Traders Purchase High Volume of Put Options on Diamond Offshore Drilling (DO)

Diamond Offshore Drilling Inc (NYSE:DO) was the target of some unusual options trading on Thursday. Stock traders purchased 8,577 put options on the company. This represents an increase of approximately 1,832% compared to the typical volume of 444 put options.

A number of research firms have issued reports on DO. Cowen set a $18.00 price target on Diamond Offshore Drilling and gave the company a “hold” rating in a research note on Thursday, January 11th. Susquehanna Bancshares set a $17.00 price target on Diamond Offshore Drilling and gave the company a “hold” rating in a research note on Friday, January 12th. Jefferies Group downgraded Diamond Offshore Drilling from a “hold” rating to an “underperform” rating and set a $15.00 price target for the company. in a research note on Thursday, January 4th. Piper Jaffray Companies reiterated an “underweight” rating on shares of Diamond Offshore Drilling in a research note on Thursday, January 11th. Finally, Clarkson Capital downgraded Diamond Offshore Drilling from a “buy” rating to a “neutral” rating in a research note on Thursday. Ten equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $15.01.

Diamond Offshore Drilling (DO) opened at $19.63 on Friday. Diamond Offshore Drilling has a 12 month low of $10.06 and a 12 month high of $20.41. The firm has a market capitalization of $2,644.38, a P/E ratio of 16.09 and a beta of 1.29. The company has a quick ratio of 3.58, a current ratio of 3.58 and a debt-to-equity ratio of 0.52.

Diamond Offshore Drilling (NYSE:DO) last announced its earnings results on Monday, October 30th. The offshore drilling services provider reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $366.02 million for the quarter, compared to the consensus estimate of $365.38 million. During the same quarter in the previous year, the business earned $0.10 EPS. The company’s revenue was up 4.8% compared to the same quarter last year. research analysts forecast that Diamond Offshore Drilling will post 0.87 earnings per share for the current fiscal year.

In other Diamond Offshore Drilling news, Director Charles Fabrikant sold 1,500 shares of Diamond Offshore Drilling stock in a transaction dated 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 in the company, valued at approximately $18,550. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.03% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James Trust N.A. purchased a new position in Diamond Offshore Drilling in the second quarter valued at approximately $118,000. BlueMountain Capital Management LLC purchased a new position in Diamond Offshore Drilling in the second quarter valued at approximately $119,000. Zacks Investment Management purchased a new position in Diamond Offshore Drilling in the second quarter valued at approximately $124,000. Victory Capital Management Inc. purchased a new position in Diamond Offshore Drilling in the third quarter valued at approximately $126,000. Finally, M&T Bank Corp purchased a new position in Diamond Offshore Drilling in 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.

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