Diamond Offshore Drilling (DO) Downgraded by ValuEngine

Diamond Offshore Drilling (NYSE:DO) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a report released on Tuesday.

A number of other research firms have also weighed in on DO. Fearnley Fonds raised Diamond Offshore Drilling from an “accumulate” rating to a “buy” rating in a report on Monday, February 4th. UBS Group raised Diamond Offshore Drilling from a “reduce” rating to an “accumulate” rating in a report on Thursday, October 18th. DNB Markets raised Diamond Offshore Drilling from a “sell” rating to a “hold” rating in a report on Wednesday, January 9th. Piper Jaffray Companies set a $10.00 target price on Diamond Offshore Drilling and gave the company a “sell” rating in a report on Tuesday, November 6th. Finally, Susquehanna Bancshares set a $16.00 target price on Diamond Offshore Drilling and gave the company a “hold” rating in a report on Tuesday, November 6th. Nine equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $16.22.

NYSE DO opened at $9.53 on Tuesday. The firm has a market cap of $1.27 billion, a PE ratio of 11.62 and a beta of 1.63. Diamond Offshore Drilling has a one year low of $8.78 and a one year high of $21.92. The company has a current ratio of 3.91, a quick ratio of 3.91 and a debt-to-equity ratio of 0.54.

Diamond Offshore Drilling (NYSE:DO) last announced its quarterly earnings data on Monday, February 11th. The offshore drilling services provider reported ($0.42) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.40) by ($0.02). Diamond Offshore Drilling had a negative net margin of 11.11% and a negative return on equity of 2.92%. The firm had revenue of $232.50 million during the quarter, compared to the consensus estimate of $249.89 million. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. The company’s revenue was down 32.8% on a year-over-year basis. As a group, sell-side analysts forecast that Diamond Offshore Drilling will post -1.2 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of DO. FMR LLC lifted its position in Diamond Offshore Drilling by 61.9% in the second quarter. FMR LLC now owns 5,461,129 shares of the offshore drilling services provider’s stock valued at $113,919,000 after purchasing an additional 2,088,000 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Diamond Offshore Drilling by 32.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,004,510 shares of the offshore drilling services provider’s stock valued at $37,804,000 after purchasing an additional 992,277 shares during the last quarter. Fisher Asset Management LLC bought a new stake in Diamond Offshore Drilling in the third quarter valued at approximately $17,593,000. Robeco Institutional Asset Management B.V. lifted its position in Diamond Offshore Drilling by 98.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,681,377 shares of the offshore drilling services provider’s stock valued at $34,355,000 after purchasing an additional 834,803 shares during the last quarter. Finally, FOURPOINTS Investment Managers S.A.S. bought a new stake in Diamond Offshore Drilling in the fourth quarter valued at approximately $7,387,000.

About Diamond Offshore Drilling

Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry worldwide. It provides services in floater market, including ultra-deepwater, deepwater, and mid-water. The company operates a fleet of 17 offshore drilling rigs, which comprises 4 drillships, 7 ultra-deepwater, 4 deepwater, and 2 mid-water semisubmersibles.

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