Diamond Offshore Drilling (DO) Issues Earnings Results

Diamond Offshore Drilling (NYSE:DO) issued its quarterly earnings results on Monday. The offshore drilling services provider reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01, Bloomberg Earnings reports. Diamond Offshore Drilling had a return on equity of 6.23% and a net margin of 10.86%. The firm had revenue of $346.20 million for the quarter, compared to analyst estimates of $331.98 million. During the same period last year, the company earned $0.27 EPS. The firm’s quarterly revenue was down 11.7% on a year-over-year basis.

Diamond Offshore Drilling (NYSE DO) opened at $15.14 on Tuesday. The company has a market capitalization of $2,043.32, a PE ratio of 12.41 and a beta of 1.13. 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 has a twelve month low of $10.06 and a twelve month high of $20.41.

In related news, Director Charles Fabrikant sold 1,500 shares of the firm’s stock in a transaction dated Thursday, December 28th. The stock was sold at an average price of $18.55, for a total transaction of $27,825.00. Following the sale, the director now directly owns 1,000 shares in the company, valued at approximately $18,550. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.03% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. Rhumbline Advisers raised its holdings in shares of Diamond Offshore Drilling by 2.3% during the 3rd quarter. Rhumbline Advisers now owns 137,428 shares of the offshore drilling services provider’s stock valued at $1,993,000 after buying an additional 3,069 shares during the period. Mutual of America Capital Management LLC raised its holdings in shares of Diamond Offshore Drilling by 7.2% during the 3rd quarter. Mutual of America Capital Management LLC now owns 50,486 shares of the offshore drilling services provider’s stock valued at $732,000 after buying an additional 3,389 shares during the period. Envestnet Asset Management Inc. raised its holdings in shares of Diamond Offshore Drilling by 9.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 40,856 shares of the offshore drilling services provider’s stock valued at $592,000 after buying an additional 3,612 shares during the period. CIBC World Markets Inc. raised its holdings in shares of Diamond Offshore Drilling by 11.4% during the 4th quarter. CIBC World Markets Inc. now owns 36,173 shares of the offshore drilling services provider’s stock valued at $672,000 after buying an additional 3,700 shares during the period. Finally, TD Asset Management Inc. raised its holdings in shares of Diamond Offshore Drilling by 10.4% during the 3rd quarter. TD Asset Management Inc. now owns 41,400 shares of the offshore drilling services provider’s stock valued at $600,000 after buying an additional 3,900 shares during the period.

DO has been the topic of a number of research analyst reports. Zacks Investment Research raised Diamond Offshore Drilling from a “hold” rating to a “buy” rating and set a $17.00 price target on the stock in a research note on Monday, October 16th. initiated coverage on Diamond Offshore Drilling in a research note on Thursday, October 19th. They issued a “hold” rating and a $15.80 price target on the stock. Cowen set a $11.00 price target on Diamond Offshore Drilling and gave the stock a “hold” rating in a research note on Wednesday, October 18th. FBR & Co set a $13.00 price objective on Diamond Offshore Drilling and gave the stock a “hold” rating in a report on Monday, October 30th. Finally, Jefferies Group set a $15.00 price objective on Diamond Offshore Drilling and gave the stock a “hold” rating in a report on Monday, October 30th. Twelve investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $14.92.

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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.

Earnings History for Diamond Offshore Drilling (NYSE:DO)

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