Diamond Offshore Drilling (DO) Trading Up 7.8%

Diamond Offshore Drilling Inc (NYSE:DO)’s share price was up 7.8% during trading on Friday . The company traded as high as $10.42 and last traded at $10.35. Approximately 3,969,254 shares traded hands during trading, an increase of 50% from the average daily volume of 2,652,992 shares. The stock had previously closed at $9.60.

A number of equities analysts recently commented on DO shares. UBS Group raised shares of Diamond Offshore Drilling from a “reduce” rating to an “accumulate” rating in a research report on Thursday, October 18th. ValuEngine lowered shares of Diamond Offshore Drilling from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 27th. Piper Jaffray Companies set a $10.00 price target on shares of Diamond Offshore Drilling and gave the stock a “sell” rating in a research report on Tuesday, November 6th. Susquehanna Bancshares set a $16.00 price target on shares of Diamond Offshore Drilling and gave the stock a “hold” rating in a research report on Tuesday, November 6th. Finally, Wells Fargo & Co lowered their price target on shares of Diamond Offshore Drilling from $22.00 to $17.00 and set a “market perform” rating on the stock in a research report on Tuesday, November 6th. Nine research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $16.22.

The company has a current ratio of 3.32, a quick ratio of 3.91 and a debt-to-equity ratio of 0.55. The firm has a market cap of $1.32 billion, a P/E ratio of -8.85 and a beta of 1.63.

Diamond Offshore Drilling (NYSE:DO) last released its earnings results on Monday, February 11th. The offshore drilling services provider reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.02). Diamond Offshore Drilling had a negative net margin of 16.64% and a negative return on equity of 4.32%. The firm had revenue of $232.50 million during the quarter, compared to the consensus estimate of $249.89 million. During the same period in the prior year, the business earned ($0.05) earnings per share. Diamond Offshore Drilling’s quarterly revenue was down 32.8% compared to the same quarter last year. As a group, equities analysts anticipate that Diamond Offshore Drilling Inc will post -1.8 EPS for the current year.

A number of hedge funds have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio increased its holdings in Diamond Offshore Drilling by 135.1% in the 4th quarter. Public Employees Retirement System of Ohio now owns 38,099 shares of the offshore drilling services provider’s stock valued at $360,000 after buying an additional 21,891 shares during the period. Energy Opportunities Capital Management LLC bought a new position in Diamond Offshore Drilling in the 4th quarter valued at about $116,000. Municipal Employees Retirement System of Michigan bought a new position in Diamond Offshore Drilling in the 4th quarter valued at about $143,000. Metropolitan Life Insurance Co. NY increased its holdings in Diamond Offshore Drilling by 83.2% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 39,457 shares of the offshore drilling services provider’s stock valued at $372,000 after buying an additional 17,921 shares during the period. Finally, Squarepoint Ops LLC increased its holdings in Diamond Offshore Drilling by 6.7% in the 4th quarter. Squarepoint Ops LLC now owns 61,820 shares of the offshore drilling services provider’s stock valued at $584,000 after buying an additional 3,891 shares during the period.

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Diamond Offshore Drilling Company Profile (NYSE:DO)

Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry worldwide. It provides services in floater market, including ultra-deepwater, deepwater, and mid-water. The company operates a fleet of 17 offshore drilling rigs, which comprises 4 drillships, 7 ultra-deepwater, 4 deepwater, and 2 mid-water semisubmersibles.

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