Wall Street brokerages expect Diamond Offshore Drilling Inc (NYSE:DO) to post earnings per share of ($0.28) for the current quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Diamond Offshore Drilling’s earnings. The highest EPS estimate is $0.06 and the lowest is ($0.48). Diamond Offshore Drilling reported earnings of $0.25 per share in the same quarter last year, which indicates a negative year-over-year growth rate of 212%. The firm is scheduled to announce its next quarterly earnings report on Monday, October 29th.
According to Zacks, analysts expect that Diamond Offshore Drilling will report full year earnings of ($1.07) per share for the current year, with EPS estimates ranging from ($1.48) to ($0.61). For the next year, analysts expect that the company will post earnings of ($0.96) per share, with EPS estimates ranging from ($1.63) to ($0.27). Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side analysts that follow Diamond Offshore Drilling.
Diamond Offshore Drilling (NYSE:DO) last posted its quarterly earnings results on Monday, July 30th. The offshore drilling services provider reported ($0.33) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.39) by $0.06. Diamond Offshore Drilling had a negative net margin of 5.57% and a negative return on equity of 1.06%. The business had revenue of $268.90 million for the quarter, compared to the consensus estimate of $279.83 million. During the same period in the prior year, the business posted $0.45 earnings per share. Diamond Offshore Drilling’s revenue for the quarter was down 32.7% compared to the same quarter last year.
DO has been the topic of a number of research reports. UBS Group set a $26.00 price target on shares of Diamond Offshore Drilling and gave the stock a “buy” rating in a research note on Tuesday, July 31st. Credit Suisse Group increased their target price on shares of Diamond Offshore Drilling from $14.00 to $15.00 and gave the stock an “underperform” rating in a research report on Tuesday, July 31st. Royal Bank of Canada reissued a “hold” rating and set a $23.00 target price on shares of Diamond Offshore Drilling in a research report on Tuesday, July 31st. ValuEngine raised shares of Diamond Offshore Drilling from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 4th. Finally, Jefferies Financial Group reissued a “sell” rating and set a $16.00 target price on shares of Diamond Offshore Drilling in a research report on Monday, July 30th. Nine analysts have rated the stock with a sell rating, nine have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $15.68.
In other Diamond Offshore Drilling news, SVP David L. Roland sold 1,744 shares of the company’s stock in a transaction dated Tuesday, July 31st. The shares were sold at an average price of $19.73, for a total transaction of $34,409.12. Following the completion of the sale, the senior vice president now directly owns 9,194 shares in the company, valued at $181,397.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.03% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. bought a new stake in Diamond Offshore Drilling during the second quarter valued at about $108,000. Ladenburg Thalmann Financial Services Inc. boosted its holdings in Diamond Offshore Drilling by 331.9% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 7,641 shares of the offshore drilling services provider’s stock valued at $142,000 after acquiring an additional 5,872 shares during the period. ING Groep NV bought a new stake in Diamond Offshore Drilling during the second quarter valued at about $206,000. V Wealth Management LLC bought a new stake in Diamond Offshore Drilling during the second quarter valued at about $238,000. Finally, Northwestern Mutual Investment Management Company LLC boosted its holdings in Diamond Offshore Drilling by 56.2% during the first quarter. Northwestern Mutual Investment Management Company LLC now owns 13,197 shares of the offshore drilling services provider’s stock valued at $193,000 after acquiring an additional 4,750 shares during the period.
Shares of NYSE DO traded up $0.25 during mid-day trading on Friday, reaching $18.40. The company had a trading volume of 780,195 shares, compared to its average volume of 1,460,357. Diamond Offshore Drilling has a twelve month low of $10.19 and a twelve month high of $21.92. The company has a current ratio of 4.23, a quick ratio of 4.23 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $2.49 billion, a PE ratio of 22.44 and a beta of 1.15.
About Diamond Offshore Drilling
Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry worldwide. It provides services in floater market, including ultra-deepwater, deepwater, and mid-water. The company operates a fleet of 17 offshore drilling rigs, which comprises 4 drillships, 7 ultra-deepwater, 4 deepwater, and 2 mid-water semisubmersibles.
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