Diamond Offshore Drilling Inc (NYSE:DO) Short Interest Update

Diamond Offshore Drilling Inc (NYSE:DO) saw a large growth in short interest in the month of December. As of December 31st, there was short interest totalling 33,540,000 shares, a growth of 7.5% from the December 15th total of 31,190,000 shares. Currently, 24.4% of the company’s shares are short sold. Based on an average daily trading volume, of 2,730,000 shares, the short-interest ratio is presently 12.3 days.

Several equities analysts have recently commented on DO shares. Zacks Investment Research lowered Diamond Offshore Drilling from a “hold” rating to a “sell” rating and set a $7.00 price target on the stock. in a research note on Monday, November 4th. Citigroup raised their price target on Diamond Offshore Drilling from $4.00 to $5.00 and gave the company a “sell” rating in a research note on Monday, September 23rd. Royal Bank of Canada lowered Diamond Offshore Drilling from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $11.00 to $10.00 in a research note on Wednesday, September 25th. HSBC lowered Diamond Offshore Drilling from a “buy” rating to a “hold” rating and set a $5.70 price target on the stock. in a research note on Friday, December 6th. Finally, Nordea Equity Research upgraded Diamond Offshore Drilling from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Five research analysts have rated the stock with a sell rating, ten have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $7.43.

Shares of DO stock traded up $0.19 on Thursday, hitting $6.94. The stock had a trading volume of 542,104 shares, compared to its average volume of 2,950,706. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.84 and a quick ratio of 1.84. The firm has a market capitalization of $929.41 million, a P/E ratio of -5.93 and a beta of 1.89. Diamond Offshore Drilling has a 1 year low of $4.77 and a 1 year high of $12.64. The company’s 50 day moving average price is $6.47 and its 200-day moving average price is $6.63.

Diamond Offshore Drilling (NYSE:DO) last posted its quarterly earnings data on Monday, October 28th. The offshore drilling services provider reported ($0.67) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.68) by $0.01. Diamond Offshore Drilling had a negative return on equity of 10.44% and a negative net margin of 38.60%. The firm had revenue of $254.00 million for the quarter, compared to the consensus estimate of $244.43 million. During the same quarter in the previous year, the business earned ($0.26) EPS. The company’s quarterly revenue was down 11.3% compared to the same quarter last year. On average, equities analysts forecast that Diamond Offshore Drilling will post -2.87 EPS for the current year.

Hedge funds have recently modified their holdings of the business. Hellman Jordan Management Co. Inc. MA acquired a new stake in Diamond Offshore Drilling in the second quarter worth approximately $98,000. Public Employees Retirement System of Ohio increased its stake in shares of Diamond Offshore Drilling by 16.5% in the third 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 last quarter. Point72 Asset Management L.P. acquired a new position in shares of Diamond Offshore Drilling in the third quarter worth $122,000. State of Tennessee Treasury Department increased its stake in shares of Diamond Offshore Drilling by 8.5% in the third quarter. State of Tennessee Treasury Department now owns 28,759 shares of the offshore drilling services provider’s stock worth $160,000 after acquiring an additional 2,261 shares during the last quarter. Finally, Meadow Creek Investment Management LLC increased its stake in shares of Diamond Offshore Drilling by 24.9% in the second quarter. Meadow Creek Investment Management LLC now owns 25,816 shares of the offshore drilling services provider’s stock worth $229,000 after acquiring an additional 5,152 shares during the last quarter.

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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