Diamond Offshore Drilling (DO) Downgraded by UBS Group

UBS Group cut shares of Diamond Offshore Drilling (NYSE:DO) to an underperform rating in a research note released on Friday, The Fly reports.

Several other research analysts also recently weighed in on DO. Royal Bank of Canada set a $19.00 target price on Diamond Offshore Drilling and gave the company a hold rating in a research note on Thursday, December 21st. Zacks Investment Research upgraded Diamond Offshore Drilling from a hold rating to a buy rating and set a $17.00 target price on the stock in a research note on Monday, October 16th. Susquehanna Bancshares set a $17.00 target price on Diamond Offshore Drilling and gave the company a hold rating in a research note on Friday, January 12th. ValuEngine upgraded Diamond Offshore Drilling from a buy rating to a strong-buy rating in a research note on Friday, December 1st. Finally, Clarkson Capital downgraded Diamond Offshore Drilling from a buy rating to a neutral rating in a research note on Thursday, January 18th. Twelve investment 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’s stock. Diamond Offshore Drilling presently has a consensus rating of Hold and a consensus price target of $14.92.

Diamond Offshore Drilling (NYSE DO) opened at $15.14 on Friday. The stock has a market capitalization of $2,043.32, a P/E ratio of 12.41 and a beta of 1.13. The company has a debt-to-equity ratio of 0.52, a quick ratio of 3.58 and a current ratio of 3.58. Diamond Offshore Drilling has a 12 month low of $10.06 and a 12 month high of $20.41.

Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings results on Monday, February 12th. The offshore drilling services provider reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. The firm had revenue of $346.20 million for the quarter, compared to the consensus estimate of $331.98 million. Diamond Offshore Drilling had a return on equity of 6.23% and a net margin of 10.86%. The firm’s quarterly revenue was down 11.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.27 EPS. analysts expect that Diamond Offshore Drilling will post 0.86 earnings per share for the current fiscal year.

In other news, Director Charles Fabrikant sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, December 28th. The stock was 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 of the company’s stock, valued at approximately $18,550. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.03% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Itau Unibanco Holding S.A. acquired a new stake in shares of Diamond Offshore Drilling in the 4th quarter valued at approximately $171,000. UBS Asset Management Americas Inc. lifted its holdings in shares of Diamond Offshore Drilling by 8.2% in the 4th quarter. UBS Asset Management Americas Inc. now owns 81,589 shares of the offshore drilling services provider’s stock valued at $1,517,000 after buying an additional 6,196 shares during the period. Schroder Investment Management Group lifted its holdings in shares of Diamond Offshore Drilling by 127.6% in the 4th quarter. Schroder Investment Management Group now owns 1,691,100 shares of the offshore drilling services provider’s stock valued at $31,437,000 after buying an additional 948,200 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Diamond Offshore Drilling by 2.1% in the 4th quarter. Bank of New York Mellon Corp now owns 1,606,269 shares of the offshore drilling services provider’s stock valued at $29,860,000 after buying an additional 33,514 shares during the period. Finally, Arizona State Retirement System lifted its holdings in shares of Diamond Offshore Drilling by 26.9% in the 4th quarter. Arizona State Retirement System now owns 46,421 shares of the offshore drilling services provider’s stock valued at $863,000 after buying an additional 9,835 shares during the period.

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Diamond Offshore Drilling Company Profile

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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