Diamond Offshore Drilling (NYSE:DO) was up 5% during trading on Wednesday . The stock traded as high as $19.79 and last traded at $19.53. Approximately 2,126,267 shares traded hands during trading, an increase of 18% from the average daily volume of 1,800,902 shares. The stock had previously closed at $18.60.
Several equities research analysts have recently commented on DO shares. Royal Bank of Canada set a $19.00 price target on Diamond Offshore Drilling and gave the stock a “hold” rating in a research note on Thursday, December 21st. UBS lowered Diamond Offshore Drilling to an “underperform” rating in a research note on Friday, February 9th. Susquehanna Bancshares set a $17.00 price target on Diamond Offshore Drilling and gave the stock a “hold” rating in a research note on Friday, January 12th. SEB Equity Research lowered Diamond Offshore Drilling from a “market perform” rating to an “underperform” rating in a research note on Friday, February 9th. Finally, Clarkson Capital lowered Diamond Offshore Drilling from a “buy” rating to a “neutral” rating in a research note on Thursday, January 18th. Twelve equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. Diamond Offshore Drilling has a consensus rating of “Hold” and a consensus price target of $14.16.
The company has a debt-to-equity ratio of 0.52, a current ratio of 3.97 and a quick ratio of 3.97. The stock has a market capitalization of $2,680.06, a PE ratio of 23.78 and a beta of 1.20.
Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings results on Monday, February 12th. The offshore drilling services provider reported ($0.05) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.01. The company had revenue of $346.20 million during the quarter, compared to the consensus estimate of $331.98 million. Diamond Offshore Drilling had a return on equity of 2.96% and a net margin of 1.23%. Diamond Offshore Drilling’s revenue was down 11.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.27 EPS. research analysts forecast that Diamond Offshore Drilling will post -0.28 EPS for the current year.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Envestnet Asset Management Inc. raised its holdings in Diamond Offshore Drilling by 12.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 46,126 shares of the offshore drilling services provider’s stock valued at $857,000 after acquiring an additional 5,270 shares during the last quarter. MetLife Investment Advisors LLC acquired a new position in Diamond Offshore Drilling in the 4th quarter valued at $1,368,000. Gotham Asset Management LLC raised its holdings in Diamond Offshore Drilling by 1,401.7% in the 4th quarter. Gotham Asset Management LLC now owns 540,731 shares of the offshore drilling services provider’s stock valued at $10,052,000 after acquiring an additional 504,723 shares during the last quarter. LPL Financial LLC acquired a new position in Diamond Offshore Drilling in the 4th quarter valued at $752,000. Finally, Ladenburg Thalmann Financial Services Inc. raised its holdings in Diamond Offshore Drilling by 331.9% in the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 7,641 shares of the offshore drilling services provider’s stock valued at $142,000 after acquiring an additional 5,872 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 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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