Cowen Analysts Give Diamond Offshore Drilling (DO) a $18.00 Price Target

Diamond Offshore Drilling (NYSE:DO) has been given a $18.00 target price by equities researchers at Cowen in a research report issued on Thursday. The brokerage presently has a “hold” rating on the offshore drilling services provider’s stock. Cowen’s target price suggests a potential downside of 10.58% from the company’s current price.

Several other brokerages also recently issued reports on DO. UBS Group upgraded Diamond Offshore Drilling from a “neutral” rating to a “buy” rating and upped their price target for the stock from $12.00 to $15.00 in a report on Monday, September 25th. ValuEngine upgraded Diamond Offshore Drilling from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 31st. Jefferies Group set a $15.00 price target on Diamond Offshore Drilling and gave the stock a “hold” rating in a report on Monday, October 30th. Citigroup downgraded Diamond Offshore Drilling from a “neutral” rating to a “sell” rating and set a $12.00 price target for the company. in a report on Thursday, October 12th. Finally, Piper Jaffray Companies reiterated an “underweight” rating on shares of Diamond Offshore Drilling in a report on Thursday. Ten equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $15.01.

Shares of Diamond Offshore Drilling (NYSE DO) opened at $20.13 on Thursday. Diamond Offshore Drilling has a 1-year low of $10.06 and a 1-year high of $20.41. The stock has a market capitalization of $2,760.00, a price-to-earnings ratio of 16.64 and a beta of 1.28. The company has a current ratio of 3.58, a quick ratio of 3.58 and a debt-to-equity ratio of 0.52.

Diamond Offshore Drilling (NYSE:DO) last announced its quarterly earnings results on Monday, October 30th. The offshore drilling services provider reported $0.25 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.05. Diamond Offshore Drilling had a return on equity of 6.23% and a net margin of 10.86%. The business had revenue of $366.02 million during the quarter, compared to the consensus estimate of $365.38 million. During the same quarter in the prior year, the company posted $0.10 earnings per share. Diamond Offshore Drilling’s revenue was up 4.8% compared to the same quarter last year. analysts forecast that Diamond Offshore Drilling will post 0.88 EPS for the current fiscal year.

In other Diamond Offshore Drilling news, Director Charles Fabrikant sold 1,500 shares of the company’s stock in a transaction on Friday, December 28th. The stock was sold at an average price of $18.55, for a total value of $27,825.00. Following the completion of the transaction, the director now owns 1,000 shares in the company, valued at approximately $18,550. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.03% of the stock is owned by corporate insiders.

Several hedge funds have recently bought and sold shares of the company. Comerica Bank grew its stake in shares of Diamond Offshore Drilling by 0.8% during the 2nd quarter. Comerica Bank now owns 55,321 shares of the offshore drilling services provider’s stock worth $647,000 after acquiring an additional 437 shares during the period. Legal & General Group Plc grew its stake in shares of Diamond Offshore Drilling by 0.3% during the 2nd quarter. Legal & General Group Plc now owns 200,738 shares of the offshore drilling services provider’s stock worth $2,175,000 after acquiring an additional 671 shares during the period. Energy Opportunities Capital Management LLC grew its stake in shares of Diamond Offshore Drilling by 2.2% during the 2nd quarter. Energy Opportunities Capital Management LLC now owns 137,465 shares of the offshore drilling services provider’s stock worth $1,489,000 after acquiring an additional 2,950 shares during the period. Rhumbline Advisers grew its stake in shares of Diamond Offshore Drilling by 2.3% during the 3rd quarter. Rhumbline Advisers now owns 137,428 shares of the offshore drilling services provider’s stock worth $1,993,000 after acquiring an additional 3,069 shares during the period. Finally, Mutual of America Capital Management LLC grew its stake in shares of Diamond Offshore Drilling by 7.2% during the 3rd quarter. Mutual of America Capital Management LLC now owns 50,486 shares of the offshore drilling services provider’s stock worth $732,000 after acquiring an additional 3,389 shares during the period.

TRADEMARK VIOLATION WARNING: This story was originally posted by Stock Observer and is the sole property of of Stock Observer. If you are reading this story on another website, it was illegally copied and reposted in violation of US and international copyright and trademark laws. The original version of this story can be read at https://www.thestockobserver.com/2018/01/13/cowen-analysts-give-diamond-offshore-drilling-do-a-18-00-price-target.html.

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.

Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

Receive News & Ratings for Diamond Offshore Drilling Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Diamond Offshore Drilling and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply