Diamond Offshore Drilling Inc (NYSE:DO)’s share price was down 6.1% during mid-day trading on Friday . The company traded as low as $6.06 and last traded at $6.13, approximately 5,386,300 shares were traded during trading. An increase of 92% from the average daily volume of 2,806,751 shares. The stock had previously closed at $6.53.
Several analysts have weighed in on DO shares. Zacks Investment Research downgraded Diamond Offshore Drilling from a “hold” rating to a “sell” rating and set a $7.00 target price on the stock. in a research note on Monday, November 4th. Pareto Securities lowered Diamond Offshore Drilling from a “buy” rating to a “hold” rating and lowered their price target for the company from $13.50 to $6.30 in a report on Monday, September 9th. ValuEngine lowered Diamond Offshore Drilling from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 26th. Scotiabank set a $7.00 price objective on shares of Diamond Offshore Drilling and gave the company a “hold” rating in a research note on Monday, August 26th. Finally, Nordea Equity Research raised shares of Diamond Offshore Drilling from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Five research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company’s stock. Diamond Offshore Drilling presently has an average rating of “Hold” and a consensus price target of $7.43.
The business’s 50 day moving average is $5.84 and its 200 day moving average is $6.78. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.84 and a quick ratio of 1.84.
Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings results on Monday, October 28th. The offshore drilling services provider reported ($0.67) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.01. The business had revenue of $254.00 million for the quarter, compared to the consensus estimate of $244.43 million. Diamond Offshore Drilling had a negative return on equity of 10.44% and a negative net margin of 38.60%. Diamond Offshore Drilling’s revenue for the quarter was down 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.26) earnings per share. Analysts forecast that Diamond Offshore Drilling Inc will post -2.87 earnings per share for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in DO. California State Teachers Retirement System raised its position in shares of Diamond Offshore Drilling by 1.9% in the third quarter. California State Teachers Retirement System now owns 101,140 shares of the offshore drilling services provider’s stock valued at $562,000 after purchasing an additional 1,895 shares during the period. Riverhead Capital Management LLC lifted its position in Diamond Offshore Drilling by 25.4% during the 2nd quarter. Riverhead Capital Management LLC now owns 10,359 shares of the offshore drilling services provider’s stock worth $92,000 after acquiring an additional 2,100 shares during the last quarter. State of Tennessee Treasury Department lifted its position in Diamond Offshore Drilling by 8.5% during the 3rd quarter. State of Tennessee Treasury Department now owns 28,759 shares of the offshore drilling services provider’s stock worth $160,000 after acquiring an additional 2,261 shares during the last quarter. First Trust Advisors LP lifted its position in Diamond Offshore Drilling by 1.9% during the 2nd quarter. First Trust Advisors LP now owns 137,291 shares of the offshore drilling services provider’s stock worth $1,218,000 after acquiring an additional 2,536 shares during the last quarter. Finally, Swiss National Bank boosted its holdings in Diamond Offshore Drilling by 2.2% during the second quarter. Swiss National Bank now owns 127,953 shares of the offshore drilling services provider’s stock valued at $1,135,000 after acquiring an additional 2,700 shares during the period.
About Diamond Offshore Drilling (NYSE:DO)
Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry worldwide. The company operates a fleet of 17 offshore drilling rigs, including 4 drillships and 13 semisubmersible rigs. It serves independent oil and gas companies, and government-owned oil companies. The company was founded in 1953 and is headquartered in Houston, Texas.
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