Diamond Offshore Drilling (DO) Posts Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Diamond Offshore Drilling (NYSE:DO) released its earnings results on Monday. The offshore drilling services provider reported ($0.26) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.36) by $0.10, MarketWatch Earnings reports. The company had revenue of $286.30 million during the quarter, compared to analysts’ expectations of $281.74 million. Diamond Offshore Drilling had a negative return on equity of 1.06% and a negative net margin of 5.57%. The business’s revenue for the quarter was down 21.8% on a year-over-year basis. During the same period last year, the firm earned $0.25 EPS.

Shares of Diamond Offshore Drilling stock opened at $13.79 on Wednesday. The stock has a market capitalization of $1.95 billion, a PE ratio of 16.82 and a beta of 1.44. Diamond Offshore Drilling has a one year low of $13.56 and a one year 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.

Several equities research analysts have recently commented on the company. Zacks Investment Research raised Diamond Offshore Drilling from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Tuesday, October 9th. UBS Group set a $26.00 target price on Diamond Offshore Drilling and gave the company a “buy” rating in a research note on Tuesday, July 31st. Jefferies Financial Group reissued a “sell” rating and issued a $16.00 target price on shares of Diamond Offshore Drilling in a research note on Monday, July 30th. Credit Suisse Group lifted their target price on Diamond Offshore Drilling from $14.00 to $15.00 and gave the company an “underperform” rating in a research note on Tuesday, July 31st. Finally, B. Riley set a $17.00 target price on Diamond Offshore Drilling and gave the company a “hold” rating in a research note on Tuesday, July 31st. Eleven analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $16.69.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. acquired a new position in shares of Diamond Offshore Drilling in the second quarter valued at approximately $108,000. Contravisory Investment Management Inc. acquired a new position in shares of Diamond Offshore Drilling in the third quarter valued at approximately $144,000. ING Groep NV acquired a new position in shares of Diamond Offshore Drilling in the second quarter valued at approximately $206,000. V Wealth Management LLC acquired a new position in shares of Diamond Offshore Drilling in the second quarter valued at approximately $238,000. Finally, Quantitative Systematic Strategies LLC acquired a new position in shares of Diamond Offshore Drilling in the second quarter valued at approximately $275,000.

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Diamond Offshore Drilling Company Profile

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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Earnings History for Diamond Offshore Drilling (NYSE:DO)

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