Shares of Diamond Offshore Drilling Inc (NYSE:DO) fell 6.2% during trading on Wednesday . The company traded as low as $5.48 and last traded at $5.63, 2,801,581 shares traded hands during mid-day trading. A decline of 1% from the average session volume of 2,840,501 shares. The stock had previously closed at $6.00.

A number of brokerages have recently commented on DO. Piper Jaffray Companies set a $8.00 price objective on shares of Diamond Offshore Drilling and gave the stock a “hold” rating in a research report on Thursday, July 11th. Tudor Pickering upgraded shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a report on Thursday, June 13th. SEB Equities upgraded shares of Diamond Offshore Drilling from a “sell” rating to a “hold” rating and lowered their target price for the stock from $10.00 to $7.70 in a report on Tuesday, June 18th. Bank of America assumed coverage on shares of Diamond Offshore Drilling in a report on Monday, June 10th. They set an “underperform” rating and a $5.00 target price on the stock. Finally, Susquehanna Bancshares set a $9.00 target price on shares of Diamond Offshore Drilling and gave the stock a “hold” rating in a report on Friday, July 19th. Six investment analysts have rated the stock with a sell rating, seven have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $12.06.

The company has a market cap of $760.76 million, a PE ratio of -4.85 and a beta of 1.69. The firm’s fifty day simple moving average is $7.95. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 0.58.

Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings data on Monday, August 5th. The offshore drilling services provider reported ($0.99) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.89) by ($0.10). Diamond Offshore Drilling had a negative net margin of 32.78% and a negative return on equity of 8.55%. The company had revenue of $216.70 million during the quarter, compared to analyst estimates of $228.46 million. During the same quarter in the prior year, the firm earned ($0.33) earnings per share. Diamond Offshore Drilling’s revenue for the quarter was down 7.2% on a year-over-year basis. On average, analysts anticipate that Diamond Offshore Drilling Inc will post -2.6 EPS for the current year.

Several large investors have recently added to or reduced their stakes in the business. Advisor Group Inc. grew its stake in shares of Diamond Offshore Drilling by 108.3% in the fourth quarter. Advisor Group Inc. now owns 3,577 shares of the offshore drilling services provider’s stock valued at $35,000 after acquiring an additional 1,860 shares in the last quarter. Advisory Services Network LLC grew its stake in shares of Diamond Offshore Drilling by 5,817.6% in the second quarter. Advisory Services Network LLC now owns 7,752 shares of the offshore drilling services provider’s stock valued at $69,000 after acquiring an additional 7,621 shares in the last quarter. Riverhead Capital Management LLC grew its stake in shares of Diamond Offshore Drilling by 25.4% in the second quarter. Riverhead Capital Management LLC now owns 10,359 shares of the offshore drilling services provider’s stock valued at $92,000 after acquiring an additional 2,100 shares in the last quarter. CIBC Asset Management Inc acquired a new position in shares of Diamond Offshore Drilling in the first quarter valued at about $117,000. Finally, Tyers Asset Management LLC grew its stake in shares of Diamond Offshore Drilling by 24.9% in the second quarter. Tyers Asset Management LLC now owns 14,752 shares of the offshore drilling services provider’s stock valued at $131,000 after acquiring an additional 2,944 shares in the last quarter.

Diamond Offshore Drilling Company Profile (NYSE:DO)

Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry worldwide. The company operates a fleet of 17 offshore drilling rigs, including 4 drillships and 13 semisubmersible rigs. It serves independent oil and gas companies, and government-owned oil companies. The company was founded in 1953 and is headquartered in Houston, Texas.

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