$0.26 Earnings Per Share Expected for Diamond Offshore Drilling, Inc. (DO) This Quarter
Wall Street brokerages expect Diamond Offshore Drilling, Inc. (NYSE:DO) to announce earnings per share of $0.26 for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Diamond Offshore Drilling’s earnings, with the highest EPS estimate coming in at $0.38 and the lowest estimate coming in at $0.13. Diamond Offshore Drilling posted earnings per share of $0.10 in the same quarter last year, which indicates a positive year-over-year growth rate of 160%. The business is scheduled to issue its next quarterly earnings report on Monday, October 30th.
According to Zacks, analysts expect that Diamond Offshore Drilling will report full-year earnings of $0.91 per share for the current fiscal year, with EPS estimates ranging from $0.67 to $1.20. For the next financial year, analysts expect that the business will post earnings of $0.08 per share, with EPS estimates ranging from ($0.48) to $0.55. Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that cover Diamond Offshore Drilling.
Diamond Offshore Drilling (NYSE:DO) last released its earnings results on Monday, July 31st. The offshore drilling services provider reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.21. The business had revenue of $399.30 million during the quarter, compared to the consensus estimate of $381.50 million. Diamond Offshore Drilling had a net margin of 11.19% and a return on equity of 5.77%. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.16 EPS.
Several analysts have weighed in on DO shares. Jefferies Group LLC set a $14.00 price objective on Diamond Offshore Drilling and gave the company a “hold” rating in a research report on Wednesday, May 24th. Seaport Global Securities reiterated a “sell” rating on shares of Diamond Offshore Drilling in a research report on Monday, July 31st. Bank of America Corporation downgraded Diamond Offshore Drilling from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $22.00 to $12.00 in a research report on Friday, June 30th. Barclays PLC reiterated an “equal weight” rating and issued a $15.00 price objective (down previously from $19.00) on shares of Diamond Offshore Drilling in a research report on Monday, May 1st. Finally, Zephirin Group reiterated a “sell” rating on shares of Diamond Offshore Drilling in a research report on Wednesday, August 2nd. Eleven analysts have rated the stock with a sell rating, twelve have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $15.91.
Shares of Diamond Offshore Drilling (NYSE:DO) opened at 12.43 on Monday. The firm has a market cap of $1.71 billion, a P/E ratio of 10.11 and a beta of 1.12. Diamond Offshore Drilling has a 52-week low of $10.06 and a 52-week high of $22.65. The firm’s 50-day moving average is $11.27 and its 200-day moving average is $14.31.
In other Diamond Offshore Drilling news, Director Paul G. Gaffney purchased 4,000 shares of the stock in a transaction dated Monday, May 22nd. The shares were purchased at an average cost of $13.67 per share, with a total value of $54,680.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.03% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Commerzbank Aktiengesellschaft FI purchased a new position in Diamond Offshore Drilling during the first quarter worth $169,000. Stoneridge Investment Partners LLC increased its position in Diamond Offshore Drilling by 55.1% in the first quarter. Stoneridge Investment Partners LLC now owns 290,185 shares of the offshore drilling services provider’s stock worth $4,849,000 after buying an additional 103,129 shares in the last quarter. Wells Fargo & Company MN increased its position in Diamond Offshore Drilling by 109.3% in the first quarter. Wells Fargo & Company MN now owns 542,934 shares of the offshore drilling services provider’s stock worth $9,073,000 after buying an additional 283,500 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in Diamond Offshore Drilling by 1.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 22,573 shares of the offshore drilling services provider’s stock worth $377,000 after buying an additional 300 shares in the last quarter. Finally, Nationwide Fund Advisors increased its position in Diamond Offshore Drilling by 0.7% in the first quarter. Nationwide Fund Advisors now owns 118,201 shares of the offshore drilling services provider’s stock worth $1,975,000 after buying an additional 860 shares in the last quarter.
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Diamond Offshore Drilling Company Profile
Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry. As of December 31, 2016, the Company had a fleet of 24 offshore drilling rigs. As of December 31, 2016, its fleet consisted of four drillships, 19 semisubmersible rigs and one jack-up rig. Its fleet enables it to offer a range of services, primarily in the floater market, including ultra-deepwater, deepwater and mid-water.
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