Royal Bank of Canada Reiterates $17.00 Price Target for Diamond Offshore Drilling (DO)

Diamond Offshore Drilling (NYSE:DO) has been assigned a $17.00 target price by investment analysts at Royal Bank of Canada in a research note issued on Monday. The brokerage presently has a “hold” rating on the offshore drilling services provider’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 18.55% from the stock’s current price.

A number of other equities analysts have also commented on the stock. Zacks Investment Research raised shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating and set a $17.00 price target on the stock in a research report on Monday, October 16th. Susquehanna Bancshares set a $17.00 price target on shares of Diamond Offshore Drilling and gave the company a “hold” rating in a research report on Friday, January 12th. ValuEngine raised shares of Diamond Offshore Drilling from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 1st. UBS Group lifted their price target on shares of Diamond Offshore Drilling from $15.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, November 3rd. Finally, Clarkson Capital lowered shares of Diamond Offshore Drilling from a “buy” rating to a “neutral” rating in a research report on Thursday, January 18th. Twelve investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $14.72.

Diamond Offshore Drilling (DO) traded down $0.80 during midday trading on Monday, reaching $14.34. 1,874,270 shares of the company’s stock were exchanged, compared to its average volume of 1,749,284. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.58 and a quick ratio of 3.58. The firm has a market capitalization of $2,043.32, a PE ratio of 11.66 and a beta of 1.13. Diamond Offshore Drilling has a 1 year low of $10.06 and a 1 year high of $20.41.

Diamond Offshore Drilling (NYSE:DO) last posted its earnings results on Monday, February 12th. The offshore drilling services provider reported ($0.05) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.06) by $0.01. The firm had revenue of $346.20 million during the quarter, compared to analysts’ expectations of $331.98 million. Diamond Offshore Drilling had a net margin of 10.86% and a return on equity of 6.23%. The company’s revenue was down 11.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.27 earnings per share. analysts expect that Diamond Offshore Drilling will post 0.86 EPS for the current fiscal year.

In related news, Director Charles Fabrikant sold 1,500 shares of the business’s stock in a transaction on Thursday, December 28th. The shares were 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 $18,550. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.03% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in Diamond Offshore Drilling by 22.0% during the second quarter. BlackRock Inc. now owns 9,209,573 shares of the offshore drilling services provider’s stock worth $99,741,000 after buying an additional 1,658,687 shares in the last quarter. Contrarius Investment Management Ltd boosted its stake in Diamond Offshore Drilling by 13.7% during the third quarter. Contrarius Investment Management Ltd now owns 7,512,035 shares of the offshore drilling services provider’s stock worth $108,925,000 after buying an additional 905,595 shares in the last quarter. Vanguard Group Inc. boosted its stake in Diamond Offshore Drilling by 31.9% during the second quarter. Vanguard Group Inc. now owns 7,205,279 shares of the offshore drilling services provider’s stock worth $175,305,000 after buying an additional 1,741,584 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Diamond Offshore Drilling by 39.2% during the second quarter. Dimensional Fund Advisors LP now owns 5,117,935 shares of the offshore drilling services provider’s stock worth $124,520,000 after buying an additional 1,440,650 shares in the last quarter. Finally, Prudential PLC boosted its stake in Diamond Offshore Drilling by 29.4% during the fourth quarter. Prudential PLC now owns 4,655,600 shares of the offshore drilling services provider’s stock worth $82,404,000 after buying an additional 1,057,400 shares in 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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