Wall Street brokerages predict that Diamond Offshore Drilling Inc (NYSE:DO) will report $253.33 million in sales for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have made estimates for Diamond Offshore Drilling’s earnings, with the highest sales estimate coming in at $279.06 million and the lowest estimate coming in at $232.00 million. Diamond Offshore Drilling reported sales of $346.21 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 26.8%. The firm is scheduled to issue its next quarterly earnings report on Monday, February 11th.
On average, analysts expect that Diamond Offshore Drilling will report full year sales of $1.09 billion for the current financial year, with estimates ranging from $1.06 billion to $1.13 billion. For the next year, analysts anticipate that the business will post sales of $1.08 billion, with estimates ranging from $1.02 billion to $1.17 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Diamond Offshore Drilling.
Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings data on Monday, November 5th. The offshore drilling services provider reported ($0.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.10. The firm had revenue of $286.30 million during the quarter, compared to analysts’ expectations of $281.74 million. Diamond Offshore Drilling had a negative net margin of 11.11% and a negative return on equity of 2.92%. The business’s revenue was down 21.8% on a year-over-year basis. During the same period last year, the company earned $0.25 earnings per share.
DO has been the subject of a number of analyst reports. JPMorgan Chase & Co. cut shares of Diamond Offshore Drilling from a “neutral” rating to an “underweight” rating and set a $14.00 price objective for the company. in a report on Friday, October 12th. Zacks Investment Research upgraded shares of Diamond Offshore Drilling from a “sell” rating to a “hold” rating in a report on Friday, August 10th. Morgan Stanley initiated coverage on shares of Diamond Offshore Drilling in a report on Tuesday, September 18th. They set an “underweight” rating and a $15.00 price objective for the company. Wells Fargo & Co reduced their price objective on shares of Diamond Offshore Drilling from $22.00 to $17.00 and set a “market perform” rating for the company in a report on Tuesday, November 6th. Finally, Susquehanna Bancshares set a $16.00 price objective on shares of Diamond Offshore Drilling and gave the company a “hold” rating in a report on Tuesday, November 6th. Eleven analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $16.66.
Shares of NYSE DO opened at $11.84 on Friday. The stock has a market cap of $1.74 billion, a PE ratio of 14.44 and a beta of 1.43. Diamond Offshore Drilling has a 1 year low of $11.51 and a 1 year high of $21.92. The company has a quick ratio of 3.91, a current ratio of 3.91 and a debt-to-equity ratio of 0.54.
Institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. purchased a new position in Diamond Offshore Drilling during the second quarter worth about $108,000. Contravisory Investment Management Inc. purchased a new position in Diamond Offshore Drilling during the third quarter worth about $144,000. ING Groep NV purchased a new position in Diamond Offshore Drilling during the second quarter worth about $206,000. We Are One Seven LLC purchased a new position in Diamond Offshore Drilling during the third quarter worth about $267,000. Finally, Quantitative Systematic Strategies LLC purchased a new position in Diamond Offshore Drilling in the second quarter valued at about $275,000.
About Diamond Offshore Drilling
Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry worldwide. It provides services in floater market, including ultra-deepwater, deepwater, and mid-water. The company operates a fleet of 17 offshore drilling rigs, which comprises 4 drillships, 7 ultra-deepwater, 4 deepwater, and 2 mid-water semisubmersibles.
Recommended Story: Buyback For Investors Defined
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Diamond Offshore Drilling Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Diamond Offshore Drilling and related companies with MarketBeat.com's FREE daily email newsletter.