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

A number of brokerages have recently issued reports on DO. Credit Suisse Group AG restated a “hold” rating and set a $18.00 price objective on shares of Diamond Offshore Drilling in a research report on Tuesday, May 3rd. BMO Capital Markets restated a “sell” rating on shares of Diamond Offshore Drilling in a research report on Monday, May 2nd. Vetr upgraded Diamond Offshore Drilling from a “strong sell” rating to a “sell” rating and set a $21.84 price objective for the company in a research report on Monday, May 2nd. Simmons restated a “hold” rating and set a $19.25 price objective (up from $19.00) on shares of Diamond Offshore Drilling in a research report on Tuesday, May 3rd. Finally, Deutsche Bank AG raised their price objective on Diamond Offshore Drilling from $14.00 to $17.00 and gave the stock a “hold” rating in a research report on Tuesday, May 3rd. 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 stock. The company presently has an average rating of “Hold” and an average target price of $22.34.

The firm has a market cap of $3.12 billion and a price-to-earnings ratio of 45.44. The firm has a 50-day moving average of $24.32 and a 200-day moving average of $22.26.

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 consensus estimate of $0.27 by $0.37. The business earned $471 million during the quarter, compared to analysts’ expectations of $411.98 million. During the same quarter last year, the business posted $0.50 EPS. The company’s quarterly revenue was down 24.0% compared to the same quarter last year. Equities analysts expect that Diamond Offshore Drilling Inc. will post $1.16 EPS for the current year.

Other hedge funds and institutional investors have recently made changes to their positions in the company. Swiss National Bank raised 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. California State Teachers Retirement System raised 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. Airain ltd raised its position in shares of 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. 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 in the last quarter. Finally, 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 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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