Diamond Offshore Drilling Inc. (DO) Earns “Buy” Rating from Bank of America Corp.
Bank of America Corp. reissued their buy rating on shares of Diamond Offshore Drilling Inc. (NYSE:DO) in a research report released on Thursday morning. Bank of America Corp. currently has a $28.00 target price on the offshore drilling services provider’s stock.
Several other equities analysts also recently issued reports on the stock. Scotiabank restated a sector perform rating on shares of Diamond Offshore Drilling in a report on Wednesday, September 14th. Howard Weil began coverage on shares of Diamond Offshore Drilling in a report on Wednesday, September 14th. They set a sector perform rating and a $17.00 price objective on the stock. Citigroup Inc. cut their price objective on shares of Diamond Offshore Drilling from $21.00 to $18.00 and set a neutral rating on the stock in a report on Friday, September 2nd. Jefferies Group restated a hold rating and set a $22.00 price objective on shares of Diamond Offshore Drilling in a report on Wednesday, August 17th. Finally, TheStreet downgraded shares of Diamond Offshore Drilling from a hold rating to a sell rating in a report on Monday, August 15th. Five equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have given a buy rating to the stock. Diamond Offshore Drilling currently has a consensus rating of Hold and an average price target of $22.36.
Shares of Diamond Offshore Drilling (NYSE:DO) opened at 14.94 on Thursday. The stock’s 50 day moving average is $18.64 and its 200 day moving average is $22.38. The company’s market cap is $2.05 billion. Diamond Offshore Drilling has a 52-week low of $14.18 and a 52-week high of $26.72.
Diamond Offshore Drilling (NYSE:DO) last posted its quarterly earnings data on Monday, August 1st. The offshore drilling services provider reported $0.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.08. Diamond Offshore Drilling had a negative net margin of 30.20% and a positive return on equity of 9.12%. The firm had revenue of $388.75 million for the quarter, compared to the consensus estimate of $374.17 million. During the same quarter in the prior year, the company posted $0.66 earnings per share. The company’s revenue for the quarter was down 38.7% compared to the same quarter last year. Equities analysts forecast that Diamond Offshore Drilling will post $1.03 EPS for the current year.
Hedge funds have recently modified their holdings of the company. Balentine LLC increased its stake in shares of 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 worth $102,000 after buying an additional 226 shares during the last quarter. Tower Research Capital LLC TRC increased its position 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 position in Diamond Offshore Drilling during the second quarter valued at $155,000. Mason Street Advisors LLC purchased a new position in Diamond Offshore Drilling during the second quarter valued at $211,000. Finally, BlackRock Japan Co. Ltd purchased a new position in Diamond Offshore Drilling during the second quarter valued at $214,000. 99.36% of the stock is owned by hedge funds and other institutional investors.
Diamond Offshore Drilling Company Profile
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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