Diamond Offshore Drilling Inc. (NYSE:DO) shares dropped 3.3% on Tuesday . The company traded as low as $21.29 and last traded at $21.34, with a volume of 1,088,694 shares trading hands. The stock had previously closed at $22.06.

DO has been the subject of a number of analyst reports. Vetr downgraded shares of 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. Clarkson Capital reaffirmed a “neutral” rating on shares of Diamond Offshore Drilling in a research report on Monday, April 11th. Bank of America Corp. initiated coverage on shares of Diamond Offshore Drilling in a research report on Sunday, June 19th. They issued a “buy” rating and a $24.32 target price for the company. Zacks Investment Research downgraded shares of Diamond Offshore Drilling from a “buy” rating to a “hold” rating in a research report on Friday, April 22nd. Finally, Susquehanna raised their target price on shares of Diamond Offshore Drilling from $20.00 to $22.00 in a research report on Tuesday, April 12th. Four analysts have rated the stock with a sell rating, eighteen have given a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $22.44.

The company’s market cap is $2.94 billion. The stock’s 50 day moving average is $23.71 and its 200 day moving average is $22.53.

Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings data on Monday, August 1st. The offshore drilling services provider reported $0.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.08. The business had revenue of $388.75 million for the quarter, compared to analysts’ expectations of $374.17 million. Diamond Offshore Drilling’s revenue for the quarter was down 38.7% compared to the same quarter last year. During the same period last year, the company earned $0.66 earnings per share. On average, equities research analysts anticipate that Diamond Offshore Drilling Inc. will post $1.18 earnings per share for the current fiscal year.

A number of large investors have added to or reduced their stakes in DO. Royce & Associates LLC increased its stake in 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 increased its stake in 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. Airain ltd increased its stake 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 during the period. Finally, Swiss National Bank increased its stake in 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 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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