Shares of Diamond Offshore Drilling Inc. (NYSE:DO) dropped 3.6% on Tuesday . The company traded as low as $24.31 and last traded at $24.37, with a volume of 1,168,539 shares changing hands. The stock had previously closed at $25.27.

DO has been the subject of a number of recent analyst reports. Vetr downgraded Diamond Offshore Drilling from a “sell” rating to a “strong sell” rating and set a $21.84 target price for the company. in a research report on Monday, May 9th. Zacks Investment Research downgraded Diamond Offshore Drilling from a “buy” rating to a “hold” rating in a research report on Friday, April 22nd. Bank of America Corp. started coverage on Diamond Offshore Drilling in a report on Monday, June 13th. They set a “buy” rating and a $34.00 price target for the company. Credit Suisse Group AG reissued a “hold” rating and set a $18.00 price target on shares of Diamond Offshore Drilling in a report on Tuesday, May 3rd. Finally, KLR Group raised Diamond Offshore Drilling from an “accumulate” rating to a “buy” rating and set a $33.00 price target for the company in a report on Tuesday, May 31st. Four investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and four have given a buy rating to the stock. Diamond Offshore Drilling presently has an average rating of “Hold” and an average target price of $22.34.

The company has a 50 day moving average of $24.86 and a 200 day moving average of $22.08. The company has a market capitalization of $3.34 billion and a PE ratio of 48.64.

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 the Thomson Reuters’ consensus estimate of $0.27 by $0.37. During the same quarter in the prior year, the firm posted $0.50 EPS. The company earned $471 million during the quarter, compared to analysts’ expectations of $411.98 million. The firm’s quarterly revenue was down 24.0% on a year-over-year basis. On average, analysts predict that Diamond Offshore Drilling Inc. will post $1.16 EPS for the current year.

A number of hedge funds and institutional investors have made changes to their positions in DO. California State Teachers Retirement System increased 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 worth $2,591,000 after buying an additional 1,966 shares in the last quarter. Swiss National Bank increased 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 worth $1,953,000 after buying an additional 1,300 shares in the last quarter. TD Asset Management Inc. increased 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 worth $1,908,000 after buying an additional 17,700 shares in the last quarter. California Public Employees Retirement System increased 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 worth $6,601,000 after buying an additional 28,500 shares in the last quarter. Finally, Herndon Capital Management LLC increased its position 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 worth $1,390,000 after buying an additional 42,671 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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