Diamond Offshore Drilling Inc (NYSE:DO) was the recipient of a significant decrease in short interest in February. As of February 28th, there was short interest totalling 20,549,040 shares, a decrease of 12.2% from the February 15th total of 23,395,351 shares. Approximately 15.0% of the shares of the company are sold short. Based on an average daily volume of 2,382,358 shares, the short-interest ratio is currently 8.6 days.
In other news, Director Paul G. Gaffney purchased 4,000 shares of the business’s stock in a transaction that occurred on Monday, February 25th. The stock was purchased at an average cost of $9.91 per share, with a total value of $39,640.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.03% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in DO. Oregon Public Employees Retirement Fund grew its position in shares of Diamond Offshore Drilling by 844.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 238,294 shares of the offshore drilling services provider’s stock valued at $25,000 after purchasing an additional 213,051 shares during the last quarter. Advisor Group Inc. grew its position in shares of Diamond Offshore Drilling by 108.3% in the fourth quarter. Advisor Group Inc. now owns 3,577 shares of the offshore drilling services provider’s stock valued at $35,000 after purchasing an additional 1,860 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of Diamond Offshore Drilling by 111.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,681 shares of the offshore drilling services provider’s stock valued at $44,000 after purchasing an additional 2,468 shares during the last quarter. NumerixS Investment Technologies Inc acquired a new stake in shares of Diamond Offshore Drilling in the fourth quarter valued at approximately $61,000. Finally, Bessemer Group Inc. acquired a new stake in shares of Diamond Offshore Drilling in the fourth quarter valued at approximately $64,000.
DO has been the subject of several analyst reports. UBS Group set a $14.00 price target on shares of Diamond Offshore Drilling and gave the stock a “buy” rating in a report on Thursday, December 20th. ValuEngine cut shares of Diamond Offshore Drilling from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 2nd. DNB Markets raised shares of Diamond Offshore Drilling from a “sell” rating to a “hold” rating in a report on Wednesday, January 9th. Zacks Investment Research cut shares of Diamond Offshore Drilling from a “buy” rating to a “hold” rating in a report on Friday, January 25th. Finally, Pareto Securities raised shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a report on Monday, January 28th. Eight analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $15.56.
Shares of Diamond Offshore Drilling stock opened at $10.88 on Monday. Diamond Offshore Drilling has a 12-month low of $8.78 and a 12-month high of $21.92. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.32 and a quick ratio of 3.32. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of -9.30 and a beta of 1.60.
Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings results on Monday, February 11th. The offshore drilling services provider reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.02). The business had revenue of $232.50 million during the quarter, compared to analyst estimates of $249.89 million. Diamond Offshore Drilling had a negative net margin of 16.64% and a negative return on equity of 4.32%. The firm’s revenue for the quarter was down 32.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.05) earnings per share. As a group, sell-side analysts predict that Diamond Offshore Drilling will post -2.02 earnings per share for the current year.
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About Diamond Offshore Drilling
Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry worldwide. The company operates a fleet of 17 offshore drilling rigs, including 4 drillships and 13 semisubmersible rigs. It serves independent oil and gas companies, and government-owned oil companies. The company was founded in 1953 and is headquartered in Houston, Texas.
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