Brokerages Set Diamond Offshore Drilling Inc (NYSE:DO) Price Target at $7.79

Diamond Offshore Drilling Inc (NYSE:DO) has been given a consensus rating of “Hold” by the twenty brokerages that are covering the firm, MarketBeat Ratings reports. Five research analysts have rated the stock with a sell recommendation, ten have given a hold recommendation and five have issued a buy recommendation on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $7.79.

A number of equities analysts have recently commented on DO shares. UBS Group set a $11.00 target price on shares of Diamond Offshore Drilling and gave the company a “buy” rating in a report on Friday, August 9th. Bank of America reduced their target price on shares of Diamond Offshore Drilling from $5.00 to $3.50 and set an “underperform” rating for the company in a report on Wednesday, August 28th. Citigroup raised their price target on Diamond Offshore Drilling from $4.00 to $5.00 and gave the stock a “sell” rating in a report on Monday, September 23rd. Morgan Stanley dropped their price target on Diamond Offshore Drilling from $10.00 to $7.00 and set an “underweight” rating on the stock in a research report on Monday, October 7th. Finally, Pareto Securities downgraded Diamond Offshore Drilling from a “buy” rating to a “hold” rating and reduced their price objective for the company from $13.50 to $6.30 in a research note on Monday, September 9th.

In related news, CFO Scott Lee Kornblau sold 5,819 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $8.69, for a total value of $50,567.11. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.13% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Advisory Services Network LLC increased its stake in Diamond Offshore Drilling by 5,817.6% in the second quarter. Advisory Services Network LLC now owns 7,752 shares of the offshore drilling services provider’s stock valued at $69,000 after purchasing an additional 7,621 shares during the last quarter. Riverhead Capital Management LLC increased its stake in shares of Diamond Offshore Drilling by 25.4% during the 2nd quarter. Riverhead Capital Management LLC now owns 10,359 shares of the offshore drilling services provider’s stock valued at $92,000 after acquiring an additional 2,100 shares during the last quarter. Hellman Jordan Management Co. Inc. MA acquired a new position in shares of Diamond Offshore Drilling during the 2nd quarter valued at about $98,000. Public Employees Retirement System of Ohio lifted its holdings in shares of Diamond Offshore Drilling by 16.5% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 20,064 shares of the offshore drilling services provider’s stock worth $112,000 after acquiring an additional 2,849 shares during the period. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Diamond Offshore Drilling in the third quarter worth approximately $122,000.

Shares of Diamond Offshore Drilling stock traded up $0.34 during trading on Friday, hitting $5.66. 2,556,962 shares of the stock were exchanged, compared to its average volume of 2,178,032. The stock has a market cap of $777.97 million, a price-to-earnings ratio of -4.84 and a beta of 1.77. The firm’s 50-day moving average price is $5.72 and its 200 day moving average price is $7.01. Diamond Offshore Drilling has a 12-month low of $4.77 and a 12-month high of $13.19. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.84 and a quick ratio of 1.84.

Diamond Offshore Drilling (NYSE:DO) last announced its quarterly earnings results on Monday, October 28th. The offshore drilling services provider reported ($0.67) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.68) by $0.01. The firm had revenue of $254.00 million during the quarter, compared to the consensus estimate of $244.43 million. Diamond Offshore Drilling had a negative return on equity of 10.44% and a negative net margin of 38.60%. The firm’s quarterly revenue was down 11.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.26) earnings per share. As a group, research analysts forecast that Diamond Offshore Drilling will post -2.84 earnings per share for the current year.

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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Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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