Citigroup Analysts Give Diamond Offshore Drilling (DO) a $12.00 Price Target

Diamond Offshore Drilling (NYSE:DO) has been assigned a $12.00 price target by stock analysts at Citigroup in a note issued to investors on Tuesday. The brokerage currently has a “sell” rating on the offshore drilling services provider’s stock. Citigroup’s price target suggests a potential downside of 14.83% from the company’s current price.

Several other research firms also recently issued reports on DO. Cowen set a $18.00 price objective on Diamond Offshore Drilling and gave the stock a “hold” rating in a report on Thursday, January 11th. Susquehanna Bancshares set a $17.00 price objective on Diamond Offshore Drilling and gave the stock a “hold” rating in a report on Friday, January 12th. Barclays downgraded Diamond Offshore Drilling from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $19.92 to $13.00 in a report on Tuesday, January 23rd. Jefferies Group downgraded Diamond Offshore Drilling from a “hold” rating to an “underperform” rating and set a $15.00 price objective on the stock. in a report on Thursday, January 4th. Finally, TheStreet upgraded Diamond Offshore Drilling from a “d+” rating to a “c-” rating in a report on Monday, January 22nd. Twelve analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company. Diamond Offshore Drilling currently has a consensus rating of “Hold” and a consensus price target of $14.70.

Shares of Diamond Offshore Drilling (NYSE:DO) traded down $1.05 during trading on Tuesday, reaching $14.09. 2,924,286 shares of the company’s stock traded hands, compared to its average volume of 1,720,000. 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 12-month low of $10.06 and a 12-month high of $20.41. The company has a market capitalization of $1,930.00, a PE ratio of 108.38 and a beta of 1.13.

Diamond Offshore Drilling (NYSE:DO) last posted its quarterly earnings data on Monday, February 12th. The offshore drilling services provider reported ($0.05) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.06) by $0.01. The firm had revenue of $346.20 million for the quarter, compared to the consensus estimate of $331.98 million. Diamond Offshore Drilling had a return on equity of 6.23% and a net margin of 10.86%. The business’s revenue for the quarter was down 11.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.27 EPS. equities research analysts anticipate that Diamond Offshore Drilling will post 0.86 EPS 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 Thursday, December 28th. The stock was sold at an average price of $18.55, for a total transaction of $27,825.00. Following the transaction, the director now owns 1,000 shares of the company’s stock, valued at approximately $18,550. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.03% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. bought a new stake in shares of Diamond Offshore Drilling in the 3rd quarter valued at approximately $126,000. Itau Unibanco Holding S.A. bought a new stake in shares of Diamond Offshore Drilling in the 4th quarter valued at approximately $171,000. Wright Investors Service Inc. bought a new stake in shares of Diamond Offshore Drilling in the 4th quarter valued at approximately $204,000. Investors Research Corp bought a new stake in shares of Diamond Offshore Drilling in the 4th quarter valued at approximately $209,000. Finally, US Bancorp DE grew its stake in shares of Diamond Offshore Drilling by 77.5% in the 4th quarter. US Bancorp DE now owns 11,957 shares of the offshore drilling services provider’s stock valued at $222,000 after buying an additional 5,219 shares in the last quarter.

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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.

Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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