Diamond Offshore Drilling, Inc. (DO) Bonds Rise 1.1% During Trading

An issue of Diamond Offshore Drilling, Inc. (NYSE:DO) bonds rose 1.1% against their face value during trading on Tuesday. The debt issue has a 5.7% coupon and will mature on October 15, 2039. The bonds in the issue are now trading at $82.12 and were trading at $79.50 one week ago. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its share price.

Several equities analysts have recently commented on the company. Piper Jaffray Companies reiterated a “hold” rating and set a $9.33 target price on shares of Diamond Offshore Drilling in a research note on Tuesday. BidaskClub cut Diamond Offshore Drilling from a “sell” rating to a “strong sell” rating in a research note on Friday, August 11th. Zephirin Group reiterated a “sell” rating on shares of Diamond Offshore Drilling in a research note on Wednesday, August 2nd. Seaport Global Securities reiterated a “sell” rating on shares of Diamond Offshore Drilling in a research note on Monday, July 31st. Finally, ValuEngine raised Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a research report on Wednesday, September 6th. Nine analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Diamond Offshore Drilling has an average rating of “Hold” and a consensus target price of $15.00.

Diamond Offshore Drilling, Inc. (DO) traded down 0.45% on Tuesday, hitting $13.27. The stock had a trading volume of 2,587,969 shares. The firm has a market cap of $1.82 billion, a P/E ratio of 10.79 and a beta of 1.13. Diamond Offshore Drilling, Inc. has a 1-year low of $10.06 and a 1-year high of $22.65. The firm’s 50-day moving average price is $11.89 and its 200-day moving average price is $13.04.

Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings data on Monday, July 31st. The offshore drilling services provider reported $0.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.21. Diamond Offshore Drilling had a return on equity of 5.77% and a net margin of 11.19%. The firm had revenue of $399.30 million during the quarter, compared to the consensus estimate of $381.50 million. During the same quarter in the previous year, the company posted $0.16 EPS. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, equities research analysts predict that Diamond Offshore Drilling, Inc. will post $0.93 earnings per share for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of DO. BlackRock Inc. raised its position in Diamond Offshore Drilling by 7,375.1% in the 1st quarter. BlackRock Inc. now owns 7,550,886 shares of the offshore drilling services provider’s stock valued at $126,177,000 after purchasing an additional 7,449,872 shares during the last quarter. Contrarius Investment Management Ltd raised its position in shares of Diamond Offshore Drilling by 99.0% during the second quarter. Contrarius Investment Management Ltd now owns 6,606,440 shares of the offshore drilling services provider’s stock worth $71,548,000 after acquiring an additional 3,286,580 shares during the last quarter. Equity Investment Corp Acquisition Inc raised its position in shares of Diamond Offshore Drilling by 76.1% during the second quarter. Equity Investment Corp Acquisition Inc now owns 4,566,588 shares of the offshore drilling services provider’s stock worth $49,456,000 after acquiring an additional 1,973,653 shares during the last quarter. Prudential Financial Inc. raised its position in shares of Diamond Offshore Drilling by 194.3% during the first quarter. Prudential Financial Inc. now owns 2,117,443 shares of the offshore drilling services provider’s stock worth $35,383,000 after acquiring an additional 1,398,057 shares during the last quarter. Finally, MARSHALL WACE ASIA Ltd bought a new stake in shares of Diamond Offshore Drilling during the first quarter worth $21,432,000.

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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.

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