Research analysts at HSBC Holdings plc began coverage on shares of Diamond Offshore Drilling, Inc. (NYSE:DO) in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The brokerage set a “hold” rating and a $15.80 price target on the offshore drilling services provider’s stock. HSBC Holdings plc’s price objective would indicate a potential upside of 3.40% from the company’s current price.

Several other equities analysts have also weighed in on the stock. Clarkson Capital upgraded shares of Diamond Offshore Drilling from a “neutral” rating to a “buy” rating in a report on Friday, September 1st. Cowen and Company restated a “hold” rating and issued a $11.00 price objective on shares of Diamond Offshore Drilling in a report on Tuesday, September 5th. Bank of America Corporation lowered shares of Diamond Offshore Drilling from a “buy” rating to a “neutral” rating and cut their price objective for the company from $22.00 to $12.00 in a report on Friday, June 30th. Jefferies Group LLC restated a “hold” rating and issued a $12.00 price objective (down from $14.00) on shares of Diamond Offshore Drilling in a report on Tuesday, July 18th. Finally, BidaskClub upgraded shares of Diamond Offshore Drilling from a “strong sell” rating to a “sell” rating in a report on Friday, June 30th. Nine investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $14.60.

Diamond Offshore Drilling (DO) traded down 0.39% on Thursday, hitting $15.28. 2,452,129 shares of the company were exchanged. The stock has a 50 day moving average price of $14.08 and a 200 day moving average price of $12.88. Diamond Offshore Drilling has a one year low of $10.06 and a one year high of $22.65. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of 12.42 and a beta of 1.19.

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 for the quarter, beating the Thomson Reuters’ consensus estimate 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 for the quarter, compared to analyst estimates of $381.50 million. During the same period in the prior year, the business posted $0.16 earnings per share. Diamond Offshore Drilling’s revenue was up 2.7% compared to the same quarter last year. On average, equities research analysts forecast that Diamond Offshore Drilling will post $0.91 EPS for the current fiscal year.

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Institutional investors and hedge funds have recently made changes to their positions in the stock. Hikari Power Ltd boosted its holdings in Diamond Offshore Drilling by 416.6% during the second quarter. Hikari Power Ltd now owns 567,700 shares of the offshore drilling services provider’s stock worth $6,148,000 after purchasing an additional 457,800 shares during the last quarter. BNP Paribas Arbitrage SA boosted its holdings in Diamond Offshore Drilling by 522.1% during 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 purchasing an additional 100,521 shares during the last quarter. First Trust Advisors LP boosted its holdings in Diamond Offshore Drilling by 20.7% during the second quarter. First Trust Advisors LP now owns 239,230 shares of the offshore drilling services provider’s stock worth $2,591,000 after purchasing an additional 40,955 shares during the last quarter. BlackRock Inc. boosted its holdings in Diamond Offshore Drilling by 7,375.1% during the first quarter. BlackRock Inc. now owns 7,550,886 shares of the offshore drilling services provider’s stock worth $126,177,000 after purchasing an additional 7,449,872 shares during the last quarter. Finally, Wayne Hummer Investments L.L.C. acquired a new position in Diamond Offshore Drilling during the second quarter worth $145,000.

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.

Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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