Diamond Offshore Drilling (NYSE:DO) has been given a $17.00 price objective by Susquehanna Bancshares in a note issued to investors on Friday. The firm currently has a “hold” rating on the offshore drilling services provider’s stock. Susquehanna Bancshares’ price target would indicate a potential downside of 15.55% from the stock’s previous close.
Several other research firms also recently issued reports on DO. UBS Group raised shares of Diamond Offshore Drilling from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $12.00 to $15.00 in a report on Monday, September 25th. ValuEngine raised shares of Diamond Offshore Drilling from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 31st. Jefferies Group set a $15.00 price objective on shares of Diamond Offshore Drilling and gave the stock a “hold” rating in a report on Monday, October 30th. Citigroup downgraded shares of Diamond Offshore Drilling from a “neutral” rating to a “sell” rating and set a $12.00 price objective for the company. in a report on Thursday, October 12th. Finally, Piper Jaffray Companies reaffirmed an “underweight” rating on shares of Diamond Offshore Drilling in a report on Thursday. Ten analysts have rated the stock with a sell rating, thirteen have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $15.01.
Diamond Offshore Drilling (NYSE DO) traded up $0.17 during midday trading on Friday, hitting $20.13. 1,202,254 shares of the company traded hands, compared to its average volume of 1,276,353. The company has a current ratio of 3.58, a quick ratio of 3.58 and a debt-to-equity ratio of 0.52. The company has a market cap of $2,739.07, a P/E ratio of 16.50 and a beta of 1.29. Diamond Offshore Drilling has a fifty-two week low of $10.06 and a fifty-two week high of $20.41.
In related news, Director Charles Fabrikant sold 1,500 shares of the company’s stock in a transaction on Friday, December 28th. The shares were sold at an average price of $18.55, for a total transaction of $27,825.00. Following the completion of the transaction, the director now directly owns 1,000 shares in the company, valued at approximately $18,550. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.03% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. Contrarius Investment Management Ltd raised its stake in shares of Diamond Offshore Drilling by 13.7% in the 3rd quarter. Contrarius Investment Management Ltd now owns 7,512,035 shares of the offshore drilling services provider’s stock valued at $108,925,000 after buying an additional 905,595 shares in the last quarter. Commonwealth Bank of Australia raised its stake in shares of Diamond Offshore Drilling by 6.0% in the 3rd quarter. Commonwealth Bank of Australia now owns 185,541 shares of the offshore drilling services provider’s stock valued at $2,687,000 after buying an additional 10,500 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Diamond Offshore Drilling in the 3rd quarter valued at $2,745,000. Principal Financial Group Inc. raised its stake in shares of Diamond Offshore Drilling by 4.6% in the 2nd quarter. Principal Financial Group Inc. now owns 276,415 shares of the offshore drilling services provider’s stock valued at $2,993,000 after buying an additional 12,282 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in shares of Diamond Offshore Drilling by 28.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 448,736 shares of the offshore drilling services provider’s stock valued at $4,860,000 after buying an additional 98,561 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.
