Analysts expect Diamond Offshore Drilling Inc (NYSE:DO) to post sales of $245.23 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made 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 during the same quarter last year, which would suggest a positive year-over-year growth rate of 5.5%. The business is scheduled to announce its next earnings report on Monday, February 10th.
According to Zacks, analysts expect that Diamond Offshore Drilling will report full year sales of $944.92 million for the current 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’ sales averages are an average based on a survey of research analysts that cover Diamond Offshore Drilling.
Diamond Offshore Drilling (NYSE:DO) last posted its earnings results on Monday, October 28th. The offshore drilling services provider reported ($0.67) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.01. Diamond Offshore Drilling had a negative net margin of 38.60% and a negative return on equity of 10.44%. The business had revenue of $254.00 million for the quarter, compared to analyst estimates of $244.43 million. During the same period in the prior year, the company posted ($0.26) EPS. The company’s revenue for the quarter was down 11.3% on a year-over-year basis.
Several research firms have recently issued reports on DO. Morgan Stanley lowered their target price on shares of Diamond Offshore Drilling from $10.00 to $7.00 and set an “underweight” rating on the stock in a research note on Monday, October 7th. ValuEngine raised shares of Diamond Offshore Drilling from a “buy” rating to a “strong-buy” rating in a research note on Monday, December 30th. Royal Bank of Canada lowered shares of Diamond Offshore Drilling from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from $11.00 to $10.00 in a research note on Wednesday, September 25th. Nordea Equity Research raised shares of Diamond Offshore Drilling from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Citigroup increased their target price on shares of Diamond Offshore Drilling from $4.00 to $5.00 and gave the stock a “sell” rating in a research note on Monday, September 23rd. Five investment analysts have rated the stock with a sell rating, eleven have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $7.43.
Shares of DO stock traded up $0.12 during mid-day trading on Wednesday, hitting $7.75. 3,248,000 shares of the stock were exchanged, compared to its average volume of 3,089,741. The firm has a fifty day moving average of $6.13 and a 200 day moving average of $6.70. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.60. Diamond Offshore Drilling has a 52-week low of $4.77 and a 52-week high of $12.64. The company has a market cap of $1.05 billion, a PE ratio of -6.62 and a beta of 1.89.
Institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its holdings in Diamond Offshore Drilling by 2.0% in the 2nd quarter. BlackRock Inc. now owns 10,960,114 shares of the offshore drilling services provider’s stock valued at $97,215,000 after acquiring an additional 214,749 shares during the last quarter. Vanguard Group Inc. raised its holdings in Diamond Offshore Drilling by 4.1% in the 2nd quarter. Vanguard Group Inc. now owns 6,739,064 shares of the offshore drilling services provider’s stock valued at $59,775,000 after acquiring an additional 263,573 shares during the last quarter. Northern Trust Corp raised its holdings in Diamond Offshore Drilling by 2.4% in the 2nd quarter. Northern Trust Corp now owns 1,640,399 shares of the offshore drilling services provider’s stock valued at $14,550,000 after acquiring an additional 37,872 shares during the last quarter. Schroder Investment Management Group raised its holdings in Diamond Offshore Drilling by 1.2% in the 2nd quarter. Schroder Investment Management Group now owns 1,634,092 shares of the offshore drilling services provider’s stock valued at $14,494,000 after acquiring an additional 19,469 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Diamond Offshore Drilling by 7.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,320,179 shares of the offshore drilling services provider’s stock valued at $11,710,000 after acquiring an additional 86,851 shares during the last quarter.
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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