Diamond Offshore Drilling Inc. (NYSE:DO) was downgraded by equities research analysts at Goldman Sachs Group Inc. from a “neutral” rating to a “sell” rating in a research report issued to clients and investors on Wednesday. They currently have a $10.00 price objective on the offshore drilling services provider’s stock, down from their previous price objective of $18.50. Goldman Sachs Group Inc.’s price objective suggests a potential downside of 38.39% from the company’s current price.
A number of other equities analysts have also recently issued reports on the stock. Vetr cut shares of Diamond Offshore Drilling from a “strong-buy” rating to a “buy” rating and set a $28.66 price objective for the company. in a research report on Monday, July 18th. Barclays PLC upped their price objective on shares of Diamond Offshore Drilling from $14.00 to $15.00 and gave the stock an “underweight” rating in a research report on Monday, August 8th. RBC Capital Markets reiterated a “sector perform” rating and set a $23.00 price objective (down from $29.00) on shares of Diamond Offshore Drilling in a research report on Saturday, August 13th. FBR & Co reiterated a “sell” rating on shares of Diamond Offshore Drilling in a research report on Tuesday, August 2nd. Finally, Jefferies Group reiterated a “hold” rating on shares of Diamond Offshore Drilling in a research report on Monday, July 11th. Six equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company. Diamond Offshore Drilling has an average rating of “Hold” and an average price target of $21.12.
Shares of Diamond Offshore Drilling (NYSE:DO) opened at 16.23 on Wednesday. The firm’s market capitalization is $2.23 billion. The firm has a 50-day moving average of $18.19 and a 200 day moving average of $22.22. Diamond Offshore Drilling has a 12-month low of $14.18 and a 12-month high of $26.72.
Diamond Offshore Drilling (NYSE:DO) last issued its earnings results on Monday, August 1st. The offshore drilling services provider reported $0.16 EPS for the quarter, beating the consensus estimate of $0.08 by $0.08. The company earned $388.75 million during the quarter, compared to analysts’ expectations of $374.17 million. Diamond Offshore Drilling had a negative net margin of 30.20% and a positive return on equity of 9.12%. The business’s revenue for the quarter was down 38.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.66 EPS. On average, equities research analysts expect that Diamond Offshore Drilling will post $1.02 earnings per share for the current year.
Several hedge funds have recently made changes to their positions in DO. Balentine LLC increased its stake in shares of Diamond Offshore Drilling by 5.7% in the second quarter. Balentine LLC now owns 4,186 shares of the offshore drilling services provider’s stock valued at $102,000 after buying an additional 226 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Diamond Offshore Drilling by 24,233.3% in the second quarter. Tower Research Capital LLC TRC now owns 5,840 shares of the offshore drilling services provider’s stock worth $142,000 after buying an additional 5,816 shares during the period. Pacer Advisors Inc. bought a new stake in Diamond Offshore Drilling during the second quarter worth about $155,000. Mason Street Advisors LLC bought a new stake in Diamond Offshore Drilling during the second quarter worth about $211,000. Finally, BlackRock Japan Co. Ltd bought a new stake in Diamond Offshore Drilling during the second quarter worth about $214,000. Institutional investors own 99.34% of the company’s stock.
About Diamond Offshore Drilling
Diamond Offshore Drilling, Inc is engaged in offshore drilling and providing contract drilling services to the energy industry. The Company has a fleet of approximately 30 offshore drilling rigs, such as semisubmersibles, jack-ups and dynamically positioned (DP) drillships. Its fleet offers a range of services around the world in the floater market (ultra-deepwater, deepwater and mid-water).
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