Diamond Offshore Drilling, Inc. (NYSE:DO) has been assigned a $13.00 price target by FBR & Co in a research report issued to clients and investors on Monday. The brokerage currently has a “hold” rating on the offshore drilling services provider’s stock. FBR & Co’s target price would suggest a potential downside of 22.30% from the stock’s previous close.
The analysts wrote, “This morning, October 30, 2017, DO reported 3Q17 earnings and released its latest fleet status report. GAAP EPS came in at $0.08. Excluding an after-tax loss of $0.17/ share related to debt refinancing, the company’s recurring EPS was $0.25, beating the Street’s estimate of $0.19. DO’s revenue for the quarter of $366.0 million was led by beats in Ultra-Deepwater Floaters ($275.9 million vs. $267.2 million) and Deepwater Floaters ($35.6 million vs. $34.1 million). Turning to the FSR, DO announced additional terms for the Ocean Apex in Australia and for the Ocean Patriot in the North Sea.””
DO has been the topic of a number of other reports. BidaskClub lowered shares of Diamond Offshore Drilling from a “sell” rating to a “strong sell” rating in a report on Friday, August 11th. Royal Bank Of Canada upgraded shares of Diamond Offshore Drilling from an “underperform” rating to a “sector perform” rating and set a $15.00 price objective on the stock in a report on Friday, August 25th. Piper Jaffray Companies restated a “hold” rating and issued a $9.33 price objective on shares of Diamond Offshore Drilling in a report on Tuesday, September 19th. ValuEngine upgraded shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a report on Wednesday, September 6th. Finally, Deutsche Bank AG began coverage on shares of Diamond Offshore Drilling in a report on Tuesday, October 10th. They issued a “hold” rating and a $15.00 price objective on the stock. Nine equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $14.48.
Diamond Offshore Drilling (NYSE:DO) opened at 16.73 on Monday. Diamond Offshore Drilling has a 12-month low of $10.06 and a 12-month high of $22.65. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of 13.60 and a beta of 1.18. The firm has a 50-day moving average of $14.69 and a 200 day moving average of $12.86.
Diamond Offshore Drilling (NYSE:DO) last announced its quarterly earnings data 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 business had revenue of $366.02 million for the quarter, compared to analyst estimates of $365.38 million. During the same period last year, the business earned $0.10 EPS. The company’s revenue was up 4.8% on a year-over-year basis. On average, analysts predict that Diamond Offshore Drilling will post $0.90 earnings per share for the current fiscal year.
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Large investors have recently modified their holdings of the company. Hikari Power Ltd boosted its holdings in shares of Diamond Offshore Drilling by 416.6% in the second quarter. Hikari Power Ltd now owns 567,700 shares of the offshore drilling services provider’s stock valued at $6,148,000 after acquiring an additional 457,800 shares in the last quarter. BNP Paribas Arbitrage SA boosted its holdings in shares of Diamond Offshore Drilling by 522.1% in the second quarter. BNP Paribas Arbitrage SA now owns 119,776 shares of the offshore drilling services provider’s stock valued at $1,297,000 after acquiring an additional 100,521 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of Diamond Offshore Drilling by 20.7% in the second quarter. First Trust Advisors LP now owns 239,230 shares of the offshore drilling services provider’s stock valued at $2,591,000 after acquiring an additional 40,955 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Diamond Offshore Drilling by 7,375.1% in the first quarter. BlackRock Inc. now owns 7,550,886 shares of the offshore drilling services provider’s stock valued at $126,177,000 after acquiring an additional 7,449,872 shares in the last quarter. Finally, Wayne Hummer Investments L.L.C. purchased a new stake in shares of Diamond Offshore Drilling in the second quarter valued at about $145,000.
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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