Diamond Offshore Drilling, Inc. (DO) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of Diamond Offshore Drilling, Inc. (NYSE:DO) from a buy rating to a hold rating in a report released on Friday morning.

According to Zacks, “Diamond Offshore is a leading offshore contract driller with services across the world. The company boasts solid fundamentals with significant free cash flow potential and a clean balance sheet. Most importantly, 94% of the rig days during 2017 for the company’s ultra-deepwater units are being booked by top-tier global customers, which is likely to fetch with steady cashflows. Effective cost-control initiatives and improving rig efficiencies also added to the positives. However, the introduction of new and more stringent regulations following the Gulf of Mexico oil spill has made many projects less profitable. Also, over the past year, the company lost 14.3% value, following the trend of industry’s 25.4% decline.”

Several other research analysts have also recently weighed in on the stock. Cowen and Company set a $11.00 price objective on shares of Diamond Offshore Drilling and gave the company a hold rating in a report on Wednesday. HSBC Holdings plc began coverage on shares of Diamond Offshore Drilling in a report on Thursday. They set a hold rating and a $15.80 price objective for the company. Citigroup Inc. cut shares of Diamond Offshore Drilling from a neutral rating to a sell rating and set a $12.00 price objective for the company. in a report on Thursday, October 12th. FBR & Co raised shares of Diamond Offshore Drilling from a sell rating to a neutral rating and set a $13.00 price objective for the company in a report on Tuesday, October 10th. Finally, Deutsche Bank AG began coverage on shares of Diamond Offshore Drilling in a report on Tuesday, October 10th. They set a hold rating and a $15.00 price objective for the company. Nine analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the stock. Diamond Offshore Drilling currently has an average rating of Hold and a consensus target price of $14.60.

Diamond Offshore Drilling (NYSE:DO) traded down 0.39% during midday trading on Friday, reaching $15.28. 2,452,129 shares of the company’s stock traded hands. Diamond Offshore Drilling has a 52-week low of $10.06 and a 52-week high of $22.65. The firm has a market cap of $2.10 billion, a PE ratio of 12.42 and a beta of 1.19. The firm’s 50-day moving average is $14.08 and its 200 day moving average is $12.88.

Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings data on Monday, July 31st. The offshore drilling services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.21. Diamond Offshore Drilling had a net margin of 11.19% and a return on equity of 5.77%. The firm had revenue of $399.30 million during the quarter, compared to analysts’ expectations of $381.50 million. During the same period in the previous year, the company earned $0.16 earnings per share. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. Equities research analysts expect that Diamond Offshore Drilling will post $0.91 earnings per share for the current fiscal year.

COPYRIGHT VIOLATION WARNING: This piece of content was posted by Sports Perspectives and is owned by of Sports Perspectives. If you are reading this piece of content on another website, it was illegally stolen and republished in violation of United States and international trademark and copyright laws. The legal version of this piece of content can be accessed at https://sportsperspectives.com/2017/10/21/diamond-offshore-drilling-inc-do-downgraded-by-zacks-investment-research-to-hold.html.

Several institutional investors and hedge funds have recently bought and sold shares of DO. Comerica Bank boosted its position in shares of Diamond Offshore Drilling by 3.9% in the first quarter. Comerica Bank now owns 54,884 shares of the offshore drilling services provider’s stock worth $795,000 after purchasing an additional 2,046 shares during the period. Swiss National Bank boosted its position in shares of Diamond Offshore Drilling by 2.6% in the first quarter. Swiss National Bank now owns 112,853 shares of the offshore drilling services provider’s stock worth $1,886,000 after purchasing an additional 2,900 shares during the period. UBS Asset Management Americas Inc. boosted its position in shares of Diamond Offshore Drilling by 20.8% in the first quarter. UBS Asset Management Americas Inc. now owns 84,518 shares of the offshore drilling services provider’s stock worth $1,412,000 after purchasing an additional 14,549 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Diamond Offshore Drilling by 12.0% in the first quarter. Ameriprise Financial Inc. now owns 197,384 shares of the offshore drilling services provider’s stock worth $3,297,000 after purchasing an additional 21,212 shares during the period. Finally, Stifel Financial Corp boosted its position in shares of Diamond Offshore Drilling by 19.7% in the first quarter. Stifel Financial Corp now owns 43,183 shares of the offshore drilling services provider’s stock worth $720,000 after purchasing an additional 7,122 shares during the period.

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

Latest News

Leave a Reply