Diamond Offshore Drilling (DO) Stock Price Down 6.9%

Diamond Offshore Drilling Inc (NYSE:DO) shares were down 6.9% during mid-day trading on Tuesday . The stock traded as low as $14.07 and last traded at $14.09. Approximately 2,924,286 shares changed hands during mid-day trading, an increase of 64% from the average daily volume of 1,788,170 shares. The stock had previously closed at $15.14.

Several research analysts have issued reports on DO shares. ValuEngine raised Diamond Offshore Drilling from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 31st. Clarkson Capital cut Diamond Offshore Drilling from a “buy” rating to a “neutral” rating in a report on Thursday, January 18th. Zacks Investment Research cut Diamond Offshore Drilling from a “buy” rating to a “hold” rating in a report on Friday, October 20th. Cowen set a $18.00 price objective on shares of Diamond Offshore Drilling and gave the stock a “hold” rating in a research report on Thursday, January 11th. Finally, Royal Bank of Canada set a $19.00 price objective on shares of Diamond Offshore Drilling and gave the stock a “hold” rating in a research report on Thursday, December 21st. Twelve investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $14.59.

The company has a debt-to-equity ratio of 0.52, a current ratio of 3.97 and a quick ratio of 3.58. The firm has a market cap of $1,933.54, a PE ratio of 17.18 and a beta of 1.13.

Diamond Offshore Drilling (NYSE:DO) last posted its quarterly earnings results on Monday, February 12th. The offshore drilling services provider reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. Diamond Offshore Drilling had a net margin of 1.23% and a return on equity of 2.96%. The business had revenue of $346.20 million for the quarter, compared to analysts’ expectations of $331.98 million. During the same period in the previous year, the company posted $0.27 EPS. Diamond Offshore Drilling’s revenue was down 11.7% on a year-over-year basis. research analysts forecast that Diamond Offshore Drilling Inc will post -0.12 earnings per share for the current fiscal year.

In other news, Director Charles Fabrikant sold 1,500 shares of the business’s stock in a transaction on Thursday, December 28th. The shares were sold at an average price of $18.55, for a total transaction of $27,825.00. Following the transaction, the director now directly owns 1,000 shares in the company, valued at approximately $18,550. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.03% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. grew its holdings in shares of Diamond Offshore Drilling by 22.0% during the 2nd quarter. BlackRock Inc. now owns 9,209,573 shares of the offshore drilling services provider’s stock valued at $99,741,000 after acquiring an additional 1,658,687 shares in the last quarter. Contrarius Investment Management Ltd grew its holdings in shares of Diamond Offshore Drilling by 13.7% during the 3rd quarter. Contrarius Investment Management Ltd now owns 7,512,035 shares of the offshore drilling services provider’s stock valued at $108,925,000 after acquiring an additional 905,595 shares in the last quarter. State Street Corp grew its holdings in shares of Diamond Offshore Drilling by 27.3% during the 2nd quarter. State Street Corp now owns 3,021,468 shares of the offshore drilling services provider’s stock valued at $32,721,000 after acquiring an additional 648,077 shares in the last quarter. Majedie Asset Management Ltd grew its holdings in shares of Diamond Offshore Drilling by 121.9% during the 3rd quarter. Majedie Asset Management Ltd now owns 2,570,583 shares of the offshore drilling services provider’s stock valued at $37,273,000 after acquiring an additional 1,412,327 shares in the last quarter. Finally, Horseman Capital Management Ltd purchased a new position in shares of Diamond Offshore Drilling during the 3rd quarter valued at $30,944,000.

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Diamond Offshore Drilling Company 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.

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