ValuEngine Lowers Diamond Offshore Drilling (NYSE:DO) to Buy

ValuEngine lowered shares of Diamond Offshore Drilling (NYSE:DO) from a strong-buy rating to a buy rating in a research note published on Tuesday morning, ValuEngine reports.

A number of other equities analysts also recently commented on DO. Nordea Equity Research raised Diamond Offshore Drilling from a sell rating to a hold rating in a research report on Thursday, October 24th. Citigroup raised their target price on shares of Diamond Offshore Drilling from $4.00 to $5.00 and gave the company a sell rating in a report on Monday, September 23rd. Fearnley Fonds downgraded shares of Diamond Offshore Drilling from a buy rating to a hold rating and set a $6.00 price target for the company. in a research note on Monday, October 21st. Zacks Investment Research cut shares of Diamond Offshore Drilling from a hold rating to a sell rating and set a $7.00 price target for the company. in a report on Monday, November 4th. Finally, Royal Bank of Canada downgraded shares of Diamond Offshore Drilling from an outperform rating to a sector perform rating and dropped their price objective for the company from $11.00 to $10.00 in a research report on Wednesday, September 25th. Five analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. Diamond Offshore Drilling presently has a consensus rating of Hold and a consensus price target of $7.43.

NYSE:DO traded down $0.15 during midday trading on Tuesday, reaching $5.27. The company had a trading volume of 863,127 shares, compared to its average volume of 2,714,874. The firm has a market capitalization of $779.35 million, a price-to-earnings ratio of -2.00 and a beta of 1.89. The stock’s fifty day simple moving average is $6.56 and its 200-day simple moving average is $6.53. Diamond Offshore Drilling has a 12-month low of $4.77 and a 12-month high of $12.64. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.60.

Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings results on Monday, October 28th. The offshore drilling services provider reported ($0.67) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.68) by $0.01. The company had revenue of $254.00 million for the quarter, compared to the consensus estimate of $244.43 million. Diamond Offshore Drilling had a negative return on equity of 10.44% and a negative net margin of 38.60%. Diamond Offshore Drilling’s revenue was down 11.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.26) EPS. As a group, sell-side analysts expect that Diamond Offshore Drilling will post -2.87 EPS for the current year.

Institutional investors have recently made changes to their positions in the business. BlackRock Inc. lifted its position in shares of Diamond Offshore Drilling by 2.0% during the 2nd quarter. BlackRock Inc. now owns 10,960,114 shares of the offshore drilling services provider’s stock worth $97,215,000 after buying an additional 214,749 shares during the last quarter. Vanguard Group Inc. raised its stake in Diamond Offshore Drilling by 4.1% during the 2nd quarter. Vanguard Group Inc. now owns 6,739,064 shares of the offshore drilling services provider’s stock worth $59,775,000 after acquiring an additional 263,573 shares in the last quarter. Northern Trust Corp lifted its position in Diamond Offshore Drilling by 2.4% in the second quarter. Northern Trust Corp now owns 1,640,399 shares of the offshore drilling services provider’s stock valued at $14,550,000 after acquiring an additional 37,872 shares during the last quarter. Schroder Investment Management Group lifted its position in Diamond Offshore Drilling by 1.2% in the second quarter. Schroder Investment Management Group now owns 1,634,092 shares of the offshore drilling services provider’s stock valued at $14,494,000 after acquiring an additional 19,469 shares during the last quarter. Finally, Manning & Napier Group LLC lifted its position in Diamond Offshore Drilling by 1.2% in the fourth quarter. Manning & Napier Group LLC now owns 1,171,400 shares of the offshore drilling services provider’s stock valued at $8,421,000 after acquiring an additional 14,415 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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Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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