Johnson Rice cut shares of Diamond Offshore Drilling (NYSE:DO) from a hold rating to a sell rating in a report issued on Wednesday morning, Marketbeat.com reports. They currently have $15.00 price objective on the offshore drilling services provider’s stock.
Several other brokerages have also recently commented on DO. B. Riley set a $17.00 price target on shares of Diamond Offshore Drilling and gave the stock a hold rating in a research note on Tuesday, July 31st. UBS Group set a $26.00 price target on shares of Diamond Offshore Drilling and gave the stock a buy rating in a research note on Tuesday, July 31st. JPMorgan Chase & Co. cut shares of Diamond Offshore Drilling from a neutral rating to an underweight rating and set a $14.00 target price on the stock. in a research report on Friday, October 12th. Zacks Investment Research upgraded shares of Diamond Offshore Drilling from a sell rating to a hold rating in a research report on Friday, August 10th. Finally, Morgan Stanley initiated coverage on shares of Diamond Offshore Drilling in a research report on Tuesday, September 18th. They set an underweight rating and a $15.00 target price on the stock. Eleven research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $16.40.
Shares of DO stock opened at $17.71 on Wednesday. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of 21.60 and a beta of 1.11. Diamond Offshore Drilling has a 52 week low of $13.64 and a 52 week high of $21.92. The company has a debt-to-equity ratio of 0.53, a quick ratio of 4.23 and a current ratio of 4.23.
Diamond Offshore Drilling (NYSE:DO) last announced its quarterly earnings results on Monday, July 30th. The offshore drilling services provider reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.39) by $0.06. The business had revenue of $268.90 million for the quarter, compared to analysts’ expectations of $279.83 million. Diamond Offshore Drilling had a negative net margin of 5.57% and a negative return on equity of 1.06%. The business’s quarterly revenue was down 32.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 EPS. As a group, equities analysts expect that Diamond Offshore Drilling will post -1.22 earnings per share for the current fiscal year.
In related news, SVP David L. Roland sold 1,744 shares of the stock in a transaction dated Tuesday, July 31st. The shares were sold at an average price of $19.73, for a total value of $34,409.12. Following the sale, the senior vice president now directly owns 9,194 shares of the company’s stock, valued at approximately $181,397.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.03% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. purchased a new stake in Diamond Offshore Drilling in the 2nd quarter worth about $108,000. Contravisory Investment Management Inc. purchased a new stake in Diamond Offshore Drilling in the 3rd quarter worth about $144,000. ING Groep NV purchased a new stake in Diamond Offshore Drilling in the 2nd quarter worth about $206,000. V Wealth Management LLC purchased a new stake in Diamond Offshore Drilling in the 2nd quarter worth about $238,000. Finally, Northwestern Mutual Investment Management Company LLC raised its position in Diamond Offshore Drilling by 56.2% in the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 13,197 shares of the offshore drilling services provider’s stock worth $193,000 after purchasing an additional 4,750 shares during the period.
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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