Diamond Offshore Drilling (NYSE:DO) PT Lowered to $0.90 at Citigroup

Diamond Offshore Drilling (NYSE:DO) had its price target lowered by Citigroup from $3.50 to $0.90 in a research note issued to investors on Monday, BenzingaRatingsTable reports. Citigroup currently has a sell rating on the offshore drilling services provider’s stock.

A number of other research firms also recently commented on DO. Tudor Pickering downgraded Diamond Offshore Drilling from a buy rating to a hold rating in a report on Wednesday, March 11th. Morgan Stanley raised Diamond Offshore Drilling from an underweight rating to an equal weight rating and cut their price target for the stock from $6.50 to $3.00 in a report on Monday, March 16th. HSBC downgraded Diamond Offshore Drilling from a buy rating to a hold rating and set a $5.70 price target on the stock. in a report on Friday, December 6th. Capital One Financial downgraded Diamond Offshore Drilling from an equal weight rating to an underweight rating in a report on Tuesday, March 17th. Finally, Cfra cut their price target on Diamond Offshore Drilling from $5.00 to $3.50 and set a sell rating on the stock in a report on Monday, February 10th. Six equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $5.38.

NYSE:DO traded down $0.02 during trading hours on Monday, reaching $2.02. 5,232,117 shares of the stock were exchanged, compared to its average volume of 4,351,473. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.61. The firm has a 50 day simple moving average of $3.14 and a 200-day simple moving average of $5.37. Diamond Offshore Drilling has a 52 week low of $1.22 and a 52 week high of $12.64. The stock has a market capitalization of $280.91 million, a P/E ratio of -0.78 and a beta of 2.15.

Diamond Offshore Drilling (NYSE:DO) last released its earnings results on Monday, February 10th. The offshore drilling services provider reported ($0.45) EPS for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.21. Diamond Offshore Drilling had a negative return on equity of 10.86% and a negative net margin of 36.43%. The company had revenue of $276.40 million for the quarter, compared to the consensus estimate of $249.25 million. During the same quarter last year, the business posted ($0.42) EPS. Diamond Offshore Drilling’s quarterly revenue was up 18.9% compared to the same quarter last year. As a group, analysts expect that Diamond Offshore Drilling will post -2.87 earnings per share for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank bought a new position in Diamond Offshore Drilling during the fourth quarter valued at about $13,738,000. Geode Capital Management LLC boosted its holdings in shares of Diamond Offshore Drilling by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 829,149 shares of the offshore drilling services provider’s stock worth $5,961,000 after acquiring an additional 21,968 shares in the last quarter. Caxton Associates LP acquired a new position in shares of Diamond Offshore Drilling in the 4th quarter worth approximately $119,000. Point72 Hong Kong Ltd boosted its holdings in shares of Diamond Offshore Drilling by 347.4% in the 4th quarter. Point72 Hong Kong Ltd now owns 10,643 shares of the offshore drilling services provider’s stock worth $77,000 after acquiring an additional 8,264 shares in the last quarter. Finally, Jane Street Group LLC boosted its holdings in shares of Diamond Offshore Drilling by 14.4% in the 4th quarter. Jane Street Group LLC now owns 65,742 shares of the offshore drilling services provider’s stock worth $473,000 after acquiring an additional 8,270 shares in 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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Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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