Diamond Offshore Drilling (NYSE:DO) posted its earnings results on Monday. The offshore drilling services provider reported ($0.42) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.40) by ($0.02), MarketWatch Earnings reports. Diamond Offshore Drilling had a negative net margin of 11.11% and a negative return on equity of 2.92%. The business had revenue of $232.50 million for the quarter, compared to analyst estimates of $249.89 million. During the same quarter last year, the business earned ($0.05) earnings per share. Diamond Offshore Drilling’s revenue was down 32.8% on a year-over-year basis.
NYSE:DO opened at $9.97 on Monday. Diamond Offshore Drilling has a 1-year low of $8.78 and a 1-year high of $21.92. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.91 and a quick ratio of 3.91. The firm has a market capitalization of $1.37 billion, a P/E ratio of 12.16 and a beta of 1.63.
Institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. lifted its holdings in shares of Diamond Offshore Drilling by 111.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,681 shares of the offshore drilling services provider’s stock worth $44,000 after buying an additional 2,468 shares in the last quarter. Kentucky Retirement Systems acquired a new stake in shares of Diamond Offshore Drilling during the third quarter worth $327,000. We Are One Seven LLC acquired a new stake in shares of Diamond Offshore Drilling during the third quarter worth $267,000. Hayden Royal LLC acquired a new stake in shares of Diamond Offshore Drilling during the fourth quarter worth $129,000. Finally, United Services Automobile Association lifted its holdings in shares of Diamond Offshore Drilling by 25.5% during the second quarter. United Services Automobile Association now owns 16,724 shares of the offshore drilling services provider’s stock worth $349,000 after buying an additional 3,398 shares in the last quarter.
Several analysts recently weighed in on the stock. Johnson Rice downgraded shares of Diamond Offshore Drilling from a “hold” rating to a “sell” rating and set a $15.00 target price for the company. in a report on Wednesday, October 17th. UBS Group upgraded shares of Diamond Offshore Drilling from a “reduce” rating to an “accumulate” rating in a research note on Thursday, October 18th. ValuEngine cut shares of Diamond Offshore Drilling from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 27th. Piper Jaffray Companies set a $10.00 price target on shares of Diamond Offshore Drilling and gave the company a “sell” rating in a research report on Tuesday, November 6th. Finally, Susquehanna Bancshares set a $16.00 target price on shares of Diamond Offshore Drilling and gave the company a “hold” rating in a report on Tuesday, November 6th. Nine equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. Diamond Offshore Drilling has a consensus rating of “Hold” and a consensus price target of $15.99.
Diamond Offshore Drilling Company Profile
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.
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