Connor Clark & Lunn Investment Management Ltd. Buys New Stake in Diamond Offshore Drilling Inc (DO)

Connor Clark & Lunn Investment Management Ltd. bought a new position in Diamond Offshore Drilling Inc (NYSE:DO) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 108,400 shares of the offshore drilling services provider’s stock, valued at approximately $1,023,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.08% of Diamond Offshore Drilling at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund lifted its position in Diamond Offshore Drilling by 844.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 238,294 shares of the offshore drilling services provider’s stock worth $25,000 after buying an additional 213,051 shares during the last quarter. Advisor Group Inc. lifted its position in Diamond Offshore Drilling by 108.3% in the 4th quarter. Advisor Group Inc. now owns 3,577 shares of the offshore drilling services provider’s stock worth $35,000 after buying an additional 1,860 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Diamond Offshore Drilling by 111.5% in the 4th 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 during the last quarter. NumerixS Investment Technologies Inc bought a new stake in Diamond Offshore Drilling in the 4th quarter worth approximately $61,000. Finally, Bessemer Group Inc. bought a new stake in Diamond Offshore Drilling in the 4th quarter worth approximately $64,000.

DO opened at $10.88 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.32 and a current ratio of 3.32. Diamond Offshore Drilling Inc has a 52-week low of $8.78 and a 52-week high of $21.92. The company has a market cap of $1.48 billion, a PE ratio of -9.30 and a beta of 1.60.

Diamond Offshore Drilling (NYSE:DO) last posted its earnings results on Monday, February 11th. The offshore drilling services provider reported ($0.42) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.40) by ($0.02). Diamond Offshore Drilling had a negative net margin of 16.64% and a negative return on equity of 4.32%. The business had revenue of $232.50 million for the quarter, compared to analysts’ expectations of $249.89 million. During the same period last year, the firm posted ($0.05) earnings per share. Diamond Offshore Drilling’s quarterly revenue was down 32.8% on a year-over-year basis. As a group, equities analysts anticipate that Diamond Offshore Drilling Inc will post -2.02 EPS for the current year.

In other Diamond Offshore Drilling news, Director Paul G. Gaffney bought 4,000 shares of Diamond Offshore Drilling stock in a transaction dated Monday, February 25th. The shares were purchased at an average cost of $9.91 per share, with a total value of $39,640.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.03% of the stock is currently owned by insiders.

A number of equities analysts have commented on DO shares. Pareto Securities raised Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a research note on Monday, January 28th. ValuEngine cut Diamond Offshore Drilling from a “buy” rating to a “hold” rating in a research note on Monday, February 4th. Barclays raised Diamond Offshore Drilling from an “underweight” rating to an “overweight” rating and set a $10.29 price target on the stock in a research note on Wednesday, February 20th. Zacks Investment Research cut Diamond Offshore Drilling from a “buy” rating to a “hold” rating in a research note on Friday, January 25th. Finally, Goldman Sachs Group started coverage on Diamond Offshore Drilling in a research note on Sunday, March 10th. They issued a “sell” rating and a $8.00 price target on the stock. Eight analysts have rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $15.56.

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About Diamond Offshore Drilling

Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry worldwide. The company operates a fleet of 17 offshore drilling rigs, including 4 drillships and 13 semisubmersible rigs. It serves independent oil and gas companies, and government-owned oil companies. The company was founded in 1953 and is headquartered in Houston, Texas.

Further Reading: Leveraged Buyout (LBO)

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Institutional Ownership by Quarter for Diamond Offshore Drilling (NYSE:DO)

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