Shares of Diamond Offshore Drilling Inc. (NYSE:DO) rose 7.7% during trading on Tuesday . The company traded as high as $26.35 and last traded at $26.28, with a volume of 1,138,786 shares trading hands. The stock had previously closed at $24.41.

DO has been the topic of a number of recent research reports. Cowen and Company dropped their price target on shares of Diamond Offshore Drilling from $21.00 to $20.00 in a research note on Monday, March 21st. Susquehanna upped their price target on shares of Diamond Offshore Drilling from $20.00 to $22.00 in a research note on Tuesday, April 12th. Seaport Global Securities upgraded shares of Diamond Offshore Drilling from a “neutral” rating to an “accumulate” rating and upped their price target for the company from $17.00 to $25.00 in a research note on Monday, March 14th. Vetr upgraded shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating and set a $21.18 price target on the stock in a research note on Thursday, April 7th. Finally, Zacks Investment Research upgraded shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research note on Thursday, May 5th. Four investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Diamond Offshore Drilling presently has a consensus rating of “Hold” and a consensus target price of $22.34.

The stock’s 50-day moving average price is $24.74 and its 200 day moving average price is $21.92. The firm has a market capitalization of $3.58 billion and a P/E ratio of 52.22.

Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings results on Monday, May 2nd. The offshore drilling services provider reported $0.64 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.37. The business had revenue of $471 million for the quarter, compared to analysts’ expectations of $411.98 million. Diamond Offshore Drilling’s revenue for the quarter was down 24.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.50 EPS. Equities analysts anticipate that Diamond Offshore Drilling Inc. will post $1.17 earnings per share for the current year.

Several hedge funds and institutional investors recently bought and sold shares of the company. Herndon Capital Management LLC boosted its position in 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 worth $1,390,000 after buying an additional 42,671 shares during the last quarter. TD Asset Management Inc. boosted its position in shares of Diamond Offshore Drilling by 24.3% in the fourth quarter. TD Asset Management Inc. now owns 90,436 shares of the offshore drilling services provider’s stock valued at $1,908,000 after buying an additional 17,700 shares during the last quarter. Swiss National Bank boosted its position in shares of Diamond Offshore Drilling by 1.4% in the fourth quarter. Swiss National Bank now owns 92,553 shares of the offshore drilling services provider’s stock valued at $1,953,000 after buying an additional 1,300 shares during the last quarter. California State Teachers Retirement System boosted its position in shares of Diamond Offshore Drilling by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 122,777 shares of the offshore drilling services provider’s stock valued at $2,591,000 after buying an additional 1,966 shares during the last quarter. Finally, California Public Employees Retirement System boosted its position in shares of Diamond Offshore Drilling by 10.0% in the fourth quarter. California Public Employees Retirement System now owns 312,845 shares of the offshore drilling services provider’s stock valued at $6,601,000 after buying an additional 28,500 shares during 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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