Piper Jaffray Companies set a $10.00 price objective on Diamond Offshore Drilling (NYSE:DO) in a report released on Tuesday morning. The brokerage currently has a sell rating on the offshore drilling services provider’s stock. Piper Jaffray Companies also issued estimates for Diamond Offshore Drilling’s Q4 2018 earnings at ($0.46) EPS, Q1 2019 earnings at ($0.70) EPS, Q2 2019 earnings at ($0.48) EPS, Q3 2019 earnings at ($0.40) EPS, Q4 2019 earnings at ($0.20) EPS, FY2019 earnings at ($1.79) EPS, FY2020 earnings at ($1.60) EPS, FY2021 earnings at ($0.87) EPS and FY2022 earnings at ($0.73) EPS.
Several other brokerages also recently weighed in on DO. Zacks Investment Research raised Diamond Offshore Drilling from a hold rating to a buy rating and set a $23.00 price target for the company in a report on Tuesday, October 9th. UBS Group set a $26.00 price target on Diamond Offshore Drilling and gave the stock a buy rating in a report on Tuesday, July 31st. Jefferies Financial Group reaffirmed a sell rating and set a $16.00 price target on shares of Diamond Offshore Drilling in a report on Monday, July 30th. Credit Suisse Group increased their price target on Diamond Offshore Drilling from $14.00 to $15.00 and gave the stock an underperform rating in a report on Tuesday, July 31st. Finally, B. Riley set a $17.00 price target on Diamond Offshore Drilling and gave the stock a hold rating in a report on Tuesday, July 31st. Eleven analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $16.66.
Shares of DO stock traded up $0.37 during trading hours on Tuesday, hitting $14.68. The stock had a trading volume of 3,027,873 shares, compared to its average volume of 2,087,675. The company has a market capitalization of $2.01 billion, a P/E ratio of 17.90 and a beta of 1.44. Diamond Offshore Drilling has a twelve month low of $13.56 and a twelve month high of $21.92. The company has a current ratio of 3.91, a quick ratio of 4.23 and a debt-to-equity ratio of 0.54.
Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings results on Monday, November 5th. The offshore drilling services provider reported ($0.26) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.36) by $0.10. Diamond Offshore Drilling had a negative return on equity of 2.92% and a negative net margin of 11.11%. The firm had revenue of $286.30 million during the quarter, compared to the consensus estimate of $281.74 million. During the same period last year, the company earned $0.25 earnings per share. The company’s revenue for the quarter was down 21.8% on a year-over-year basis. Research analysts predict that Diamond Offshore Drilling will post -1.14 EPS for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings in Diamond Offshore Drilling by 0.6% in the third quarter. BlackRock Inc. now owns 8,388,385 shares of the offshore drilling services provider’s stock valued at $167,769,000 after acquiring an additional 53,665 shares during the period. FMR LLC lifted its holdings in Diamond Offshore Drilling by 30.8% in the third quarter. FMR LLC now owns 7,141,502 shares of the offshore drilling services provider’s stock valued at $142,830,000 after acquiring an additional 1,680,373 shares during the period. Majedie Asset Management Ltd lifted its holdings in Diamond Offshore Drilling by 6.2% in the third quarter. Majedie Asset Management Ltd now owns 2,440,119 shares of the offshore drilling services provider’s stock valued at $48,802,000 after acquiring an additional 143,359 shares during the period. Northern Trust Corp lifted its holdings in Diamond Offshore Drilling by 6.4% in the second quarter. Northern Trust Corp now owns 1,927,401 shares of the offshore drilling services provider’s stock valued at $40,205,000 after acquiring an additional 116,533 shares during the period. Finally, Wells Fargo & Company MN lifted its holdings in Diamond Offshore Drilling by 2.0% in the third quarter. Wells Fargo & Company MN now owns 1,709,811 shares of the offshore drilling services provider’s stock valued at $34,196,000 after acquiring an additional 32,877 shares during the period.
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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