Foundation Resource Management Inc. trimmed its position in Diamond Offshore Drilling Inc (NYSE:DO) by 13.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 284,697 shares of the offshore drilling services provider’s stock after selling 45,790 shares during the quarter. Foundation Resource Management Inc. owned 0.21% of Diamond Offshore Drilling worth $2,047,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in shares of Diamond Offshore Drilling by 2.0% in the second quarter. BlackRock Inc. now owns 10,960,114 shares of the offshore drilling services provider’s stock worth $97,215,000 after acquiring an additional 214,749 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Diamond Offshore Drilling by 4.1% during 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 purchasing an additional 263,573 shares during the last quarter. Northern Trust Corp increased its position in Diamond Offshore Drilling by 2.4% during the 2nd quarter. Northern Trust Corp now owns 1,640,399 shares of the offshore drilling services provider’s stock worth $14,550,000 after purchasing an additional 37,872 shares in the last quarter. Schroder Investment Management Group increased its position in Diamond Offshore Drilling by 1.2% during the 2nd quarter. Schroder Investment Management Group now owns 1,634,092 shares of the offshore drilling services provider’s stock worth $14,494,000 after purchasing an additional 19,469 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Diamond Offshore Drilling by 7.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,320,179 shares of the offshore drilling services provider’s stock worth $11,710,000 after purchasing an additional 86,851 shares in the last quarter.
A number of analysts have weighed in on DO shares. Zacks Investment Research lowered shares of Diamond Offshore Drilling from a “hold” rating to a “sell” rating and set a $7.00 target price on the stock. in a research report on Monday, November 4th. ValuEngine upgraded Diamond Offshore Drilling from a “buy” rating to a “strong-buy” rating in a research note on Monday, December 30th. Morgan Stanley cut their price objective on Diamond Offshore Drilling from $10.00 to $7.00 and set an “underweight” rating on the stock in a report on Monday, October 7th. Nordea Equity Research upgraded Diamond Offshore Drilling from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Finally, Citigroup upped their target price on Diamond Offshore Drilling from $4.00 to $5.00 and gave the stock a “sell” rating in a report on Monday, September 23rd. Five analysts have rated the stock with a sell rating, ten have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Diamond Offshore Drilling presently has a consensus rating of “Hold” and an average target price of $7.43.
Shares of Diamond Offshore Drilling stock remained flat at $$6.75 during trading on Wednesday. 2,072,138 shares of the company traded hands, compared to its average volume of 2,729,560. The stock has a market capitalization of $929.43 million, a PE ratio of -5.77 and a beta of 1.89. Diamond Offshore Drilling Inc has a one year low of $4.77 and a one year high of $12.64. The firm’s 50 day moving average is $6.45 and its 200-day moving average is $6.64. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.84 and a current ratio of 1.84.
Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings results on Monday, October 28th. The offshore drilling services provider reported ($0.67) EPS for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.01. The firm had revenue of $254.00 million for the quarter, compared to analyst estimates 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 business’s revenue was down 11.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.26) EPS. Analysts predict that Diamond Offshore Drilling Inc will post -2.87 EPS for the current fiscal year.
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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