Diamond Offshore Drilling (DO) Downgraded to Neutral at Clarkson Capital

Diamond Offshore Drilling (NYSE:DO) was downgraded by equities researchers at Clarkson Capital from a “buy” rating to a “neutral” rating in a report released on Thursday, The Fly reports.

Other research analysts have also issued research reports about the company. B. Riley reiterated a “neutral” rating on shares of Diamond Offshore Drilling in a research report on Wednesday, November 1st. FBR & Co upgraded Diamond Offshore Drilling from a “sell” rating to a “neutral” rating and set a $13.00 price target for the company in a research report on Tuesday, October 10th. Jefferies Group set a $15.00 price target on Diamond Offshore Drilling and gave the stock a “hold” rating in a research report on Monday, October 30th. Citigroup lowered Diamond Offshore Drilling from a “neutral” rating to a “sell” rating and set a $12.00 price target for the company. in a research report on Thursday, October 12th. Finally, Susquehanna Bancshares set a $17.00 price objective on shares of Diamond Offshore Drilling and gave the stock a “hold” rating in a research note on Friday, January 12th. Ten investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $15.01.

Shares of Diamond Offshore Drilling (NYSE:DO) traded down $0.31 during trading on Thursday, hitting $19.45. The stock had a trading volume of 313,917 shares, compared to its average volume of 1,463,146. The stock has a market capitalization of $2,710.00, a price-to-earnings ratio of 16.07 and a beta of 1.28. The company has a current ratio of 3.58, a quick ratio of 3.58 and a debt-to-equity ratio of 0.52. Diamond Offshore Drilling has a 52-week low of $10.06 and a 52-week high of $20.41.

Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings results on Monday, October 30th. The offshore drilling services provider reported $0.25 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.05. The company had revenue of $366.02 million during the quarter, compared to analyst estimates of $365.38 million. Diamond Offshore Drilling had a return on equity of 6.23% and a net margin of 10.86%. The firm’s revenue was up 4.8% on a year-over-year basis. During the same quarter last year, the business posted $0.10 earnings per share. sell-side analysts forecast that Diamond Offshore Drilling will post 0.87 earnings per share for the current fiscal year.

In other news, Director Charles Fabrikant sold 1,500 shares of Diamond Offshore Drilling 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 $18,550. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.03% of the company’s stock.

Several institutional investors have recently bought and sold shares of DO. Raymond James Trust N.A. bought a new stake in shares of Diamond Offshore Drilling during the second quarter valued at approximately $118,000. BlueMountain Capital Management LLC bought a new stake in shares of Diamond Offshore Drilling during the second quarter valued at approximately $119,000. Zacks Investment Management bought a new stake in shares of Diamond Offshore Drilling during the second quarter valued at approximately $124,000. Victory Capital Management Inc. bought a new stake in shares of Diamond Offshore Drilling during the third quarter valued at approximately $126,000. Finally, M&T Bank Corp bought a new stake in shares of Diamond Offshore Drilling during the second quarter valued at approximately $139,000.

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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.

The Fly

Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)