.00 target price on the offshore drilling services provider’s stock. Pareto Securities’ target price would indicate a potential upside of 15.61% from the company’s current price.
A number of other research analysts also recently issued reports on DO. Credit Suisse Group set a $18.00 target price on shares of Diamond Offshore Drilling and gave the company a “hold” rating in a research report on Thursday, April 20th. Barclays PLC restated an “equal weight” rating and set a $15.00 target price (down from $19.00) on shares of Diamond Offshore Drilling in a research report on Monday, May 1st. Jefferies Group LLC cut their target price on shares of Diamond Offshore Drilling from $17.00 to $15.00 and set a “hold” rating on the stock in a research report on Tuesday, May 2nd. BidaskClub upgraded shares of Diamond Offshore Drilling from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 13th. Finally, Seaport Global Securities downgraded shares of Diamond Offshore Drilling from a “neutral” rating to a “sell” rating and cut their target price for the company from $12.00 to $9.00 in a research report on Wednesday, June 21st. Ten investment analysts have rated the stock with a sell rating, eleven have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Diamond Offshore Drilling has an average rating of “Hold” and a consensus price target of $15.73.
Diamond Offshore Drilling (NYSE:DO) opened at 10.38 on Friday. The firm has a market cap of $1.42 billion, a PE ratio of 8.44 and a beta of 1.12. Diamond Offshore Drilling has a 52 week low of $10.06 and a 52 week high of $22.65. The stock has a 50 day moving average of $11.45 and a 200 day moving average of $13.84.
Diamond Offshore Drilling (NYSE:DO) last released its earnings results 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 company had revenue of $399.30 million for the quarter, compared to the consensus estimate of $381.50 million. During the same period in the prior year, the company posted $0.16 EPS. The company’s revenue was up 2.7% compared to the same quarter last year. Analysts anticipate that Diamond Offshore Drilling will post $0.94 EPS for the current year.
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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 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 document filed with the SEC, which can be accessed through this link. 0.03% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the company. Lazard Asset Management LLC boosted 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 in the last quarter. Raymond James Trust N.A. acquired a new position in shares of Diamond Offshore Drilling during the second quarter valued at $118,000. BlueMountain Capital Management LLC acquired a new position in shares of Diamond Offshore Drilling during the second quarter valued at $119,000. Zacks Investment Management acquired a new position in shares of Diamond Offshore Drilling during the second quarter valued at $124,000. Finally, Advantus Capital Management Inc boosted 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 valued at $138,000 after buying an additional 242 shares in the last quarter.
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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