SEB Equities upgraded shares of Diamond Offshore Drilling (NYSE:DO) from a sell rating to a hold rating in a research note issued to investors on Tuesday morning, The Fly reports. The firm currently has $7.70 target price on the offshore drilling services provider’s stock, down from their prior target price of $10.00.
Several other brokerages have also recently issued reports on DO. Clarkson Capital cut shares of Diamond Offshore Drilling from a buy rating to a neutral rating in a research report on Friday, April 12th. Citigroup set a $5.00 target price on shares of Diamond Offshore Drilling and gave the company a sell rating in a research report on Friday, June 14th. Barclays upgraded shares of Diamond Offshore Drilling from an underweight rating to an overweight rating and set a $10.29 target price on the stock in a research report on Wednesday, February 20th. Bank of America started coverage on shares of Diamond Offshore Drilling in a research report on Monday, June 10th. They set an underperform rating and a $5.00 target price on the stock. Finally, Piper Jaffray Companies upgraded shares of Diamond Offshore Drilling from an underweight rating to a neutral rating and decreased their target price for the company from $9.40 to $8.75 in a research report on Wednesday, May 22nd. Eight investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. Diamond Offshore Drilling currently has an average rating of Hold and a consensus target price of $14.03.
Shares of NYSE DO opened at $8.50 on Tuesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.68 and a current ratio of 2.68. The stock has a market cap of $1.12 billion, a PE ratio of -7.26 and a beta of 1.64. Diamond Offshore Drilling has a 12-month low of $7.12 and a 12-month high of $21.92.
Large investors have recently modified their holdings of the stock. Advisor Group Inc. grew its holdings in Diamond Offshore Drilling by 108.3% during the 4th quarter. Advisor Group Inc. now owns 3,577 shares of the offshore drilling services provider’s stock valued at $35,000 after purchasing an additional 1,860 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Diamond Offshore Drilling by 111.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,681 shares of the offshore drilling services provider’s stock worth $44,000 after acquiring an additional 2,468 shares in the last quarter. NumerixS Investment Technologies Inc bought a new position in Diamond Offshore Drilling in the 4th quarter worth about $61,000. Bessemer Group Inc. bought a new position in Diamond Offshore Drilling in the 4th quarter worth about $64,000. Finally, CIBC Asset Management Inc bought a new position in Diamond Offshore Drilling in the 1st quarter worth about $117,000.
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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