Recent Investment Analysts’ Ratings Updates for Diamond Offshore Drilling (DO)

A number of firms have modified their ratings and price targets on shares of Diamond Offshore Drilling (NYSE: DO) recently:

  • 10/20/2017 – Diamond Offshore Drilling was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Diamond Offshore is a leading offshore contract driller with services across the world. The company boasts solid fundamentals with significant free cash flow potential and a clean balance sheet. Most importantly, 94% of the rig days during 2017 for the company’s ultra-deepwater units are being booked by top-tier global customers, which is likely to fetch with steady cashflows. Effective cost-control initiatives and improving rig efficiencies also added to the positives. However, the introduction of new and more stringent regulations following the Gulf of Mexico oil spill has made many projects less profitable. Also, over the past year, the company lost 14.3% value, following the trend of industry’s 25.4% decline.”
  • 10/19/2017 – Diamond Offshore Drilling is now covered by analysts at HSBC Holdings plc. They set a “hold” rating and a $15.80 price target on the stock.
  • 10/18/2017 – Diamond Offshore Drilling was given a new $11.00 price target on by analysts at Cowen and Company. They now have a “hold” rating on the stock.
  • 10/16/2017 – Diamond Offshore Drilling was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $17.00 price target on the stock. According to Zacks, “Diamond Offshore is a leading offshore contract driller with services across the world. The company boasts solid fundamentals with significant free cash flow potential and a clean balance sheet.  This enhances the possibility of further share buybacks and/or special dividends by the company in the years ahead. Most importantly, its shares outperformed the industry in the last three months. Effective cost-control initiatives and improving rig efficiencies also added to the positives. The company’s solid backlog is evidence to its steady demand from customers.”
  • 10/12/2017 – Diamond Offshore Drilling was downgraded by analysts at Citigroup Inc. from a “neutral” rating to a “sell” rating. They now have a $12.00 price target on the stock.
  • 10/10/2017 – Diamond Offshore Drilling is now covered by analysts at Deutsche Bank AG. They set a “hold” rating and a $15.00 price target on the stock.
  • 10/10/2017 – Diamond Offshore Drilling was upgraded by analysts at FBR & Co from a “sell” rating to a “neutral” rating. They now have a $13.00 price target on the stock.
  • 10/9/2017 – Diamond Offshore Drilling was downgraded by analysts at Bank of America Corporation from a “neutral” rating to an “underperform” rating. They now have a $14.00 price target on the stock, up previously from $13.00.
  • 10/7/2017 – Diamond Offshore Drilling was given a new $15.00 price target on by analysts at Royal Bank Of Canada. They now have a “hold” rating on the stock.
  • 9/25/2017 – Diamond Offshore Drilling was upgraded by analysts at UBS AG from a “neutral” rating to a “buy” rating. They now have a $15.00 price target on the stock, up previously from $12.00.
  • 9/19/2017 – Diamond Offshore Drilling had its “hold” rating reaffirmed by analysts at Piper Jaffray Companies. They now have a $9.33 price target on the stock.
  • 9/6/2017 – Diamond Offshore Drilling was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating.
  • 9/5/2017 – Diamond Offshore Drilling had its “hold” rating reaffirmed by analysts at Cowen and Company. They now have a $11.00 price target on the stock.
  • 9/1/2017 – Diamond Offshore Drilling was upgraded by analysts at Clarkson Capital from a “neutral” rating to a “buy” rating.

Diamond Offshore Drilling, Inc. (NYSE DO) traded up 9.49% during mid-day trading on Monday, hitting $17.31. The stock had a trading volume of 4,925,087 shares. The stock has a 50 day moving average of $14.45 and a 200-day moving average of $12.86. The firm has a market cap of $2.38 billion, a P/E ratio of 14.07 and a beta of 1.18. Diamond Offshore Drilling, Inc. has a 1-year low of $10.06 and a 1-year high of $22.65.

Diamond Offshore Drilling (NYSE:DO) last released its earnings results on Monday, October 30th. The offshore drilling services provider reported $0.25 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.05. Diamond Offshore Drilling had a net margin of 11.19% and a return on equity of 5.77%. The firm had revenue of $366.02 million during the quarter, compared to the consensus estimate of $365.38 million. During the same period in the prior year, the firm earned $0.10 EPS. The company’s revenue was up 4.8% compared to the same quarter last year. Analysts predict that Diamond Offshore Drilling, Inc. will post $0.90 EPS for the current fiscal year.

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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