Metropolitan Life Insurance Co. NY cut its holdings in Diamond Offshore Drilling Inc (NYSE:DO) by 63.6% in the 4th quarter, HoldingsChannel reports. The fund owned 38,708 shares of the offshore drilling services provider’s stock after selling 67,555 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in Diamond Offshore Drilling were worth $720,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also added to or reduced their stakes in the company. Point72 Asset Management L.P. lifted its stake in Diamond Offshore Drilling by 959.8% in the third quarter. Point72 Asset Management L.P. now owns 625,300 shares of the offshore drilling services provider’s stock valued at $9,067,000 after purchasing an additional 566,300 shares during the last quarter. Teacher Retirement System of Texas purchased a new position in Diamond Offshore Drilling in the fourth quarter valued at approximately $427,000. American Century Companies Inc. lifted its stake in Diamond Offshore Drilling by 104.8% in the fourth quarter. American Century Companies Inc. now owns 623,703 shares of the offshore drilling services provider’s stock valued at $11,595,000 after purchasing an additional 319,119 shares during the last quarter. Swiss National Bank lifted its stake in Diamond Offshore Drilling by 7.2% in the fourth quarter. Swiss National Bank now owns 120,953 shares of the offshore drilling services provider’s stock valued at $2,249,000 after purchasing an additional 8,100 shares during the last quarter. Finally, Orbis Allan Gray Ltd purchased a new position in Diamond Offshore Drilling in the fourth quarter valued at approximately $7,542,000.
Several research firms recently commented on DO. Cowen set a $18.00 price objective on Diamond Offshore Drilling and gave the company a “hold” rating in a research note on Thursday, January 11th. Susquehanna Bancshares set a $17.00 price objective on Diamond Offshore Drilling and gave the company a “hold” rating in a research note on Friday, January 12th. Barclays downgraded Diamond Offshore Drilling from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $19.92 to $13.00 in a research note on Tuesday, January 23rd. Jefferies Group downgraded Diamond Offshore Drilling from a “hold” rating to an “underperform” rating and set a $15.00 price objective on the stock. in a research note on Thursday, January 4th. Finally, TheStreet upgraded Diamond Offshore Drilling from a “d+” rating to a “c-” rating in a research note on Monday, January 22nd. Twelve research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $13.96.
NYSE:DO opened at $15.79 on Friday. The firm has a market cap of $2,166.83, a price-to-earnings ratio of 19.26 and a beta of 1.20. Diamond Offshore Drilling Inc has a 1 year low of $10.06 and a 1 year high of $20.41. The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.52.
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 for the quarter, topping the consensus estimate of ($0.06) by $0.01. The firm had revenue of $346.20 million for the quarter, compared to analysts’ expectations of $331.98 million. Diamond Offshore Drilling had a net margin of 1.23% and a return on equity of 2.96%. The business’s quarterly revenue was down 11.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.27 earnings per share. analysts predict that Diamond Offshore Drilling Inc will post -0.28 earnings per share for the current fiscal year.
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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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