Diamond Offshore Drilling (DO) Downgraded by Clarkson Capital to “Neutral”

Clarkson Capital downgraded shares of Diamond Offshore Drilling (NYSE:DO) from a buy rating to a neutral rating in a report published on Thursday morning, The Fly reports.

Several other equities research analysts have also issued reports on the stock. Royal Bank of Canada set a $19.00 price target on shares of Diamond Offshore Drilling and gave the company a hold rating in a research note on Thursday, December 21st. Zacks Investment Research upgraded shares of Diamond Offshore Drilling from a hold rating to a buy rating and set a $17.00 price target on the stock in a research note on Monday, October 16th. Bank of America lowered shares of Diamond Offshore Drilling from a neutral rating to an underperform rating and lifted their price target for the company from $13.00 to $14.00 in a research note on Monday, October 9th. UBS Group lifted their price target on shares of Diamond Offshore Drilling from $15.00 to $19.00 and gave the company a buy rating in a research note on Friday, November 3rd. Finally, ValuEngine raised shares of Diamond Offshore Drilling from a buy rating to a strong-buy rating in a research report on Friday, December 1st. Ten analysts have rated the stock with a sell rating, fourteen have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $15.01.

Shares of Diamond Offshore Drilling (NYSE:DO) traded up $0.36 during mid-day trading on Thursday, reaching $19.63. 1,381,883 shares of the company’s stock traded hands, compared to its average volume of 1,125,319. The company has a quick ratio of 3.58, a current ratio of 3.58 and a debt-to-equity ratio of 0.52. Diamond Offshore Drilling has a 12-month low of $10.06 and a 12-month high of $20.41. The firm has a market cap of $2,693.79, a price-to-earnings ratio of 16.09 and a beta of 1.29.

Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings results on Monday, October 30th. The offshore drilling services provider reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.05. Diamond Offshore Drilling had a net margin of 10.86% and a return on equity of 6.23%. The firm had revenue of $366.02 million for the quarter, compared to analyst estimates of $365.38 million. During the same period in the previous year, the business earned $0.10 EPS. The company’s revenue was up 4.8% compared to the same quarter last year. equities analysts expect that Diamond Offshore Drilling will post 0.87 earnings per share for the current fiscal year.

In related news, Director Charles Fabrikant sold 1,500 shares of Diamond Offshore Drilling stock in a transaction dated Friday, December 28th. The shares were sold at an average price of $18.55, for a total transaction of $27,825.00. Following the completion of the sale, the director now owns 1,000 shares of the company’s stock, valued at approximately $18,550. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.03% of the company’s stock.

Several hedge funds have recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. boosted its holdings in shares of Diamond Offshore Drilling by 6.7% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 509,593 shares of the offshore drilling services provider’s stock worth $9,474,000 after buying an additional 32,106 shares during the period. Nisa Investment Advisors LLC bought a new stake in shares of Diamond Offshore Drilling during the 4th quarter worth about $372,000. GSA Capital Partners LLP bought a new stake in shares of Diamond Offshore Drilling during the 3rd quarter worth about $1,209,000. California Public Employees Retirement System boosted its holdings in shares of Diamond Offshore Drilling by 98.0% during the 3rd quarter. California Public Employees Retirement System now owns 825,261 shares of the offshore drilling services provider’s stock worth $11,966,000 after buying an additional 408,516 shares during the period. Finally, Point72 Asset Management L.P. boosted its holdings in shares of Diamond Offshore Drilling by 959.8% during the 3rd 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.

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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.

The Fly

Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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