Jefferies Group LLC reissued their hold rating on shares of Diamond Offshore Drilling, Inc. (NYSE:DO) in a research note published on Tuesday. Jefferies Group LLC currently has a $12.00 price objective on the offshore drilling services provider’s stock, down from their previous price objective of $14.00.

Several other analysts have also issued reports on DO. BidaskClub raised Diamond Offshore Drilling from a strong sell rating to a sell rating in a research note on Tuesday, June 13th. Bank of America Corporation lowered Diamond Offshore Drilling from a buy rating to a neutral rating and dropped their price objective for the company from $22.00 to $12.00 in a research note on Friday, June 30th. Seaport Global Securities lowered Diamond Offshore Drilling from a neutral rating to a sell rating and dropped their price objective for the company from $12.00 to $9.00 in a research note on Wednesday, June 21st. Scotiabank reissued a hold rating and set a $19.00 price objective on shares of Diamond Offshore Drilling in a research note on Wednesday, March 22nd. Finally, BMO Capital Markets reissued a sell rating and set a $14.50 price objective on shares of Diamond Offshore Drilling in a research note on Tuesday, April 18th. Ten investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Diamond Offshore Drilling currently has an average rating of Hold and a consensus target price of $16.49.

Shares of Diamond Offshore Drilling (NYSE DO) traded up 6.45% on Tuesday, reaching $12.37. 1,750,515 shares of the company were exchanged. Diamond Offshore Drilling has a 12-month low of $10.06 and a 12-month high of $24.78. The firm’s market capitalization is $1.70 billion. The stock’s 50-day moving average is $11.14 and its 200 day moving average is $14.79.

Diamond Offshore Drilling (NYSE:DO) last issued its earnings results on Monday, May 1st. The offshore drilling services provider reported $0.17 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.05. The business had revenue of $374.22 million during the quarter, compared to analyst estimates of $366.03 million. Diamond Offshore Drilling had a positive return on equity of 4.76% and a negative net margin of 29.01%. Diamond Offshore Drilling’s revenue for the quarter was down 20.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.64 earnings per share. On average, analysts forecast that Diamond Offshore Drilling will post $0.86 EPS for the current year.

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In related news, Director Paul G. Gaffney purchased 4,000 shares of Diamond Offshore Drilling stock in a transaction dated Monday, May 22nd. The stock was purchased at an average cost of $13.67 per share, for a total transaction of $54,680.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.03% of the stock is owned by company insiders.

Several institutional investors have recently modified their holdings of DO. BlackRock Inc. increased its position in shares of Diamond Offshore Drilling by 7,375.1% in the first quarter. BlackRock Inc. now owns 7,550,886 shares of the offshore drilling services provider’s stock valued at $126,177,000 after buying an additional 7,449,872 shares during the last quarter. Prudential Financial Inc. boosted its stake in Diamond Offshore Drilling by 194.3% in the first quarter. Prudential Financial Inc. now owns 2,117,443 shares of the offshore drilling services provider’s stock valued at $35,383,000 after buying an additional 1,398,057 shares during the period. Norges Bank acquired a new stake in Diamond Offshore Drilling during the fourth quarter valued at approximately $22,329,000. MARSHALL WACE ASIA Ltd acquired a new stake in Diamond Offshore Drilling during the first quarter valued at approximately $21,432,000. Finally, Marshall Wace North America L.P. acquired a new stake in Diamond Offshore Drilling during the first quarter valued at approximately $21,432,000.

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.

Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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