Diamond Offshore Drilling Inc (NYSE:DO) – Stock analysts at Jefferies Group lifted their FY2017 earnings estimates for shares of Diamond Offshore Drilling in a research report issued to clients and investors on Thursday. Jefferies Group analyst E. Royes now expects that the offshore drilling services provider will post earnings per share of $0.92 for the year, up from their prior estimate of $0.87. Jefferies Group has a “Underperform” rating and a $15.00 price target on the stock.
Several other equities research analysts have also recently weighed in on the company. UBS Group upgraded Diamond Offshore Drilling from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $12.00 to $15.00 in a report on Monday, September 25th. ValuEngine upgraded Diamond Offshore Drilling from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 31st. Citigroup cut Diamond Offshore Drilling from a “neutral” rating to a “sell” rating and set a $12.00 price objective for the company. in a report on Thursday, October 12th. Zacks Investment Research cut Diamond Offshore Drilling from a “buy” rating to a “hold” rating in a report on Friday, October 20th. Finally, Royal Bank of Canada set a $15.00 price objective on Diamond Offshore Drilling and gave the stock a “hold” rating in a report on Saturday, October 7th. Nine research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $14.53.
Diamond Offshore Drilling (NYSE:DO) last posted its quarterly earnings results on Monday, October 30th. The offshore drilling services provider reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.05. Diamond Offshore Drilling had a return on equity of 6.23% and a net margin of 10.86%. The business had revenue of $366.02 million for the quarter, compared to analyst estimates of $365.38 million. During the same period last year, the company earned $0.10 EPS. Diamond Offshore Drilling’s revenue for the quarter was up 4.8% compared to the same quarter last year.
A number of hedge funds have recently bought and sold shares of DO. GSA Capital Partners LLP bought a new stake in shares of Diamond Offshore Drilling in the 3rd quarter worth $1,209,000. California Public Employees Retirement System grew its holdings in shares of Diamond Offshore Drilling by 98.0% in the third quarter. California Public Employees Retirement System now owns 825,261 shares of the offshore drilling services provider’s stock worth $11,966,000 after acquiring an additional 408,516 shares during the period. Point72 Asset Management L.P. grew its holdings in shares of Diamond Offshore Drilling by 959.8% in the third quarter. Point72 Asset Management L.P. now owns 625,300 shares of the offshore drilling services provider’s stock worth $9,067,000 after acquiring an additional 566,300 shares during the period. Highbridge Capital Management LLC bought a new stake in shares of Diamond Offshore Drilling in the third quarter worth $262,000. Finally, Magnetar Financial LLC bought a new stake in shares of Diamond Offshore Drilling in the third quarter worth $431,000.
In related news, Director Charles Fabrikant sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, December 28th. The stock was sold at an average price of $18.55, for a total transaction of $27,825.00. Following the completion of the transaction, the director now owns 1,000 shares of the company’s stock, valued at approximately $18,550. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.03% of the stock is owned by company insiders.
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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.
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