Diamond Offshore Drilling Inc. (NYSE:DO) dropped 8.9% during trading on Thursday . The stock traded as low as $16.74 and last traded at $16.82, with a volume of 3,442,110 shares changing hands. The stock had previously closed at $18.47.

DO has been the subject of several recent analyst reports. Jefferies Group reaffirmed a “hold” rating on shares of Diamond Offshore Drilling in a research note on Monday, July 11th. Royal Bank Of Canada lowered their target price on shares of Diamond Offshore Drilling from $29.00 to $23.00 and set a “sector perform” rating for the company in a research note on Friday, August 12th. TheStreet downgraded shares of Diamond Offshore Drilling from a “hold” rating to a “sell” rating in a research note on Monday, August 15th. Vetr downgraded shares of Diamond Offshore Drilling from a “strong-buy” rating to a “buy” rating and set a $28.66 target price for the company. in a research note on Tuesday, July 12th. Finally, KLR Group raised shares of Diamond Offshore Drilling from an “accumulate” rating to a “buy” rating and set a $33.00 target price for the company in a research note on Tuesday, May 31st. Five investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $22.63.

The stock’s market cap is $2.26 billion. The company’s 50-day moving average is $21.46 and its 200-day moving average is $22.71.

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

An institutional investor recently raised its position in Diamond Offshore Drilling stock. AJO LP boosted its stake in Diamond Offshore Drilling Inc. (NYSE:DO) by 305.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 123,176 shares of the offshore drilling services provider’s stock after buying an additional 92,766 shares during the period. AJO LP owned approximately 0.09% of Diamond Offshore Drilling worth $2,599,000 as of its most recent filing with the SEC.

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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