Diamond Offshore Drilling Inc (DO) Expected to Post Earnings of -$0.84 Per Share

Analysts predict that Diamond Offshore Drilling Inc (NYSE:DO) will report ($0.84) earnings per share (EPS) for the current quarter, according to Zacks. Five analysts have made estimates for Diamond Offshore Drilling’s earnings. The lowest EPS estimate is ($0.95) and the highest is ($0.58). Diamond Offshore Drilling reported earnings of ($0.33) per share in the same quarter last year, which suggests a negative year over year growth rate of 154.5%. The firm is expected to issue its next quarterly earnings report on Monday, July 29th.

According to Zacks, analysts expect that Diamond Offshore Drilling will report full-year earnings of ($2.28) per share for the current year, with EPS estimates ranging from ($2.66) to ($1.39). For the next fiscal year, analysts expect that the firm will report earnings of ($1.80) per share, with EPS estimates ranging from ($2.15) to ($1.50). Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research analysts that that provide coverage for Diamond Offshore Drilling.

Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.53) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.59) by $0.06. The firm had revenue of $223.50 million during the quarter, compared to the consensus estimate of $231.90 million. Diamond Offshore Drilling had a negative return on equity of 5.84% and a negative net margin of 26.72%. The company’s revenue for the quarter was down 24.4% on a year-over-year basis. During the same quarter last year, the company posted ($0.16) EPS.

DO has been the subject of several analyst reports. ValuEngine upgraded Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a research note on Tuesday, March 5th. Fearnley Fonds upgraded Diamond Offshore Drilling from an “accumulate” rating to a “buy” rating in a research note on Monday, February 4th. Pareto Securities upgraded Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a research note on Monday, January 28th. Zacks Investment Research downgraded Diamond Offshore Drilling from a “buy” rating to a “hold” rating in a research note on Friday, January 25th. Finally, Clarkson Capital downgraded Diamond Offshore Drilling from a “buy” rating to a “neutral” rating in a research note on Friday, April 12th. Seven equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $15.11.

Shares of NYSE DO traded down $0.93 during trading hours on Thursday, reaching $8.47. 137,992 shares of the stock traded hands, compared to its average volume of 3,466,051. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.56. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of -7.17 and a beta of 1.57. Diamond Offshore Drilling has a 52-week low of $8.71 and a 52-week high of $21.92.

In other Diamond Offshore Drilling news, Director Paul G. Gaffney purchased 4,000 shares of the company’s stock in a transaction dated Monday, February 25th. The stock was purchased at an average price of $9.91 per share, for a total transaction of $39,640.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.13% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its holdings in shares of Diamond Offshore Drilling by 2.6% in the third quarter. Bank of New York Mellon Corp now owns 1,543,355 shares of the offshore drilling services provider’s stock worth $30,868,000 after buying an additional 38,707 shares during the period. BlackRock Inc. raised its stake in shares of Diamond Offshore Drilling by 2.9% during the 4th quarter. BlackRock Inc. now owns 8,630,005 shares of the offshore drilling services provider’s stock valued at $81,467,000 after buying an additional 241,620 shares during the last quarter. Gateway Investment Advisers LLC raised its stake in shares of Diamond Offshore Drilling by 42.5% during the 4th quarter. Gateway Investment Advisers LLC now owns 19,949 shares of the offshore drilling services provider’s stock valued at $188,000 after buying an additional 5,946 shares during the last quarter. Municipal Employees Retirement System of Michigan purchased a new position in shares of Diamond Offshore Drilling during the 4th quarter valued at about $143,000. Finally, Metropolitan Life Insurance Co. NY raised its stake in shares of Diamond Offshore Drilling by 83.2% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 39,457 shares of the offshore drilling services provider’s stock valued at $372,000 after buying an additional 17,921 shares during the last quarter.

Diamond Offshore Drilling Company Profile

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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Earnings History and Estimates for Diamond Offshore Drilling (NYSE:DO)

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