Convergence Investment Partners LLC Acquires New Stake in Diamond Offshore Drilling Inc (DO)

Convergence Investment Partners LLC acquired a new stake in shares of Diamond Offshore Drilling Inc (NYSE:DO) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 79,931 shares of the offshore drilling services provider’s stock, valued at approximately $1,159,000. Convergence Investment Partners LLC owned about 0.06% of Diamond Offshore Drilling as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in DO. OxFORD Asset Management LLP acquired a new position in shares of Diamond Offshore Drilling in the third quarter worth $2,973,000. Schwab Charles Investment Management Inc. grew its position in shares of Diamond Offshore Drilling by 6.4% in the third quarter. Schwab Charles Investment Management Inc. now owns 477,487 shares of the offshore drilling services provider’s stock valued at $6,924,000 after purchasing an additional 28,751 shares during the last quarter. Commonwealth Bank of Australia grew its position in shares of Diamond Offshore Drilling by 6.0% in the third quarter. Commonwealth Bank of Australia now owns 185,541 shares of the offshore drilling services provider’s stock valued at $2,687,000 after purchasing an additional 10,500 shares during the last quarter. Schroder Investment Management Group grew its position in shares of Diamond Offshore Drilling by 90.4% in the third quarter. Schroder Investment Management Group now owns 742,900 shares of the offshore drilling services provider’s stock valued at $10,631,000 after purchasing an additional 352,700 shares during the last quarter. Finally, Trexquant Investment LP acquired a new stake in shares of Diamond Offshore Drilling in the third quarter valued at about $521,000.

Shares of Diamond Offshore Drilling Inc (NYSE:DO) traded down $0.59 on Thursday, reaching $16.11. 2,284,100 shares of the company were exchanged, compared to its average volume of 2,930,667. The company has a debt-to-equity ratio of 0.52, a quick ratio of 3.58 and a current ratio of 3.58. The firm has a market cap of $2,291.71, a price-to-earnings ratio of 9.71 and a beta of 1.29. Diamond Offshore Drilling Inc has a twelve month low of $10.06 and a twelve month high of $22.65.

Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings results on Monday, October 30th. The offshore drilling services provider reported $0.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.05. Diamond Offshore Drilling had a net margin of 10.86% and a return on equity of 6.23%. The company had revenue of $366.02 million during the quarter, compared to the consensus estimate of $365.38 million. During the same quarter in the prior year, the firm posted $0.10 EPS. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. analysts anticipate that Diamond Offshore Drilling Inc will post 0.88 earnings per share for the current year.

Several research firms recently weighed in on DO. FBR & Co set a $13.00 target price on shares of Diamond Offshore Drilling and gave the company a “hold” rating in a research note on Monday, October 30th. B. Riley restated a “neutral” rating on shares of Diamond Offshore Drilling in a research note on Wednesday, November 1st. Jefferies Group set a $15.00 price target on shares of Diamond Offshore Drilling and gave the stock a “hold” rating in a research note on Monday, October 30th. ValuEngine upgraded shares of Diamond Offshore Drilling from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 1st. Finally, UBS raised their price target on shares of Diamond Offshore Drilling from $15.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, November 3rd. Eight investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Diamond Offshore Drilling currently has an average rating of “Hold” and a consensus target price of $14.71.

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Diamond Offshore Drilling Profile

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.

Institutional Ownership by Quarter for Diamond Offshore Drilling (NYSE:DO)

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