Diamond Offshore Drilling (DO) Given a $18.00 Price Target at Cowen

Diamond Offshore Drilling (NYSE:DO) has been assigned a $18.00 price target by Cowen in a research note issued to investors on Thursday. The brokerage currently has a “hold” rating on the offshore drilling services provider’s stock. Cowen’s price target would indicate a potential downside of 10.58% from the company’s previous close.

A number of other research firms also recently issued reports on DO. Piper Jaffray Companies reissued an “underweight” rating on shares of Diamond Offshore Drilling in a report on Thursday. Jefferies Group downgraded shares of Diamond Offshore Drilling from a “hold” rating to an “underperform” rating and set a $15.00 price objective for the company. in a report on Thursday, January 4th. ValuEngine raised shares of Diamond Offshore Drilling from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 31st. Royal Bank of Canada set a $19.00 price objective on shares of Diamond Offshore Drilling and gave the company a “hold” rating in a report on Thursday, December 21st. Finally, B. Riley reissued a “neutral” rating on shares of Diamond Offshore Drilling in a report on Wednesday, November 1st. Ten research analysts have rated the stock with a sell rating, thirteen have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $15.01.

Shares of Diamond Offshore Drilling (NYSE DO) opened at $20.13 on Thursday. The company has a market cap of $2,762.40, a PE ratio of 16.50 and a beta of 1.29. The company has a debt-to-equity ratio of 0.52, a quick ratio of 3.58 and a current ratio of 3.58. Diamond Offshore Drilling has a twelve month low of $10.06 and a twelve month high of $20.41.

Diamond Offshore Drilling (NYSE:DO) last announced its earnings results on Monday, October 30th. The offshore drilling services provider reported $0.25 EPS for the quarter, topping the consensus estimate of $0.20 by $0.05. The business had revenue of $366.02 million during the quarter, compared to the consensus estimate of $365.38 million. Diamond Offshore Drilling had a net margin of 10.86% and a return on equity of 6.23%. Diamond Offshore Drilling’s revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.10 EPS. analysts forecast that Diamond Offshore Drilling will post 0.88 earnings per share for the current fiscal year.

In other news, Director Charles Fabrikant sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, December 28th. The shares were sold at an average price of $18.55, for a total transaction of $27,825.00. Following the completion of the sale, the director now owns 1,000 shares of the company’s stock, valued at approximately $18,550. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.03% of the company’s stock.

Several institutional investors have recently modified their holdings of DO. Contrarius Investment Management Ltd increased its position in Diamond Offshore Drilling by 13.7% during the 3rd quarter. Contrarius Investment Management Ltd now owns 7,512,035 shares of the offshore drilling services provider’s stock worth $108,925,000 after purchasing an additional 905,595 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in Diamond Offshore Drilling during the 3rd quarter worth approximately $2,745,000. Commonwealth Bank of Australia increased its position in Diamond Offshore Drilling by 6.0% during the 3rd quarter. Commonwealth Bank of Australia now owns 185,541 shares of the offshore drilling services provider’s stock worth $2,687,000 after purchasing an additional 10,500 shares in the last quarter. Principal Financial Group Inc. increased its position in Diamond Offshore Drilling by 4.6% during the 2nd quarter. Principal Financial Group Inc. now owns 276,415 shares of the offshore drilling services provider’s stock worth $2,993,000 after purchasing an additional 12,282 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in Diamond Offshore Drilling by 28.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 448,736 shares of the offshore drilling services provider’s stock worth $4,860,000 after purchasing an additional 98,561 shares in the last quarter.

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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.

Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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