Diamond Offshore Drilling (DO) PT Set at $8.00 by Citigroup

Diamond Offshore Drilling (NYSE:DO) received a $8.00 price target from research analysts at Citigroup in a research note issued to investors on Friday, TipRanks reports. The brokerage currently has a “sell” rating on the offshore drilling services provider’s stock. Citigroup‘s target price points to a potential downside of 16.41% from the company’s previous close.

Several other equities research analysts also recently weighed in on DO. Zacks Investment Research downgraded shares of Diamond Offshore Drilling from a “buy” rating to a “hold” rating in a research note on Friday, January 25th. Pareto Securities raised shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a research note on Monday, January 28th. Fearnley Fonds raised shares of Diamond Offshore Drilling from an “accumulate” rating to a “buy” rating in a research note on Monday, February 4th. ValuEngine downgraded shares of Diamond Offshore Drilling from a “buy” rating to a “hold” rating in a research note on Monday, February 4th. Finally, Barclays raised shares of Diamond Offshore Drilling from an “underweight” rating to an “overweight” rating and set a $10.29 target price on the stock in a research note on Wednesday, February 20th. Eight analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $15.18.

Shares of DO stock traded down $0.10 during trading hours on Friday, hitting $9.57. The company had a trading volume of 2,407,300 shares, compared to its average volume of 2,908,291. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.68 and a current ratio of 2.68. Diamond Offshore Drilling has a fifty-two week low of $8.71 and a fifty-two week high of $21.92. The firm has a market cap of $1.33 billion, a P/E ratio of -8.18 and a beta of 1.57.

Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings data on Monday, April 29th. The offshore drilling services provider reported ($0.53) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.06. Diamond Offshore Drilling had a negative net margin of 26.72% and a negative return on equity of 5.84%. The firm had revenue of $223.50 million for the quarter, compared to analyst estimates of $231.90 million. During the same period in the prior year, the business posted ($0.16) EPS. The business’s revenue for the quarter was down 24.4% compared to the same quarter last year. As a group, research analysts predict that Diamond Offshore Drilling will post -2.23 EPS for the current fiscal year.

In other news, Director Paul G. Gaffney acquired 4,000 shares of the company’s stock in a transaction on Monday, February 25th. The shares were bought at an average cost of $9.91 per share, with a total value of $39,640.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.13% of the company’s stock.

Large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp increased its position in shares of Diamond Offshore Drilling by 2.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,543,355 shares of the offshore drilling services provider’s stock valued at $30,868,000 after purchasing an additional 38,707 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Diamond Offshore Drilling by 2.9% in the 4th quarter. BlackRock Inc. now owns 8,630,005 shares of the offshore drilling services provider’s stock valued at $81,467,000 after buying an additional 241,620 shares in the last quarter. Gateway Investment Advisers LLC boosted its holdings in shares of Diamond Offshore Drilling by 42.5% in the 4th quarter. Gateway Investment Advisers LLC now owns 19,949 shares of the offshore drilling services provider’s stock valued at $188,000 after buying an additional 5,946 shares in the last quarter. Municipal Employees Retirement System of Michigan acquired a new position in shares of Diamond Offshore Drilling in the 4th quarter valued at $143,000. Finally, Metropolitan Life Insurance Co. NY boosted its holdings in shares of Diamond Offshore Drilling by 83.2% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 39,457 shares of the offshore drilling services provider’s stock valued at $372,000 after buying an additional 17,921 shares in the last quarter.

Diamond Offshore Drilling Company Profile

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.

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Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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