Diamond Offshore Drilling Inc. (NYSE:DO)’s share price traded down 3.5% during mid-day trading on Wednesday . The company traded as low as $25.06 and last traded at $25.20, with a volume of 1,249,781 shares changing hands. The stock had previously closed at $26.11.

A number of equities analysts have issued reports on the stock. Credit Suisse Group AG reaffirmed a “hold” rating and issued a $18.00 price objective on shares of Diamond Offshore Drilling in a research note on Tuesday, May 3rd. Vetr raised shares of Diamond Offshore Drilling from a “buy” rating to a “strong-buy” rating and set a $27.54 price objective on the stock in a research note on Tuesday, June 28th. BMO Capital Markets reaffirmed a “sell” rating on shares of Diamond Offshore Drilling in a research note on Monday, May 2nd. Deutsche Bank AG raised their price objective on shares of Diamond Offshore Drilling from $14.00 to $17.00 and gave the company a “hold” rating in a research note on Tuesday, May 3rd. Finally, Simmons reaffirmed a “hold” rating and issued a $19.25 price objective (up from $19.00) on shares of Diamond Offshore Drilling in a research note on Tuesday, May 3rd. Four investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $22.34.

The stock’s 50 day moving average price is $24.83 and its 200-day moving average price is $21.97. The firm has a market capitalization of $3.43 billion and a PE ratio of 50.08.

Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings data on Monday, May 2nd. The offshore drilling services provider reported $0.64 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.37. During the same quarter in the previous year, the company posted $0.50 EPS. The business had revenue of $471 million for the quarter, compared to analyst estimates of $411.98 million. The business’s quarterly revenue was down 24.0% on a year-over-year basis. On average, analysts expect that Diamond Offshore Drilling Inc. will post $1.16 earnings per share for the current fiscal year.

Other hedge funds and institutional investors have added to or reduced their stakes in the company. Zweig DiMenna Associates LLC increased its position 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 valued at $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. 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. 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. Finally, California Public Employees Retirement System increased its stake 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 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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