Diamond Offshore Drilling Inc (DO) Receives $14.39 Average PT from Analysts

Diamond Offshore Drilling Inc (NYSE:DO) has earned a consensus recommendation of “Hold” from the twenty-seven analysts that are presently covering the company, Marketbeat reports. Twelve equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $14.08.

A number of equities research analysts recently weighed in on the stock. Cowen reissued a “hold” rating and issued a $13.00 price target on shares of Diamond Offshore Drilling in a research report on Thursday. ValuEngine raised shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Citigroup set a $12.00 price target on shares of Diamond Offshore Drilling and gave the company a “sell” rating in a research report on Tuesday, February 13th. B. Riley set a $13.00 price target on shares of Diamond Offshore Drilling and gave the company a “hold” rating in a research report on Tuesday, February 13th. Finally, Piper Jaffray Companies set a $9.00 price target on shares of Diamond Offshore Drilling and gave the company a “sell” rating in a research report on Monday, February 12th.

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In other news, Director Charles Fabrikant sold 1,500 shares of the business’s stock in a transaction dated Thursday, December 28th. The shares were sold at an average price of $18.55, for a total transaction of $27,825.00. Following the transaction, the director now directly owns 1,000 shares in the company, valued at $18,550. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.03% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Contrarius Investment Management Ltd increased its stake in shares of Diamond Offshore Drilling by 13.7% during the third quarter. Contrarius Investment Management Ltd now owns 7,512,035 shares of the offshore drilling services provider’s stock worth $108,925,000 after acquiring an additional 905,595 shares during the period. Commonwealth Bank of Australia grew its position in Diamond Offshore Drilling by 6.0% during the third quarter. Commonwealth Bank of Australia now owns 185,541 shares of the offshore drilling services provider’s stock worth $2,687,000 after buying an additional 10,500 shares during the period. Point72 Asset Management L.P. grew its position in Diamond Offshore Drilling by 959.8% during the third quarter. Point72 Asset Management L.P. now owns 625,300 shares of the offshore drilling services provider’s stock worth $9,067,000 after buying an additional 566,300 shares during the period. Canada Pension Plan Investment Board acquired a new position in Diamond Offshore Drilling during the third quarter worth about $2,745,000. Finally, American Century Companies Inc. grew its position in Diamond Offshore Drilling by 104.8% during the fourth quarter. American Century Companies Inc. now owns 623,703 shares of the offshore drilling services provider’s stock worth $11,595,000 after buying an additional 319,119 shares during the period.

Diamond Offshore Drilling (NYSE:DO) traded down $0.59 during trading on Wednesday, hitting $14.86. 1,308,315 shares of the stock traded hands, compared to its average volume of 1,761,300. The stock has a market cap of $2,120.17, a PE ratio of 105.86 and a beta of 1.25. Diamond Offshore Drilling has a 1-year low of $10.06 and a 1-year high of $20.41. The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.52.

Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings data on Monday, February 12th. The offshore drilling services provider reported ($0.05) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.06) by $0.01. The business had revenue of $346.20 million during the quarter, compared to analysts’ expectations of $331.98 million. Diamond Offshore Drilling had a net margin of 1.23% and a return on equity of 2.96%. The company’s revenue for the quarter was down 11.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.27 EPS. sell-side analysts expect that Diamond Offshore Drilling will post -0.29 earnings per share for the current year.

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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.

Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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