Diamond Offshore Drilling, Inc. (NYSE:DO) was downgraded by research analysts at Citigroup Inc. from a “neutral” rating to a “sell” rating in a research note issued to investors on Thursday.
Several other equities research analysts also recently weighed in on DO. UBS AG raised Diamond Offshore Drilling from a “neutral” rating to a “buy” rating and increased their price target for the stock from $12.00 to $15.00 in a report on Monday, September 25th. Jefferies Group LLC set a $14.00 price target on Diamond Offshore Drilling and gave the stock a “hold” rating in a report on Saturday, July 1st. Clarkson Capital raised Diamond Offshore Drilling from a “neutral” rating to a “buy” rating in a report on Friday, September 1st. Seaport Global Securities reaffirmed a “sell” rating on shares of Diamond Offshore Drilling in a report on Monday, July 31st. Finally, Cowen and Company reaffirmed a “hold” rating and set a $11.00 price target on shares of Diamond Offshore Drilling in a report on Tuesday, September 5th. Ten investment analysts have rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $14.54.
Diamond Offshore Drilling (NYSE:DO) opened at 15.00 on Thursday. Diamond Offshore Drilling has a 52-week low of $10.06 and a 52-week high of $22.65. The firm’s 50-day moving average is $13.31 and its 200-day moving average is $12.91. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of 12.20 and a beta of 1.19.
Diamond Offshore Drilling (NYSE:DO) last posted its quarterly earnings data on Monday, July 31st. The offshore drilling services provider reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.21. The business had revenue of $399.30 million during the quarter, compared to the consensus estimate of $381.50 million. Diamond Offshore Drilling had a return on equity of 5.77% and a net margin of 11.19%. The company’s revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.16 earnings per share. Analysts predict that Diamond Offshore Drilling will post $0.92 earnings per share for the current year.
Hedge funds have recently made changes to their positions in the company. Lazard Asset Management LLC increased its position in shares of Diamond Offshore Drilling by 10.2% in the first quarter. Lazard Asset Management LLC now owns 6,685 shares of the offshore drilling services provider’s stock valued at $111,000 after buying an additional 620 shares in the last quarter. Raymond James Trust N.A. purchased a new position in shares of Diamond Offshore Drilling in the second quarter valued at $118,000. BlueMountain Capital Management LLC purchased a new position in shares of Diamond Offshore Drilling in the second quarter valued at $119,000. Zacks Investment Management purchased a new position in shares of Diamond Offshore Drilling in the second quarter valued at $124,000. Finally, Advantus Capital Management Inc increased its position in shares of Diamond Offshore Drilling by 3.0% in the first quarter. Advantus Capital Management Inc now owns 8,254 shares of the offshore drilling services provider’s stock valued at $138,000 after buying an additional 242 shares in the last quarter.
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.
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