Diamond Offshore Drilling (DO) Rating Lowered to Underperform at SEB Equity Research

SEB Equity Research cut shares of Diamond Offshore Drilling (NYSE:DO) from a market perform rating to an underperform rating in a research note published on Friday, The Fly reports.

A number of other equities analysts have also recently issued reports on DO. B. Riley reiterated a neutral rating on shares of Diamond Offshore Drilling in a research report on Wednesday, November 1st. ValuEngine upgraded shares of Diamond Offshore Drilling from a hold rating to a buy rating in a research report on Friday, February 2nd. Jefferies Group restated a sell rating and issued a $14.00 price target on shares of Diamond Offshore Drilling in a research report on Wednesday. UBS Group cut shares of Diamond Offshore Drilling to an underperform rating in a research report on Friday. Finally, Citigroup cut shares of Diamond Offshore Drilling from a neutral rating to a sell rating and set a $12.00 price target for the company. in a research report on Thursday, October 12th. Twelve analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $14.92.

Diamond Offshore Drilling (DO) traded down $0.03 during mid-day trading on Friday, reaching $14.89. 3,720,000 shares of the company were exchanged, compared to its average volume of 1,490,000. The firm has a market cap of $2,040.00, a PE ratio of 12.31 and a beta of 1.13. Diamond Offshore Drilling has a twelve month low of $10.06 and a twelve month high of $20.41. The company has a debt-to-equity ratio of 0.52, a quick ratio of 3.58 and a current ratio of 3.58.

In other news, Director Charles Fabrikant sold 1,500 shares of the company’s stock in a transaction on Thursday, December 28th. The shares were sold at an average price of $18.55, for a total value of $27,825.00. Following the sale, the director now directly owns 1,000 shares of the company’s stock, valued at approximately $18,550. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.03% of the company’s stock.

Several large investors have recently bought and sold shares of the company. BlackRock Inc. boosted its stake in shares of Diamond Offshore Drilling by 22.0% in the 2nd quarter. BlackRock Inc. now owns 9,209,573 shares of the offshore drilling services provider’s stock valued at $99,741,000 after purchasing an additional 1,658,687 shares during the last quarter. Contrarius Investment Management Ltd boosted its stake in shares of Diamond Offshore Drilling by 13.7% in the 3rd quarter. Contrarius Investment Management Ltd now owns 7,512,035 shares of the offshore drilling services provider’s stock valued at $108,925,000 after purchasing an additional 905,595 shares during the last quarter. State Street Corp boosted its stake in shares of Diamond Offshore Drilling by 27.3% in the 2nd quarter. State Street Corp now owns 3,021,468 shares of the offshore drilling services provider’s stock valued at $32,721,000 after purchasing an additional 648,077 shares during the last quarter. Majedie Asset Management Ltd boosted its stake in shares of Diamond Offshore Drilling by 121.9% in the 3rd quarter. Majedie Asset Management Ltd now owns 2,570,583 shares of the offshore drilling services provider’s stock valued at $37,273,000 after purchasing an additional 1,412,327 shares during the last quarter. Finally, Horseman Capital Management Ltd bought a new stake in shares of Diamond Offshore Drilling in the 3rd quarter valued at $30,944,000.

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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.

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