Diamond Offshore Drilling Inc. (NYSE:DO) dropped 3.8% on Wednesday . The company traded as low as $21.76 and last traded at $21.80, with a volume of 2,058,258 shares. The stock had previously closed at $22.66.

DO has been the topic of a number of recent research reports. Vetr downgraded Diamond Offshore Drilling from a “sell” rating to a “strong sell” rating and set a $21.84 target price on the stock. 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. initiated coverage on Diamond Offshore Drilling in a research report on Monday, June 13th. They set a “buy” rating and a $34.00 target price on the stock. Credit Suisse Group AG reissued a “hold” rating and set a $18.00 target price on shares of Diamond Offshore Drilling in a research 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 target price on the stock in a research report on Tuesday, May 31st. Four investment analysts have rated the stock with a sell rating, twenty have given a hold rating and four have issued a buy rating to the company’s stock. Diamond Offshore Drilling has an average rating of “Hold” and an average price target of $22.34.

The company’s 50 day moving average is $24.51 and its 200 day moving average is $22.23. The firm has a market capitalization of $3.01 billion and a P/E ratio of 43.90.

Diamond Offshore Drilling (NYSE:DO) last announced its earnings results 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 period in the prior year, the business posted $0.50 earnings per share. The business had revenue of $471 million for the quarter, compared to the consensus estimate of $411.98 million. The firm’s revenue for the quarter was down 24.0% compared to the same quarter last year. On average, equities analysts forecast that Diamond Offshore Drilling Inc. will post $1.16 earnings per share for the current fiscal year.

Several hedge funds and institutional investors have made changes to their positions in the company. 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 in 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 in 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 in the last quarter. 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 in the last quarter. Finally, Herndon Capital Management LLC boosted 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 valued at $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).

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.