Diamond Offshore Drilling, Inc. (DO) Bond Prices Rise 1.1%

An issue of Diamond Offshore Drilling, Inc. (NYSE:DO) debt rose 1.1% against its face value during trading on Monday. The high-yield debt issue has a 7.875% coupon and will mature on August 15, 2025. The bonds in the issue are now trading at $102.56 and were trading at $101.00 last week. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its stock price.

A number of equities research analysts have commented on the company. ValuEngine raised Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a research note on Wednesday, September 6th. Cowen and Company reissued a “hold” rating and issued a $11.00 price objective on shares of Diamond Offshore Drilling in a research note on Tuesday, September 5th. Clarkson Capital raised Diamond Offshore Drilling from a “neutral” rating to a “buy” rating in a research note on Friday, September 1st. Jefferies Group LLC set a $12.00 price objective on Diamond Offshore Drilling and gave the company a “hold” rating in a research note on Friday, August 25th. Finally, BidaskClub raised Diamond Offshore Drilling from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Nine equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Diamond Offshore Drilling currently has an average rating of “Hold” and a consensus target price of $15.25.

Diamond Offshore Drilling, Inc. (DO) opened at 13.38 on Wednesday. Diamond Offshore Drilling, Inc. has a 12-month low of $10.06 and a 12-month high of $22.65. The stock has a market capitalization of $1.84 billion, a PE ratio of 10.88 and a beta of 1.13. The stock has a 50 day moving average price of $11.68 and a 200-day moving average price of $13.18.

Diamond Offshore Drilling (NYSE:DO) last issued its earnings results on Monday, July 31st. The offshore drilling services provider reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.21. Diamond Offshore Drilling had a return on equity of 5.77% and a net margin of 11.19%. The firm had revenue of $399.30 million for the quarter, compared to analysts’ expectations of $381.50 million. During the same period in the previous year, the firm posted $0.16 earnings per share. The business’s revenue was up 2.7% compared to the same quarter last year. On average, equities analysts anticipate that Diamond Offshore Drilling, Inc. will post $0.93 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC grew its position in Diamond Offshore Drilling by 10.2% in the first quarter. Lazard Asset Management LLC now owns 6,685 shares of the offshore drilling services provider’s stock worth $111,000 after acquiring an additional 620 shares in the last quarter. Advantus Capital Management Inc grew its position in Diamond Offshore Drilling by 3.0% in the first quarter. Advantus Capital Management Inc now owns 8,254 shares of the offshore drilling services provider’s stock worth $138,000 after acquiring an additional 242 shares in the last quarter. Segantii Capital Management Ltd purchased a new position in Diamond Offshore Drilling in the first quarter worth about $140,000. Commerzbank Aktiengesellschaft FI purchased a new position in Diamond Offshore Drilling in the first quarter worth about $169,000. Finally, Amalgamated Bank purchased a new position in Diamond Offshore Drilling in the first quarter worth about $170,000.

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About Diamond Offshore Drilling

Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry. As of December 31, 2016, the Company had a fleet of 24 offshore drilling rigs. As of December 31, 2016, its fleet consisted of four drillships, 19 semisubmersible rigs and one jack-up rig. Its fleet enables it to offer a range of services, primarily in the floater market, including ultra-deepwater, deepwater and mid-water.

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