Diamond Offshore Drilling’s (DO) “Underweight” Rating Reaffirmed at Piper Jaffray Companies
Diamond Offshore Drilling (NYSE:DO)‘s stock had its “underweight” rating restated by equities researchers at Piper Jaffray Companies in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports.
Other analysts have also issued reports about the stock. B. Riley reiterated a “neutral” rating on shares of Diamond Offshore Drilling in a report on Wednesday, November 1st. FBR & Co raised shares of Diamond Offshore Drilling from a “sell” rating to a “neutral” rating and set a $13.00 price target for the company in a research note on Tuesday, October 10th. Jefferies Group set a $15.00 price target on shares of Diamond Offshore Drilling and gave the stock a “hold” rating in a research note on Monday, October 30th. Citigroup downgraded shares of Diamond Offshore Drilling from a “neutral” rating to a “sell” rating and set a $12.00 price target for the company. in a research note on Thursday, October 12th. Finally, Bank of America downgraded shares of Diamond Offshore Drilling from a “neutral” rating to an “underperform” rating and increased their price target for the stock from $13.00 to $14.00 in a research note on Monday, October 9th. Ten investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $15.01.
Diamond Offshore Drilling (DO) traded up $0.17 during trading on Thursday, hitting $20.13. 1,202,200 shares of the stock were exchanged, compared to its average volume of 1,470,000. The company has a current ratio of 3.58, a quick ratio of 3.58 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $2,760.00, a price-to-earnings ratio of 16.64 and a beta of 1.28. Diamond Offshore Drilling has a one year low of $10.06 and a one year high of $20.41.
Diamond Offshore Drilling (NYSE:DO) last posted its earnings results on Monday, October 30th. The offshore drilling services provider reported $0.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.05. The company had revenue of $366.02 million during the quarter, compared to analyst estimates of $365.38 million. Diamond Offshore Drilling had a net margin of 10.86% and a return on equity of 6.23%. Diamond Offshore Drilling’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.10 earnings per share. sell-side analysts anticipate that Diamond Offshore Drilling will post 0.88 earnings per share for the current year.
In other Diamond Offshore Drilling news, Director Charles Fabrikant sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, December 28th. The shares were sold at an average price of $18.55, for a total transaction of $27,825.00. Following the completion of the transaction, the director now owns 1,000 shares of the company’s stock, valued at $18,550. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.03% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC bought a new position in shares of Diamond Offshore Drilling during the fourth quarter valued at approximately $372,000. GSA Capital Partners LLP bought a new position in shares of Diamond Offshore Drilling during the third quarter valued at approximately $1,209,000. California Public Employees Retirement System increased its stake in shares of Diamond Offshore Drilling by 98.0% during the third quarter. California Public Employees Retirement System now owns 825,261 shares of the offshore drilling services provider’s stock valued at $11,966,000 after purchasing an additional 408,516 shares in the last quarter. Point72 Asset Management L.P. increased its stake in shares of Diamond Offshore Drilling by 959.8% during the third quarter. Point72 Asset Management L.P. now owns 625,300 shares of the offshore drilling services provider’s stock valued at $9,067,000 after purchasing an additional 566,300 shares in the last quarter. Finally, Highbridge Capital Management LLC bought a new position in shares of Diamond Offshore Drilling during the third quarter valued at approximately $262,000.
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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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