Diamond Offshore Drilling, Inc. (DO) Trading Up 9.5% Following Earnings Beat

Diamond Offshore Drilling, Inc. (NYSE:DO) was up 9.5% during trading on Monday following a stronger than expected earnings report. The company traded as high as $17.41 and last traded at $17.31. Approximately 4,925,087 shares changed hands during mid-day trading, an increase of 72% from the average daily volume of 2,861,580 shares. The stock had previously closed at $15.81.

The offshore drilling services provider reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.05. The firm had revenue of $366.02 million during the quarter, compared to analyst estimates of $365.38 million. Diamond Offshore Drilling had a return on equity of 5.77% and a net margin of 11.19%. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.10 EPS.

A number of analysts have commented on DO shares. Jefferies Group LLC reissued a “hold” rating and set a $12.00 price objective (down from $14.00) on shares of Diamond Offshore Drilling in a report on Tuesday, July 18th. Zephirin Group reissued a “sell” rating on shares of Diamond Offshore Drilling in a report on Wednesday, August 2nd. Seaport Global Securities reissued a “sell” rating on shares of Diamond Offshore Drilling in a report on Monday, July 31st. Piper Jaffray Companies reissued a “hold” rating and set a $12.50 price objective on shares of Diamond Offshore Drilling in a report on Thursday, August 3rd. Finally, BidaskClub lowered Diamond Offshore Drilling from a “sell” rating to a “strong sell” rating in a report on Friday, August 11th. Nine analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $14.48.

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in Diamond Offshore Drilling by 22.0% in the second quarter. BlackRock Inc. now owns 9,209,573 shares of the offshore drilling services provider’s stock valued at $99,741,000 after purchasing an additional 1,658,687 shares during the last quarter. Contrarius Investment Management Ltd lifted its position in shares of Diamond Offshore Drilling by 99.0% during the second quarter. Contrarius Investment Management Ltd now owns 6,606,440 shares of the offshore drilling services provider’s stock worth $71,548,000 after acquiring an additional 3,286,580 shares in the last quarter. Equity Investment Corp Acquisition Inc lifted its position in shares of Diamond Offshore Drilling by 76.1% during the second quarter. Equity Investment Corp Acquisition Inc now owns 4,566,588 shares of the offshore drilling services provider’s stock worth $49,456,000 after acquiring an additional 1,973,653 shares in the last quarter. State Street Corp lifted its position in shares of Diamond Offshore Drilling by 27.3% during the second quarter. State Street Corp now owns 3,021,468 shares of the offshore drilling services provider’s stock worth $32,721,000 after acquiring an additional 648,077 shares in the last quarter. Finally, Horseman Capital Management Ltd purchased a new stake in shares of Diamond Offshore Drilling during the third quarter worth $30,944,000.

The stock has a 50 day moving average of $14.69 and a 200-day moving average of $12.86. The company has a market cap of $2.30 billion, a PE ratio of 13.60 and a beta of 1.18.

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Diamond Offshore Drilling Company 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.

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