Shares of Diamond Offshore Drilling, Inc. (NYSE:DO) gapped down before the market opened on Thursday . The stock had previously closed at $15.68, but opened at $15.00. Diamond Offshore Drilling shares last traded at $14.47, with a volume of 2,984,027 shares changing hands.

A number of analysts have recently commented on DO shares. Clarkson Capital upgraded Diamond Offshore Drilling from a “neutral” rating to a “buy” rating in a report on Friday, September 1st. Cowen and Company restated a “hold” rating and issued a $11.00 target price on shares of Diamond Offshore Drilling in a report on Tuesday, September 5th. Bank of America Corporation cut Diamond Offshore Drilling from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $22.00 to $12.00 in a report on Friday, June 30th. Jefferies Group LLC reiterated a “hold” rating and set a $12.00 price target (down previously from $14.00) on shares of Diamond Offshore Drilling in a report on Tuesday, July 18th. Finally, BidaskClub upgraded Diamond Offshore Drilling from a “strong sell” rating to a “sell” rating in a report on Friday, June 30th. Ten research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $14.42.

The company’s 50-day moving average is $13.53 and its 200-day moving average is $12.92. The stock has a market capitalization of $2.07 billion, a PE ratio of 12.27 and a beta of 1.19.

Diamond Offshore Drilling (NYSE:DO) last released its quarterly 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. Diamond Offshore Drilling had a net margin of 11.19% and a return on equity of 5.77%. The company had revenue of $399.30 million during the quarter, compared to the consensus estimate of $381.50 million. During the same period in the previous year, the business earned $0.16 earnings per share. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. Equities analysts expect that Diamond Offshore Drilling, Inc. will post $0.91 earnings per share for the current year.

A number of large investors have recently made changes to their positions in DO. BlackRock Inc. grew its stake in shares of Diamond Offshore Drilling by 7,375.1% during the first quarter. BlackRock Inc. now owns 7,550,886 shares of the offshore drilling services provider’s stock worth $126,177,000 after buying an additional 7,449,872 shares during the last quarter. Contrarius Investment Management Ltd grew its stake in shares of Diamond Offshore Drilling by 99.0% during the second quarter. Contrarius Investment Management Ltd now owns 6,606,440 shares of the offshore drilling services provider’s stock worth $71,548,000 after buying an additional 3,286,580 shares during the last quarter. Equity Investment Corp Acquisition Inc grew its stake in shares of Diamond Offshore Drilling by 76.1% during the second quarter. Equity Investment Corp Acquisition Inc now owns 4,566,588 shares of the offshore drilling services provider’s stock worth $49,456,000 after buying an additional 1,973,653 shares during the last quarter. Balyasny Asset Management LLC grew its stake in shares of Diamond Offshore Drilling by 3,073.2% during the second quarter. Balyasny Asset Management LLC now owns 1,136,000 shares of the offshore drilling services provider’s stock worth $12,303,000 after buying an additional 1,100,200 shares during the last quarter. Finally, Pastel & Associes SA grew its stake in shares of Diamond Offshore Drilling by 168.2% during the second quarter. Pastel & Associes SA now owns 1,204,455 shares of the offshore drilling services provider’s stock worth $13,044,000 after buying an additional 755,335 shares during the last quarter.

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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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