Diamond Offshore Drilling (DO) Debt Trading 1.5% Higher

An issue of Diamond Offshore Drilling Inc (NYSE:DO) bonds rose 1.5% as a percentage of their face value during trading on Friday. The high-yield issue of debt has a 7.875% coupon and will mature on August 15, 2025. The bonds in the issue are now trading at $97.50 and were trading at $93.00 last week. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.

Several research analysts have recently issued reports on DO shares. ValuEngine downgraded shares of Diamond Offshore Drilling from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 2nd. UBS Group set a $14.00 price objective on Diamond Offshore Drilling and gave the company a “buy” rating in a report on Thursday, December 20th. Fearnley Fonds upgraded Diamond Offshore Drilling from an “accumulate” rating to a “buy” rating in a report on Monday, February 4th. Pareto Securities upgraded Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a report on Monday, January 28th. Finally, Zacks Investment Research downgraded Diamond Offshore Drilling from a “buy” rating to a “hold” rating in a report on Friday, January 25th. Eight equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company. Diamond Offshore Drilling currently has a consensus rating of “Hold” and a consensus price target of $15.56.

NYSE DO traded up $0.13 on Friday, reaching $10.88. The company had a trading volume of 14,553,400 shares, compared to its average volume of 2,874,074. The company has a quick ratio of 3.32, a current ratio of 3.32 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of -9.30 and a beta of 1.60. Diamond Offshore Drilling Inc has a fifty-two week low of $8.78 and a fifty-two week high of $21.92.

Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings results on Monday, February 11th. The offshore drilling services provider reported ($0.42) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.40) by ($0.02). The firm had revenue of $232.50 million for the quarter, compared to the consensus estimate of $249.89 million. Diamond Offshore Drilling had a negative net margin of 16.64% and a negative return on equity of 4.32%. The business’s revenue was down 32.8% compared to the same quarter last year. During the same period last year, the company posted ($0.05) EPS. Research analysts expect that Diamond Offshore Drilling Inc will post -2.02 earnings per share for the current fiscal year.

In other news, Director Paul G. Gaffney purchased 4,000 shares of the business’s stock in a transaction on Monday, February 25th. The shares were acquired at an average price of $9.91 per share, with a total value of $39,640.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.03% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Commonwealth Equity Services LLC bought a new position in shares of Diamond Offshore Drilling during the 3rd quarter worth about $632,000. Bank of New York Mellon Corp boosted its position in shares of Diamond Offshore Drilling by 2.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,543,355 shares of the offshore drilling services provider’s stock worth $30,868,000 after purchasing an additional 38,707 shares in the last quarter. Jane Street Group LLC boosted its position in shares of Diamond Offshore Drilling by 124.3% during the 3rd quarter. Jane Street Group LLC now owns 44,615 shares of the offshore drilling services provider’s stock worth $892,000 after purchasing an additional 24,727 shares in the last quarter. BlackRock Inc. boosted its position in shares of Diamond Offshore Drilling by 0.6% during the 3rd quarter. BlackRock Inc. now owns 8,388,385 shares of the offshore drilling services provider’s stock worth $167,769,000 after purchasing an additional 53,665 shares in the last quarter. Finally, Gateway Investment Advisers LLC boosted its position in shares of Diamond Offshore Drilling by 42.5% during the 4th quarter. Gateway Investment Advisers LLC now owns 19,949 shares of the offshore drilling services provider’s stock worth $188,000 after purchasing an additional 5,946 shares in the last quarter.

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About Diamond Offshore Drilling (NYSE:DO)

Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry worldwide. The company operates a fleet of 17 offshore drilling rigs, including 4 drillships and 13 semisubmersible rigs. It serves independent oil and gas companies, and government-owned oil companies. The company was founded in 1953 and is headquartered in Houston, Texas.

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