Ameriprise Financial Inc. Buys 30,808 Shares of Diamond Offshore Drilling, Inc. (DO)

Ameriprise Financial Inc. lifted its stake in Diamond Offshore Drilling, Inc. (NYSE:DO) by 15.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 228,192 shares of the offshore drilling services provider’s stock after buying an additional 30,808 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.17% of Diamond Offshore Drilling worth $2,472,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the company. State Treasurer State of Michigan boosted its stake in shares of Diamond Offshore Drilling by 1.5% in the second quarter. State Treasurer State of Michigan now owns 26,600 shares of the offshore drilling services provider’s stock worth $288,000 after buying an additional 400 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of Diamond Offshore Drilling by 1.5% in the second quarter. Arizona State Retirement System now owns 27,200 shares of the offshore drilling services provider’s stock worth $295,000 after buying an additional 400 shares during the last quarter. Texas Permanent School Fund boosted its stake in shares of Diamond Offshore Drilling by 0.9% in the second quarter. Texas Permanent School Fund now owns 47,088 shares of the offshore drilling services provider’s stock worth $510,000 after buying an additional 410 shares during the last quarter. Comerica Bank boosted its stake in shares of Diamond Offshore Drilling by 0.8% in the second quarter. Comerica Bank now owns 55,321 shares of the offshore drilling services provider’s stock worth $647,000 after buying an additional 437 shares during the last quarter. Finally, Louisiana State Employees Retirement System boosted its stake in shares of Diamond Offshore Drilling by 3.1% in the second quarter. Louisiana State Employees Retirement System now owns 16,800 shares of the offshore drilling services provider’s stock worth $182,000 after buying an additional 500 shares during the last quarter.

A number of analysts have recently commented on DO shares. Clarkson Capital upgraded Diamond Offshore Drilling from a “neutral” rating to a “buy” rating in a research note on Friday, September 1st. Pareto Securities upgraded Diamond Offshore Drilling from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research note on Friday, August 18th. ValuEngine upgraded Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a research note on Wednesday, September 6th. UBS AG upgraded Diamond Offshore Drilling from a “neutral” rating to a “buy” rating and upped their target price for the stock from $12.00 to $15.00 in a research note on Monday, September 25th. Finally, Zacks Investment Research upgraded Diamond Offshore Drilling from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a research note on Monday, October 16th. Nine analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $14.48.

Shares of Diamond Offshore Drilling, Inc. (NYSE DO) opened at 16.73 on Wednesday. Diamond Offshore Drilling, Inc. has a 12-month low of $10.06 and a 12-month high of $22.65. The company has a 50 day moving average price of $14.69 and a 200 day moving average price of $12.86. The firm has a market cap of $2.30 billion, a PE ratio of 13.60 and a beta of 1.19.

Diamond Offshore Drilling (NYSE:DO) last posted its earnings results on Monday, October 30th. The offshore drilling services provider reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.05. Diamond Offshore Drilling had a return on equity of 6.25% and a net margin of 10.86%. The firm had revenue of $366.02 million for the quarter, compared to analyst estimates of $365.38 million. During the same quarter in the prior year, the company earned $0.10 EPS. Diamond Offshore Drilling’s revenue was up 4.8% on a year-over-year basis. On average, analysts forecast that Diamond Offshore Drilling, Inc. will post $0.90 earnings per share for the current fiscal year.

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Diamond Offshore Drilling Profile

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.

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

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