Diamond Offshore Drilling (NYSE:DO) Downgraded to “Hold” at ValuEngine

ValuEngine cut shares of Diamond Offshore Drilling (NYSE:DO) from a buy rating to a hold rating in a report published on Monday, February 4th.

DO has been the subject of a number of other research reports. Fearnley Fonds raised Diamond Offshore Drilling from an accumulate rating to a buy rating in a report on Monday, February 4th. UBS Group raised Diamond Offshore Drilling from a reduce rating to an accumulate rating in a report on Thursday, October 18th. DNB Markets raised Diamond Offshore Drilling from a sell rating to a hold rating in a report on Wednesday, January 9th. Piper Jaffray Companies set a $10.00 target price on Diamond Offshore Drilling and gave the stock a sell rating in a report on Tuesday, November 6th. Finally, Clarkson Capital raised Diamond Offshore Drilling from a neutral rating to a buy rating and set a $16.00 target price for the company in a report on Thursday, November 8th. Eight investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $16.01.

NYSE DO traded up $0.20 during trading on Monday, hitting $9.75. The company’s stock had a trading volume of 3,060,703 shares, compared to its average volume of 2,776,532. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.32 and a current ratio of 3.32. The company has a market cap of $1.36 billion, a PE ratio of -8.33 and a beta of 1.63. Diamond Offshore Drilling has a fifty-two week low of $8.78 and a fifty-two week high of $21.92.

Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings results on Monday, February 11th. The offshore drilling services provider reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.02). Diamond Offshore Drilling had a negative return on equity of 4.32% and a negative net margin of 16.64%. The business had revenue of $232.50 million during the quarter, compared to analyst estimates of $249.89 million. During the same period in the prior year, the business posted ($0.05) EPS. Diamond Offshore Drilling’s revenue was down 32.8% compared to the same quarter last year. On average, sell-side analysts predict that Diamond Offshore Drilling will post -1.94 earnings per share for the current fiscal year.

In other Diamond Offshore Drilling news, Director Paul G. Gaffney acquired 4,000 shares of the business’s stock in a transaction dated Monday, February 25th. The stock was acquired at an average cost of $9.91 per share, for a total transaction of $39,640.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.03% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC purchased a new stake in shares of Diamond Offshore Drilling during the second quarter worth approximately $1,879,000. We Are One Seven LLC purchased a new stake in shares of Diamond Offshore Drilling during the third quarter worth approximately $267,000. Commonwealth Equity Services LLC purchased a new stake in shares of Diamond Offshore Drilling during the third quarter worth approximately $632,000. Jane Street Group LLC increased its position in shares of Diamond Offshore Drilling by 124.3% during the third quarter. Jane Street Group LLC now owns 44,615 shares of the offshore drilling services provider’s stock worth $892,000 after purchasing an additional 24,727 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Diamond Offshore Drilling during the second quarter worth approximately $392,000.

About Diamond Offshore Drilling

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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