Diamond Offshore Drilling Inc (DO) Received $18.75 Average Target Price from Analysts

Diamond Offshore Drilling Inc (DO) Received $18.75 Average Target Price from Analysts

Shares of Diamond Offshore Drilling Inc (NYSE:DO) have been assigned an average recommendation of “Hold” from the thirty research firms that are presently covering the firm. Eight research analysts have rated the stock with a sell recommendation, fifteen have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $18.75.

DO has been the topic of a number of research reports. Royal Bank of Canada lowered shares of Diamond Offshore Drilling from a “sector perform” rating to an “underperform” rating and boosted their price objective for the stock from $19.00 to $22.00 in a research report on Friday, December 16th. Zephirin Group reissued a “buy” rating and issued a $22.00 price objective on shares of Diamond Offshore Drilling in a research report on Tuesday, December 27th. Barclays PLC raised shares of Diamond Offshore Drilling from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $15.00 to $19.00 in a research report on Monday, January 9th. BMO Capital Markets set a $14.00 price target on shares of Diamond Offshore Drilling and gave the stock a “sell” rating in a research report on Thursday, January 12th. Finally, Jefferies Group LLC dropped their price target on shares of Diamond Offshore Drilling from $18.00 to $17.00 and set a “hold” rating on the stock in a research report on Monday, January 30th.

Several institutional investors have recently added to or reduced their stakes in DO. Equity Investment Corp Acquisition Inc acquired a new position in Diamond Offshore Drilling during the fourth quarter valued at approximately $42,813,000. Marshall Wace LLP increased its position in Diamond Offshore Drilling by 194.8% in the fourth quarter. Marshall Wace LLP now owns 2,055,891 shares of the offshore drilling services provider’s stock valued at $36,390,000 after buying an additional 1,358,414 shares during the period. BlackRock Fund Advisors increased its position in Diamond Offshore Drilling by 102.4% in the third quarter. BlackRock Fund Advisors now owns 2,602,840 shares of the offshore drilling services provider’s stock valued at $45,836,000 after buying an additional 1,316,557 shares during the period. Norges Bank acquired a new position in Diamond Offshore Drilling during the fourth quarter valued at approximately $22,329,000. Finally, Contrarius Investment Management Ltd acquired a new position in Diamond Offshore Drilling during the third quarter valued at approximately $20,098,000.

Shares of Diamond Offshore Drilling (NYSE:DO) opened at 16.71 on Monday. The firm has a 50-day moving average of $16.36 and a 200 day moving average of $17.17. Diamond Offshore Drilling has a 52-week low of $14.48 and a 52-week high of $26.72. The firm’s market capitalization is $2.29 billion.

Diamond Offshore Drilling (NYSE:DO) last announced its quarterly earnings data on Monday, February 6th. The offshore drilling services provider reported $0.27 EPS for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.14. The business had revenue of $391.87 million for the quarter, compared to analyst estimates of $358.09 million. Diamond Offshore Drilling had a negative net margin of 23.28% and a positive return on equity of 6.33%. The firm’s revenue for the quarter was down 29.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.90 earnings per share. Analysts predict that Diamond Offshore Drilling will post $0.82 EPS for the current year.

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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