FBR & Co Comments on Diamond Offshore Drilling, Inc.’s Q4 2017 Earnings (DO)
Diamond Offshore Drilling, Inc. (NYSE:DO) – Investment analysts at FBR & Co raised their Q4 2017 earnings per share estimates for shares of Diamond Offshore Drilling in a research note issued to investors on Tuesday. FBR & Co analyst T. Curran now anticipates that the offshore drilling services provider will post earnings of $0.00 per share for the quarter, up from their previous estimate of ($0.06). FBR & Co has a “Neutral” rating and a $13.00 price objective on the stock. FBR & Co also issued estimates for Diamond Offshore Drilling’s Q1 2018 earnings at $0.02 EPS, Q2 2018 earnings at $0.02 EPS, Q3 2018 earnings at ($0.06) EPS, Q4 2018 earnings at ($0.06) EPS and FY2018 earnings at ($0.07) EPS.
Other equities analysts have also recently issued research reports about the company. Seaport Global Securities cut Diamond Offshore Drilling from a “neutral” rating to a “sell” rating and cut their price target for the company from $12.00 to $9.00 in a report on Wednesday, June 21st. BidaskClub cut Diamond Offshore Drilling from a “sell” rating to a “strong sell” rating in a report on Saturday, June 24th. Bank of America Corporation cut Diamond Offshore Drilling from a “buy” rating to a “neutral” rating and cut their price target for the company from $22.00 to $12.00 in a report on Friday, June 30th. Jefferies Group LLC set a $14.00 price target on Diamond Offshore Drilling and gave the company a “hold” rating in a report on Saturday, July 1st. Finally, Zephirin Group restated a “sell” rating on shares of Diamond Offshore Drilling in a report on Wednesday, August 2nd. Ten investment analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company. Diamond Offshore Drilling currently has a consensus rating of “Hold” and an average price target of $14.54.
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Shares of Diamond Offshore Drilling (DO) traded down 3.47% during mid-day trading on Thursday, hitting $14.48. The stock had a trading volume of 780,852 shares. The company has a market cap of $1.99 billion, a PE ratio of 11.77 and a beta of 1.19. Diamond Offshore Drilling has a 12 month low of $10.06 and a 12 month high of $22.65. The stock’s 50-day moving average is $13.31 and its 200 day moving average is $12.91.
Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings results on Monday, July 31st. The offshore drilling services provider reported $0.45 earnings per share (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 return on equity of 5.77% and a net margin of 11.19%. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter last year, the company posted $0.16 EPS.
A number of hedge funds have recently made changes to their positions in DO. Comerica Bank grew its stake in Diamond Offshore Drilling by 3.9% during the 1st quarter. Comerica Bank now owns 54,884 shares of the offshore drilling services provider’s stock worth $795,000 after buying an additional 2,046 shares during the last quarter. Swiss National Bank grew its stake in Diamond Offshore Drilling by 2.6% during the 1st quarter. Swiss National Bank now owns 112,853 shares of the offshore drilling services provider’s stock worth $1,886,000 after buying an additional 2,900 shares during the last quarter. UBS Asset Management Americas Inc. grew its stake in Diamond Offshore Drilling by 20.8% during the 1st quarter. UBS Asset Management Americas Inc. now owns 84,518 shares of the offshore drilling services provider’s stock worth $1,412,000 after buying an additional 14,549 shares during the last quarter. Karp Capital Management Corp purchased a new position in Diamond Offshore Drilling during the 1st quarter worth $680,000. Finally, Ameriprise Financial Inc. grew its stake in Diamond Offshore Drilling by 12.0% during the 1st quarter. Ameriprise Financial Inc. now owns 197,384 shares of the offshore drilling services provider’s stock worth $3,297,000 after buying an additional 21,212 shares during 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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