Equity Investment Corp Sells 237,446 Shares of Diamond Offshore Drilling, Inc. (DO)
Equity Investment Corp cut its position in Diamond Offshore Drilling, Inc. (NYSE:DO) by 5.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,329,142 shares of the offshore drilling services provider’s stock after selling 237,446 shares during the quarter. Diamond Offshore Drilling comprises about 2.2% of Equity Investment Corp’s portfolio, making the stock its 27th biggest holding. Equity Investment Corp owned approximately 3.15% of Diamond Offshore Drilling worth $62,773,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in DO. Raymond James Trust N.A. bought a new stake in shares of Diamond Offshore Drilling during the 2nd quarter valued at $118,000. BlueMountain Capital Management LLC bought a new stake in shares of Diamond Offshore Drilling during the 2nd quarter valued at $119,000. Zacks Investment Management bought a new stake in shares of Diamond Offshore Drilling during the 2nd quarter valued at $124,000. Victory Capital Management Inc. acquired a new position in shares of Diamond Offshore Drilling during the 3rd quarter worth $126,000. Finally, M&T Bank Corp acquired a new position in shares of Diamond Offshore Drilling during the 2nd quarter worth $139,000.
Shares of Diamond Offshore Drilling, Inc. (DO) opened at $15.60 on Wednesday. Diamond Offshore Drilling, Inc. has a 52-week low of $10.06 and a 52-week high of $22.65. The company has a market capitalization of $2,160.00, a PE ratio of 9.28 and a beta of 1.31. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.58 and a quick ratio of 3.58.
Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings results on Monday, October 30th. The offshore drilling services provider reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.05. Diamond Offshore Drilling had a return on equity of 6.23% and a net margin of 10.86%. The firm had revenue of $366.02 million for the quarter, compared to analyst estimates of $365.38 million. During the same quarter in the previous year, the company posted $0.10 EPS. The business’s revenue was up 4.8% on a year-over-year basis. equities research analysts expect that Diamond Offshore Drilling, Inc. will post 0.9 earnings per share for the current fiscal year.
A number of equities analysts have recently commented on the company. Jefferies Group reissued a “neutral” rating on shares of Diamond Offshore Drilling in a report on Tuesday, October 31st. BidaskClub cut Diamond Offshore Drilling from a “sell” rating to a “strong sell” rating in a report on Friday, August 11th. Royal Bank Of Canada raised Diamond Offshore Drilling from an “underperform” rating to a “sector perform” rating and set a $15.00 price target for the company in a report on Friday, August 25th. Piper Jaffray Companies reissued a “hold” rating and set a $9.33 price target on shares of Diamond Offshore Drilling in a report on Tuesday, September 19th. Finally, ValuEngine raised Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a report on Wednesday, September 6th. Eight research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $14.71.
About Diamond Offshore Drilling
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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