ValuEngine Upgrades Diamond Offshore Drilling (DO) to Strong-Buy

ValuEngine upgraded shares of Diamond Offshore Drilling (NYSE:DO) from a buy rating to a strong-buy rating in a research note published on Friday morning.

Several other brokerages also recently weighed in on DO. FBR & Co set a $13.00 price target on Diamond Offshore Drilling and gave the stock a hold rating in a report on Monday, October 30th. B. Riley restated a neutral rating on shares of Diamond Offshore Drilling in a report on Wednesday, November 1st. Jefferies Group set a $15.00 price target on Diamond Offshore Drilling and gave the stock a hold rating in a report on Monday, October 30th. UBS upped their price target on Diamond Offshore Drilling from $15.00 to $19.00 and gave the stock a buy rating in a report on Friday, November 3rd. Finally, Barclays restated a neutral rating on shares of Diamond Offshore Drilling in a report on Sunday, November 5th. Eight investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $14.71.

Shares of Diamond Offshore Drilling (NYSE:DO) opened at $16.64 on Friday. The company has a quick ratio of 3.58, a current ratio of 3.58 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $2,280.00, a price-to-earnings ratio of 9.70 and a beta of 1.29. Diamond Offshore Drilling has a 1-year low of $10.06 and a 1-year high of $22.65.

Diamond Offshore Drilling (NYSE:DO) last posted its quarterly earnings data on Monday, October 30th. The offshore drilling services provider reported $0.25 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.05. Diamond Offshore Drilling had a return on equity of 6.23% and a net margin of 10.86%. The firm had revenue of $366.02 million for the quarter, compared to the consensus estimate of $365.38 million. During the same quarter in the previous year, the business earned $0.10 EPS. The company’s quarterly revenue was up 4.8% compared to the same quarter last year. research analysts forecast that Diamond Offshore Drilling will post 0.9 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Diamond Offshore Drilling by 22.0% in the 2nd 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 period. Contrarius Investment Management Ltd boosted its position in shares of Diamond Offshore Drilling by 13.7% in the 3rd quarter. Contrarius Investment Management Ltd now owns 7,512,035 shares of the offshore drilling services provider’s stock valued at $108,925,000 after purchasing an additional 905,595 shares during the period. Equity Investment Corp Acquisition Inc boosted its position in shares of Diamond Offshore Drilling by 76.1% in the 2nd quarter. Equity Investment Corp Acquisition Inc now owns 4,566,588 shares of the offshore drilling services provider’s stock valued at $49,456,000 after purchasing an additional 1,973,653 shares during the period. State Street Corp boosted its position in shares of Diamond Offshore Drilling by 27.3% in the 2nd quarter. State Street Corp now owns 3,021,468 shares of the offshore drilling services provider’s stock valued at $32,721,000 after purchasing an additional 648,077 shares during the period. Finally, Majedie Asset Management Ltd boosted its position in shares of Diamond Offshore Drilling by 121.9% in the 3rd quarter. Majedie Asset Management Ltd now owns 2,570,583 shares of the offshore drilling services provider’s stock valued at $37,273,000 after purchasing an additional 1,412,327 shares during the period.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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