Diamond Offshore Drilling (NYSE:DO) has been given a $19.00 target price by Royal Bank of Canada in a research report issued on Thursday. The firm currently has a “hold” rating on the offshore drilling services provider’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 3.54% from the company’s current price.
Several other brokerages have also commented on DO. Jefferies Group reiterated a “neutral” rating on shares of Diamond Offshore Drilling in a research report on Tuesday, October 31st. Piper Jaffray Companies reiterated a “hold” rating and set a $9.33 price objective on shares of Diamond Offshore Drilling in a research report on Tuesday, September 19th. ValuEngine upgraded Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a research report on Wednesday, September 6th. Deutsche Bank began coverage on Diamond Offshore Drilling in a research report on Tuesday, October 10th. They set a “hold” rating and a $15.00 price objective on the stock. Finally, began coverage on Diamond Offshore Drilling in a research report on Thursday, October 19th. They set a “hold” rating and a $15.80 price objective on the stock. Eight research analysts have rated the stock with a sell rating, fourteen have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $14.91.
Shares of Diamond Offshore Drilling (DO) traded up $0.73 during midday trading on Thursday, reaching $18.35. The company’s stock had a trading volume of 1,696,300 shares, compared to its average volume of 2,863,442. The company has a market cap of $2,520.00, a price-to-earnings ratio of 10.24 and a beta of 1.29. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.58 and a quick ratio of 3.58. Diamond Offshore Drilling has a fifty-two week low of $10.06 and a fifty-two week high of $19.95.
A number of hedge funds have recently modified their holdings of the stock. GSA Capital Partners LLP purchased a new stake in Diamond Offshore Drilling during the 3rd quarter valued at about $1,209,000. California Public Employees Retirement System lifted its holdings in Diamond Offshore Drilling by 98.0% in the 3rd quarter. California Public Employees Retirement System now owns 825,261 shares of the offshore drilling services provider’s stock worth $11,966,000 after buying an additional 408,516 shares during the period. Point72 Asset Management L.P. lifted its holdings in Diamond Offshore Drilling by 959.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 625,300 shares of the offshore drilling services provider’s stock worth $9,067,000 after buying an additional 566,300 shares during the period. Highbridge Capital Management LLC purchased a new stake in Diamond Offshore Drilling in the 3rd quarter worth approximately $262,000. Finally, Magnetar Financial LLC purchased a new stake in Diamond Offshore Drilling in the 3rd quarter worth approximately $431,000.
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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.
