Diamond Offshore Drilling Inc (NYSE:DO) was the target of some unusual options trading activity on Tuesday. Stock traders bought 7,523 put options on the stock. This is an increase of 5,687% compared to the average daily volume of 130 put options.
Shares of Diamond Offshore Drilling stock opened at $5.83 on Thursday. The firm has a fifty day moving average price of $5.68 and a two-hundred day moving average price of $7.12. Diamond Offshore Drilling has a fifty-two week low of $4.77 and a fifty-two week high of $13.22. 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 announced its earnings results on Monday, October 28th. The offshore drilling services provider reported ($0.67) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.68) by $0.01. The business had revenue of $254.00 million for the quarter, compared to analysts’ expectations 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 period in the prior year, the business posted ($0.26) earnings per share. As a group, analysts expect that Diamond Offshore Drilling will post -2.84 EPS for the current fiscal year.
A number of equities research analysts have recently issued reports on the stock. Nordea Equity Research upgraded shares of Diamond Offshore Drilling from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Pareto Securities lowered shares of Diamond Offshore Drilling from a “buy” rating to a “hold” rating and dropped their price objective for the company from $13.50 to $6.30 in a research note on Monday, September 9th. Bank of America dropped their price objective on shares of Diamond Offshore Drilling from $5.00 to $3.50 and set an “underperform” rating on the stock in a research note on Wednesday, August 28th. 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, Morgan Stanley dropped their price objective 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. Five research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $7.79.
In related news, CFO Scott Lee Kornblau sold 5,819 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $8.69, for a total transaction of $50,567.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.13% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Advisory Services Network LLC boosted its position in shares of Diamond Offshore Drilling by 5,817.6% during the 2nd quarter. Advisory Services Network LLC now owns 7,752 shares of the offshore drilling services provider’s stock valued at $69,000 after acquiring an additional 7,621 shares during the last quarter. Riverhead Capital Management LLC increased its stake in shares of Diamond Offshore Drilling by 25.4% during the second quarter. Riverhead Capital Management LLC now owns 10,359 shares of the offshore drilling services provider’s stock valued at $92,000 after buying an additional 2,100 shares during the period. Hellman Jordan Management Co. Inc. MA purchased a new position in shares of Diamond Offshore Drilling during the second quarter valued at approximately $98,000. Public Employees Retirement System of Ohio increased its stake 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 period. Finally, Point72 Asset Management L.P. purchased a new position in shares of Diamond Offshore Drilling during the third quarter valued at approximately $122,000.
Diamond Offshore Drilling Company Profile
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.
Further Reading: Balance Sheet
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