Jefferies Group Reaffirms Sell Rating for Diamond Offshore Drilling (DO)
Diamond Offshore Drilling (NYSE:DO)‘s stock had its “sell” rating reissued by stock analysts at Jefferies Group in a research report issued to clients and investors on Wednesday. They currently have a $14.00 price objective on the offshore drilling services provider’s stock. Jefferies Group’s price target points to a potential downside of 6.17% from the company’s previous close.
DO has been the subject of a number of other reports. Deutsche Bank started coverage on shares of Diamond Offshore Drilling in a report on Tuesday, October 10th. They issued a “hold” rating and a $15.00 price objective for the company. Zacks Investment Research lowered shares of Diamond Offshore Drilling from a “buy” rating to a “hold” rating in a report on Friday, October 20th. ValuEngine upgraded shares of Diamond Offshore Drilling from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 31st. Clarkson Capital lowered shares of Diamond Offshore Drilling from a “buy” rating to a “neutral” rating in a research note on Thursday, January 18th. Finally, Cowen set a $18.00 target price on shares of Diamond Offshore Drilling and gave the company a “hold” rating in a research note on Thursday, January 11th. Nine analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $14.92.
Diamond Offshore Drilling (NYSE:DO) opened at $14.92 on Wednesday. Diamond Offshore Drilling has a 1-year low of $10.06 and a 1-year high of $20.41. The firm has a market cap of $2,140.00, a P/E ratio of 12.33 and a beta of 1.13. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.58 and a quick ratio of 3.58.
Several hedge funds have recently modified their holdings of the company. BlackRock Inc. grew its position in shares of Diamond Offshore Drilling by 22.0% during the 2nd quarter. BlackRock Inc. now owns 9,209,573 shares of the offshore drilling services provider’s stock valued at $99,741,000 after acquiring an additional 1,658,687 shares during the period. Contrarius Investment Management Ltd boosted its holdings in Diamond Offshore Drilling by 13.7% in the 3rd quarter. Contrarius Investment Management Ltd now owns 7,512,035 shares of the offshore drilling services provider’s stock worth $108,925,000 after buying an additional 905,595 shares during the period. State Street Corp boosted its holdings in Diamond Offshore Drilling by 27.3% in the 2nd quarter. State Street Corp now owns 3,021,468 shares of the offshore drilling services provider’s stock worth $32,721,000 after buying an additional 648,077 shares during the period. Majedie Asset Management Ltd boosted its holdings in Diamond Offshore Drilling by 121.9% in the 3rd quarter. Majedie Asset Management Ltd now owns 2,570,583 shares of the offshore drilling services provider’s stock worth $37,273,000 after buying an additional 1,412,327 shares during the period. Finally, Horseman Capital Management Ltd bought a new position in Diamond Offshore Drilling in the 3rd quarter worth $30,944,000.
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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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