Diamond Offshore Drilling (NYSE:DO) PT Set at $18.00 by Cowen

Cowen set a $18.00 price objective on Diamond Offshore Drilling (NYSE:DO) in a research note published on Thursday, January 11th. The brokerage currently has a hold rating on the offshore drilling services provider’s stock.

Other analysts also recently issued reports about the stock. Jefferies Group reissued a neutral rating on shares of Diamond Offshore Drilling in a report on Tuesday, October 31st. Piper Jaffray Companies reissued a hold rating and set a $9.33 price target on shares of Diamond Offshore Drilling in a report on Tuesday, September 19th. Deutsche Bank initiated coverage on shares of Diamond Offshore Drilling in a report on Tuesday, October 10th. They set a hold rating and a $15.00 price target on the stock. initiated coverage on shares of Diamond Offshore Drilling in a report on Thursday, October 19th. They set a hold rating and a $15.80 price target on the stock. Finally, Barclays reissued a neutral rating on shares of Diamond Offshore Drilling in a report on Sunday, November 5th. Ten research analysts have rated the stock with a sell rating, fourteen have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $15.01.

Shares of Diamond Offshore Drilling (NYSE:DO) opened at $19.63 on Thursday. The company has a market cap of $2,644.38, a price-to-earnings ratio of 11.20 and a beta of 1.29. 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 twelve month low of $10.06 and a twelve month high of $20.41.

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

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

Several hedge funds and other institutional investors have recently modified their holdings of DO. Schwab Charles Investment Management Inc. raised its position in shares of Diamond Offshore Drilling by 28.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 448,736 shares of the offshore drilling services provider’s stock valued at $4,860,000 after buying an additional 98,561 shares during the last quarter. Rhumbline Advisers raised its position in shares of Diamond Offshore Drilling by 14.9% in the second quarter. Rhumbline Advisers now owns 134,359 shares of the offshore drilling services provider’s stock valued at $1,455,000 after buying an additional 17,419 shares during the last quarter. Legal & General Group Plc raised its position in shares of Diamond Offshore Drilling by 0.3% in the second quarter. Legal & General Group Plc now owns 200,738 shares of the offshore drilling services provider’s stock valued at $2,175,000 after buying an additional 671 shares during the last quarter. Comerica Bank raised its position in shares of Diamond Offshore Drilling by 0.8% in the second quarter. Comerica Bank now owns 55,321 shares of the offshore drilling services provider’s stock valued at $647,000 after buying an additional 437 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Diamond Offshore Drilling by 4.6% in the second quarter. Principal Financial Group Inc. now owns 276,415 shares of the offshore drilling services provider’s stock valued at $2,993,000 after buying an additional 12,282 shares during the last quarter.

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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.

Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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