Diamond Offshore Drilling Inc. (DO) Upgraded at Evercore ISI
Evercore ISI upgraded shares of Diamond Offshore Drilling Inc. (NYSE:DO) from a hold rating to a buy rating in a research report released on Tuesday. Evercore ISI currently has $19.00 price target on the offshore drilling services provider’s stock, down from their prior price target of $22.00.
Several other brokerages have also recently commented on DO. Vetr cut Diamond Offshore Drilling from a buy rating to a hold rating and set a $25.46 target price on the stock. in a report on Tuesday, June 7th. Nomura upped their target price on Diamond Offshore Drilling from $16.00 to $17.00 and gave the company a reduce rating in a report on Tuesday, August 16th. Bank of America Corp. initiated coverage on Diamond Offshore Drilling in a report on Monday, June 13th. They issued a buy rating and a $34.00 target price on the stock. KLR Group upgraded Diamond Offshore Drilling from an accumulate rating to a buy rating and set a $33.00 target price on the stock in a report on Tuesday, May 31st. Finally, Howard Weil initiated coverage on Diamond Offshore Drilling in a report on Wednesday, September 14th. They issued a sector perform rating and a $17.00 target price on the stock. Six investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $21.12.
Shares of Diamond Offshore Drilling (NYSE:DO) opened at 16.23 on Tuesday. The stock has a 50 day moving average of $18.19 and a 200-day moving average of $22.22. Diamond Offshore Drilling has a 12-month low of $14.18 and a 12-month high of $26.72. The firm’s market capitalization is $2.23 billion.
Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings results on Monday, August 1st. The offshore drilling services provider reported $0.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.08. The company had revenue of $388.75 million for the quarter, compared to analysts’ expectations of $374.17 million. Diamond Offshore Drilling had a positive return on equity of 9.12% and a negative net margin of 30.20%. The business’s quarterly revenue was down 38.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.66 earnings per share. On average, equities research analysts predict that Diamond Offshore Drilling will post $1.02 EPS for the current fiscal year.
Large investors have recently added to or reduced their stakes in the stock. Balentine LLC raised its stake in Diamond Offshore Drilling by 5.7% in the second quarter. Balentine LLC now owns 4,186 shares of the offshore drilling services provider’s stock valued at $102,000 after buying an additional 226 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Diamond Offshore Drilling by 24,233.3% in the second quarter. Tower Research Capital LLC TRC now owns 5,840 shares of the offshore drilling services provider’s stock valued at $142,000 after buying an additional 5,816 shares in the last quarter. Pacer Advisors Inc. purchased a new stake in Diamond Offshore Drilling during the second quarter valued at $155,000. Mason Street Advisors LLC purchased a new stake in Diamond Offshore Drilling during the second quarter valued at $211,000. Finally, Societe Generale purchased a new stake in Diamond Offshore Drilling during the second quarter valued at $214,000. Institutional investors own 99.34% of the company’s stock.
About Diamond Offshore Drilling
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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