ValuEngine upgraded shares of Diamond Offshore Drilling (NYSE:DO) from a buy rating to a strong-buy rating in a research report released on Monday, December 30th, ValuEngine reports.
Several other brokerages also recently weighed in on DO. Nordea Equity Research upgraded Diamond Offshore Drilling from a sell rating to a hold rating in a research note 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 note on Monday, October 21st. Pareto Securities downgraded Diamond Offshore Drilling from a buy rating to a hold rating and decreased their target price for the company from $13.50 to $6.30 in a research note on Monday, September 9th. Citigroup upped their price target on Diamond Offshore Drilling from $4.00 to $5.00 and gave the company a sell rating in a report on Monday, September 23rd. Finally, Royal Bank of Canada cut Diamond Offshore Drilling from an outperform rating to a sector perform rating and cut their price target for the company from $11.00 to $10.00 in a report on Wednesday, September 25th. Five research analysts have rated the stock with a sell rating, ten have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Diamond Offshore Drilling presently has an average rating of Hold and an average target price of $7.43.
NYSE:DO traded up $0.13 during trading hours on Monday, hitting $6.75. 2,584,837 shares of the company’s stock traded hands, compared to its average volume of 2,802,615. The firm has a market cap of $911.51 million, a P/E ratio of -5.77 and a beta of 1.89. Diamond Offshore Drilling has a twelve month low of $4.77 and a twelve month 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. The stock’s fifty day moving average price is $6.45 and its two-hundred day moving average price is $6.64.
Diamond Offshore Drilling (NYSE:DO) last released its quarterly 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. The company had revenue of $254.00 million during 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%. The firm’s revenue was down 11.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.26) EPS. On average, equities research analysts predict that Diamond Offshore Drilling will post -2.87 earnings per share for the current year.
Hedge funds have recently added to or reduced their stakes in the stock. Triad Investment Management boosted its position in Diamond Offshore Drilling by 9.0% in the 4th quarter. Triad Investment Management now owns 288,108 shares of the offshore drilling services provider’s stock valued at $2,071,000 after buying an additional 23,708 shares during the last quarter. Manning & Napier Group LLC boosted its position in shares of Diamond Offshore Drilling by 1.2% in the 4th quarter. Manning & Napier Group LLC now owns 1,171,400 shares of the offshore drilling services provider’s stock worth $8,421,000 after purchasing an additional 14,415 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of Diamond Offshore Drilling in the 3rd quarter worth $411,000. Voloridge Investment Management LLC bought a new position in shares of Diamond Offshore Drilling in the 3rd quarter worth $929,000. Finally, Public Employees Retirement System of Ohio boosted its position in shares of Diamond Offshore Drilling by 16.5% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 20,064 shares of the offshore drilling services provider’s stock worth $112,000 after purchasing an additional 2,849 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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