Shares of Diamond Offshore Drilling Inc. (NYSE:DO) rose 4.4% during mid-day trading on Friday . The stock traded as high as $22.85 and last traded at $22.74, with a volume of 2,167,363 shares trading hands. The stock had previously closed at $21.79.

A number of analysts recently issued reports on DO shares. Susquehanna boosted their price objective on Diamond Offshore Drilling from $20.00 to $22.00 in a research note on Tuesday, April 12th. Vetr upgraded Diamond Offshore Drilling from a “hold” rating to a “buy” rating and set a $21.18 price objective on the stock in a research note on Thursday, April 7th. Zacks Investment Research upgraded Diamond Offshore Drilling from a “hold” rating to a “buy” rating and set a $26.00 price objective on the stock in a research note on Thursday, May 5th. KLR Group upgraded Diamond Offshore Drilling from an “accumulate” rating to a “buy” rating and set a $33.00 price objective on the stock in a research note on Tuesday, May 31st. Finally, Bank of America Corp. started coverage on Diamond Offshore Drilling in a research note on Monday, June 13th. They set a “buy” rating and a $34.00 price objective on the stock. Four research analysts have rated the stock with a sell rating, twenty have given a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $22.34.

The firm’s 50-day moving average price is $24.40 and its 200-day moving average price is $22.23. The company has a market capitalization of $3.12 billion and a P/E ratio of 45.44.

Diamond Offshore Drilling (NYSE:DO) last released its quarterly 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 quarter in the prior year, the business posted $0.50 EPS. The company earned $471 million during the quarter, compared to analysts’ expectations of $411.98 million. The company’s revenue was down 24.0% on a year-over-year basis. On average, equities research analysts forecast that Diamond Offshore Drilling Inc. will post $1.16 earnings per share for the current year.

Other hedge funds and institutional investors recently added to or reduced their stakes in the company. Airain ltd raised its position in Diamond Offshore Drilling by 35.9% in the fourth quarter. Airain ltd now owns 205,484 shares of the offshore drilling services provider’s stock valued at $4,336,000 after buying an additional 54,238 shares in the last quarter. Zweig DiMenna Associates LLC raised its position in shares of 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 period. Royce & Associates LLC raised its position 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 during the period. California Public Employees Retirement System raised 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 period. Finally, TD Asset Management Inc. raised 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 period.

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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