Diamond Offshore Drilling Inc (NYSE:DO) rose 2% during mid-day trading on Thursday . The stock traded as high as $21.51 and last traded at $20.87. Approximately 164,485 shares changed hands during trading, a decline of 88% from the average daily volume of 1,376,946 shares. The stock had previously closed at $21.30.
Several research analysts have commented on the company. ValuEngine raised Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Cowen set a $16.00 price objective on Diamond Offshore Drilling and gave the company a “hold” rating in a research report on Friday, April 13th. Bank of America lowered their price objective on Diamond Offshore Drilling from $15.00 to $14.00 and set an “underperform” rating on the stock in a research report on Wednesday, April 18th. Credit Suisse Group restated an “underperform” rating on shares of Diamond Offshore Drilling in a research report on Friday, April 13th. Finally, Susquehanna Bancshares set a $16.00 price objective on Diamond Offshore Drilling and gave the company a “hold” rating in a research report on Friday, April 13th. Twelve investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Diamond Offshore Drilling has an average rating of “Hold” and an average price target of $14.25.
The company has a debt-to-equity ratio of 0.52, a current ratio of 4.51 and a quick ratio of 4.51. The company has a market capitalization of $2.63 billion, a P/E ratio of 25.40 and a beta of 1.16.
Diamond Offshore Drilling (NYSE:DO) last posted its quarterly earnings data on Monday, April 30th. The offshore drilling services provider reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.03. Diamond Offshore Drilling had a return on equity of 1.78% and a net margin of 1.00%. The company had revenue of $295.50 million for the quarter, compared to analyst estimates of $295.89 million. During the same quarter in the previous year, the firm earned $0.17 earnings per share. The business’s revenue was down 21.0% on a year-over-year basis. equities research analysts anticipate that Diamond Offshore Drilling Inc will post -0.64 earnings per share for the current fiscal year.
In other news, insider Marc Gerard Rex Edwards sold 32,718 shares of the company’s stock in a transaction on Wednesday, May 2nd. The stock was sold at an average price of $18.20, for a total transaction of $595,467.60. Following the transaction, the insider now owns 78,265 shares of the company’s stock, valued at $1,424,423. The sale was disclosed in a legal 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 hedge funds and other institutional investors have recently added to or reduced their stakes in DO. Ladenburg Thalmann Financial Services Inc. increased its holdings in Diamond Offshore Drilling by 331.9% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 7,641 shares of the offshore drilling services provider’s stock valued at $142,000 after purchasing an additional 5,872 shares during the last quarter. Northwestern Mutual Investment Management Company LLC boosted its position in shares of Diamond Offshore Drilling by 56.2% during the first quarter. Northwestern Mutual Investment Management Company LLC now owns 13,197 shares of the offshore drilling services provider’s stock worth $193,000 after buying an additional 4,750 shares during the period. Ahrens Investment Partners LLC acquired a new position in shares of Diamond Offshore Drilling during the first quarter worth about $208,000. Investors Research Corp acquired a new position in shares of Diamond Offshore Drilling during the fourth quarter worth about $209,000. Finally, D.B. Root & Company LLC acquired a new position in Diamond Offshore Drilling during the first quarter valued at approximately $211,000.
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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