Diamond Offshore Drilling (DO) Given a $12.00 Price Target at Citigroup

Diamond Offshore Drilling (NYSE:DO) has been given a $12.00 target price by stock analysts at Citigroup in a research note issued on Tuesday. The brokerage presently has a “sell” rating on the offshore drilling services provider’s stock. Citigroup’s target price would indicate a potential downside of 15.55% from the stock’s current price.

DO has been the topic of several other research reports. Jefferies Group reissued a “neutral” rating on shares of Diamond Offshore Drilling in a research note on Tuesday, October 31st. Cowen set a $18.00 price objective on shares of Diamond Offshore Drilling and gave the company a “hold” rating in a research note on Thursday, January 11th. assumed coverage on shares of Diamond Offshore Drilling in a research note on Thursday, October 19th. They set a “hold” rating and a $15.80 price objective on the stock. Barclays reaffirmed a “neutral” rating on shares of Diamond Offshore Drilling in a research note on Sunday, November 5th. Finally, B. Riley reaffirmed a “neutral” rating on shares of Diamond Offshore Drilling in a research note on Wednesday, November 1st. Twelve analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $14.59.

Diamond Offshore Drilling (NYSE DO) opened at $14.21 on Tuesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 3.58 and a current ratio of 3.58. The stock has a market cap of $1,950.00, a P/E ratio of 109.31 and a beta of 1.13. Diamond Offshore Drilling has a one year low of $10.06 and a one year high of $20.41.

Diamond Offshore Drilling (NYSE:DO) last announced its quarterly earnings data on Monday, February 12th. The offshore drilling services provider reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. The business had revenue of $346.20 million for the quarter, compared to the consensus estimate of $331.98 million. Diamond Offshore Drilling had a net margin of 1.23% and a return on equity of 2.96%. The company’s quarterly revenue was down 11.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.27 earnings per share. research analysts forecast that Diamond Offshore Drilling will post -0.08 EPS for the current fiscal year.

In other news, Director Charles Fabrikant sold 1,500 shares of the firm’s stock in a transaction on Thursday, December 28th. The shares were sold at an average price of $18.55, for a total value of $27,825.00. Following the transaction, the director now owns 1,000 shares of the company’s stock, valued at approximately $18,550. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.03% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Contrarius Investment Management Ltd raised its stake in shares of 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 valued at $108,925,000 after acquiring an additional 905,595 shares during the period. Commonwealth Bank of Australia raised its stake in shares of Diamond Offshore Drilling by 6.0% in the 3rd quarter. Commonwealth Bank of Australia now owns 185,541 shares of the offshore drilling services provider’s stock valued at $2,687,000 after acquiring an additional 10,500 shares during the period. Point72 Asset Management L.P. raised its stake in shares of Diamond Offshore Drilling by 959.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 625,300 shares of the offshore drilling services provider’s stock valued at $9,067,000 after acquiring an additional 566,300 shares during the period. Canada Pension Plan Investment Board purchased a new position in shares of Diamond Offshore Drilling in the 3rd quarter valued at $2,745,000. Finally, Schroder Investment Management Group raised its stake in shares of Diamond Offshore Drilling by 90.4% in the 3rd quarter. Schroder Investment Management Group now owns 742,900 shares of the offshore drilling services provider’s stock valued at $10,631,000 after acquiring an additional 352,700 shares during the period.

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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.

Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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