Equities research analysts expect that Diamond Offshore Drilling Inc (NYSE:DO) will post $245.23 million in sales for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Diamond Offshore Drilling’s earnings, with the lowest sales estimate coming in at $242.90 million and the highest estimate coming in at $248.00 million. Diamond Offshore Drilling reported sales of $232.52 million in the same quarter last year, which indicates a positive year-over-year growth rate of 5.5%. The business is scheduled to announce its next earnings report on Monday, February 10th.
On average, analysts expect that Diamond Offshore Drilling will report full-year sales of $944.92 million for the current financial year, with estimates ranging from $932.93 million to $952.00 million. For the next financial year, analysts anticipate that the company will post sales of $979.30 million, with estimates ranging from $935.00 million to $1.03 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Diamond Offshore Drilling.
Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings data on Monday, October 28th. The offshore drilling services provider reported ($0.67) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.68) by $0.01. Diamond Offshore Drilling had a negative return on equity of 10.44% and a negative net margin of 38.60%. The company had revenue of $254.00 million during the quarter, compared to analyst estimates of $244.43 million. During the same quarter in the previous year, the firm earned ($0.26) earnings per share. Diamond Offshore Drilling’s revenue was down 11.3% on a year-over-year basis.
A number of analysts recently weighed in on DO shares. Citigroup boosted their target price on Diamond Offshore Drilling from $4.00 to $5.00 and gave the stock a “sell” rating in a research report on Monday, September 23rd. HSBC downgraded Diamond Offshore Drilling from a “buy” rating to a “hold” rating and set a $5.70 target price for the company. in a research report on Friday, December 6th. Nordea Equity Research upgraded Diamond Offshore Drilling from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Fearnley Fonds downgraded Diamond Offshore Drilling from a “buy” rating to a “hold” rating and set a $6.00 target price for the company. in a research report on Monday, October 21st. Finally, Pareto Securities downgraded Diamond Offshore Drilling from a “buy” rating to a “hold” rating and dropped their target price for the stock from $13.50 to $6.30 in a research report on Monday, September 9th. Five investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. Diamond Offshore Drilling presently has a consensus rating of “Hold” and a consensus target price of $7.43.
In related news, CFO Scott Lee Kornblau sold 5,819 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $8.69, for a total value of $50,567.11. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.13% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC grew its stake in shares of Diamond Offshore Drilling by 5,817.6% in the second quarter. Advisory Services Network LLC now owns 7,752 shares of the offshore drilling services provider’s stock worth $69,000 after acquiring an additional 7,621 shares during the last quarter. Riverhead Capital Management LLC grew its stake in shares of Diamond Offshore Drilling by 25.4% in the second 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. Hellman Jordan Management Co. Inc. MA purchased a new stake in shares of Diamond Offshore Drilling in the second quarter worth $98,000. Tyers Asset Management LLC boosted its position in shares of Diamond Offshore Drilling by 24.9% during the second quarter. Tyers Asset Management LLC now owns 14,752 shares of the offshore drilling services provider’s stock valued at $131,000 after buying an additional 2,944 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its position in shares of Diamond Offshore Drilling by 16.5% during the third quarter. Public Employees Retirement System of Ohio now owns 20,064 shares of the offshore drilling services provider’s stock valued at $112,000 after buying an additional 2,849 shares during the last quarter.
NYSE:DO traded up $0.05 during mid-day trading on Tuesday, reaching $6.14. The stock had a trading volume of 1,989,415 shares, compared to its average volume of 2,371,989. The firm has a 50 day moving average price of $5.79 and a two-hundred day moving average price of $6.85. The stock has a market capitalization of $838.56 million, a P/E ratio of -5.25 and a beta of 1.77. Diamond Offshore Drilling has a one year low of $4.77 and a one year high of $12.64. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.84 and a current ratio of 1.84.
About Diamond Offshore Drilling
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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