Diamond Offshore Drilling Inc. (NYSE:DO) shares were down 1.8% during trading on Wednesday . The stock traded as low as $23.65 and last traded at $24.12, with a volume of 1,587,024 shares traded. The stock had previously closed at $24.57.

Several research analysts have recently commented on DO shares. Barclays PLC reissued an “underweight” rating on shares of Diamond Offshore Drilling in a research report on Tuesday, March 8th. Goldman Sachs Group Inc. raised Diamond Offshore Drilling from a “sell” rating to a “neutral” rating and upped their target price for the company from $18.00 to $24.00 in a research report on Friday, March 11th. Piper Jaffray Cos. raised Diamond Offshore Drilling from an “underweight” rating to a “neutral” rating and upped their target price for the company from $16.50 to $19.00 in a research report on Friday, March 11th. Simmons raised Diamond Offshore Drilling from an “underweight” rating to a “neutral” rating and upped their target price for the company from $16.50 to $19.00 in a research report on Friday, March 11th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $14.00 target price on shares of Diamond Offshore Drilling in a research report on Sunday, March 13th. Four equities research analysts have rated the stock with a sell rating, twenty have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Diamond Offshore Drilling has an average rating of “Hold” and a consensus target price of $22.09.

The company has a market capitalization of $3.31 billion and a PE ratio of 48.28. The company’s 50 day moving average is $24.69 and its 200-day moving average is $21.85.

Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings data on Monday, May 2nd. The offshore drilling services provider reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.37. The firm had revenue of $471 million for the quarter, compared to analyst estimates of $411.98 million. The company’s quarterly revenue was down 24.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.50 earnings per share. Equities analysts forecast that Diamond Offshore Drilling Inc. will post $1.18 EPS for the current year.

Several hedge funds have recently added to or reduced their stakes in DO. Zweig DiMenna Associates LLC increased its stake in Diamond Offshore Drilling by 405.3% in the fourth quarter. Zweig DiMenna Associates LLC now owns 469,654 shares of the offshore drilling services provider’s stock worth $9,910,000 after buying an additional 376,713 shares during the last quarter. Royce & Associates LLC increased its stake in shares of Diamond Offshore Drilling by 6.1% in the fourth quarter. Royce & Associates LLC now owns 610,614 shares of the offshore drilling services provider’s stock valued at $12,884,000 after buying an additional 35,000 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Diamond Offshore Drilling by 2.8% in the fourth quarter. Principal Financial Group Inc. now owns 96,790 shares of the offshore drilling services provider’s stock valued at $2,042,000 after buying an additional 2,591 shares in the last quarter. Herndon Capital Management LLC increased its stake in shares of Diamond Offshore Drilling by 184.0% in the fourth quarter. Herndon Capital Management LLC now owns 65,861 shares of the offshore drilling services provider’s stock valued at $1,390,000 after buying an additional 42,671 shares in the last quarter. Finally, Old Mutual Global Investors UK Ltd. increased its stake in shares of Diamond Offshore Drilling by 313.3% in the fourth quarter. Old Mutual Global Investors UK Ltd. now owns 640,443 shares of the offshore drilling services provider’s stock valued at $13,513,000 after buying an additional 485,478 shares in the last quarter.

Diamond Offshore Drilling, Inc is engaged in offshore drilling and providing contract drilling services to the energy industry. The Company has a fleet of approximately 30 offshore drilling rigs, such as semisubmersibles, jack-ups and dynamically positioned (DP) drillships. Its fleet offers a range of services around the world in the floater market (ultra-deepwater, deepwater and mid-water).

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