Principal Financial Group Inc. Increases Stake in Diamond Offshore Drilling, Inc. (DO)

Principal Financial Group Inc. boosted its stake in Diamond Offshore Drilling, Inc. (NYSE:DO) by 2.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 264,133 shares of the offshore drilling services provider’s stock after buying an additional 7,112 shares during the period. Principal Financial Group Inc. owned approximately 0.19% of Diamond Offshore Drilling worth $4,414,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Prudential Financial Inc. increased its stake in shares of Diamond Offshore Drilling by 194.3% in the first quarter. Prudential Financial Inc. now owns 2,117,443 shares of the offshore drilling services provider’s stock valued at $35,383,000 after buying an additional 1,398,057 shares during the last quarter. Norges Bank bought a new stake in shares of Diamond Offshore Drilling during the fourth quarter valued at $22,329,000. Bank of New York Mellon Corp increased its stake in shares of Diamond Offshore Drilling by 122.6% in the first quarter. Bank of New York Mellon Corp now owns 1,713,871 shares of the offshore drilling services provider’s stock valued at $28,639,000 after buying an additional 943,847 shares during the last quarter. Contrarius Investment Management Ltd increased its stake in shares of Diamond Offshore Drilling by 29.5% in the first quarter. Contrarius Investment Management Ltd now owns 3,319,860 shares of the offshore drilling services provider’s stock valued at $55,475,000 after buying an additional 755,845 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of Diamond Offshore Drilling by 109.3% in the first quarter. Wells Fargo & Company MN now owns 542,934 shares of the offshore drilling services provider’s stock valued at $9,073,000 after buying an additional 283,500 shares during the last quarter.

Shares of Diamond Offshore Drilling, Inc. (DO) opened at 11.43 on Tuesday. The stock has a 50 day moving average price of $12.01 and a 200-day moving average price of $15.55. The stock’s market capitalization is $1.57 billion. Diamond Offshore Drilling, Inc. has a 1-year low of $10.06 and a 1-year high of $26.26.

Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings results on Monday, May 1st. The offshore drilling services provider reported $0.17 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.05. The firm had revenue of $374.22 million during the quarter, compared to analyst estimates of $366.03 million. Diamond Offshore Drilling had a positive return on equity of 4.76% and a negative net margin of 29.01%. The business’s revenue for the quarter was down 20.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.64 EPS. On average, analysts forecast that Diamond Offshore Drilling, Inc. will post $0.85 earnings per share for the current year.

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DO has been the subject of several recent research reports. Scotiabank reiterated a “hold” rating and issued a $19.00 price objective on shares of Diamond Offshore Drilling in a research report on Wednesday, March 22nd. Tudor Pickering initiated coverage on Diamond Offshore Drilling in a research report on Thursday, March 23rd. They issued a “hold” rating for the company. Zacks Investment Research upgraded Diamond Offshore Drilling from a “hold” rating to a “strong-buy” rating and set a $18.00 price objective for the company in a research report on Tuesday, April 11th. BMO Capital Markets reiterated a “sell” rating and issued a $14.50 price objective on shares of Diamond Offshore Drilling in a research report on Tuesday, April 18th. Finally, Credit Suisse Group set a $18.00 price objective on Diamond Offshore Drilling and gave the company a “hold” rating in a research report on Thursday, April 20th. Ten research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $16.59.

In related news, Director Paul G. Gaffney purchased 4,000 shares of Diamond Offshore Drilling stock in a transaction dated Monday, May 22nd. The stock was purchased at an average cost of $13.67 per share, with a total value of $54,680.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.03% of the company’s stock.

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.

Institutional Ownership by Quarter for Diamond Offshore Drilling (NYSE:DO)

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