Jefferies Group Reiterates Sell Rating for Diamond Offshore Drilling (DO)

Diamond Offshore Drilling (NYSE:DO)‘s stock had its “sell” rating reaffirmed by research analysts at Jefferies Group in a research report issued on Wednesday. They presently have a $14.00 price target on the offshore drilling services provider’s stock. Jefferies Group’s price target suggests a potential downside of 10.08% from the company’s previous close.

Other analysts also recently issued reports about the company. UBS Group upped their price objective on Diamond Offshore Drilling from $15.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, November 3rd. Zacks Investment Research upgraded Diamond Offshore Drilling from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a research report on Monday, October 16th. ValuEngine upgraded Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. TheStreet upgraded Diamond Offshore Drilling from a “d+” rating to a “c-” rating in a research report on Monday, January 22nd. Finally, FBR & Co set a $13.00 price objective on Diamond Offshore Drilling and gave the stock a “hold” rating in a research report on Monday, October 30th. Eleven investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $14.86.

Shares of Diamond Offshore Drilling (NYSE:DO) traded down $0.80 during mid-day trading on Wednesday, hitting $15.57. The company had a trading volume of 1,721,028 shares, compared to its average volume of 1,450,000. 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 twelve month low of $10.06 and a twelve month high of $20.41. The company has a market cap of $2,140.00, a P/E ratio of 12.87 and a beta of 1.13.

In other Diamond Offshore Drilling news, Director Charles Fabrikant sold 1,500 shares of the stock in a transaction dated Friday, December 28th. The stock was sold at an average price of $18.55, for a total value of $27,825.00. Following the completion of the transaction, the director now directly owns 1,000 shares in the company, valued at $18,550. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.03% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Energy Opportunities Capital Management LLC raised its position in shares of Diamond Offshore Drilling by 2.2% during the second quarter. Energy Opportunities Capital Management LLC now owns 137,465 shares of the offshore drilling services provider’s stock worth $1,489,000 after acquiring an additional 2,950 shares during the last quarter. Rhumbline Advisers raised its position in shares of Diamond Offshore Drilling by 2.3% during the third quarter. Rhumbline Advisers now owns 137,428 shares of the offshore drilling services provider’s stock worth $1,993,000 after acquiring an additional 3,069 shares during the last quarter. Mutual of America Capital Management LLC raised its position in shares of Diamond Offshore Drilling by 7.2% during the third quarter. Mutual of America Capital Management LLC now owns 50,486 shares of the offshore drilling services provider’s stock worth $732,000 after acquiring an additional 3,389 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Diamond Offshore Drilling by 9.7% during the third quarter. Envestnet Asset Management Inc. now owns 40,856 shares of the offshore drilling services provider’s stock worth $592,000 after acquiring an additional 3,612 shares during the last quarter. Finally, CIBC World Markets Inc. raised its position in shares of Diamond Offshore Drilling by 11.4% during the fourth quarter. CIBC World Markets Inc. now owns 36,173 shares of the offshore drilling services provider’s stock worth $672,000 after acquiring an additional 3,700 shares during 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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