Piper Jaffray Companies Reiterates $8.00 Price Target for Diamond Offshore Drilling (NYSE:DO)

Piper Jaffray Companies set a $8.00 target price on Diamond Offshore Drilling (NYSE:DO) in a research report report published on Thursday, Stock Target Advisor reports. The firm currently has a hold rating on the offshore drilling services provider’s stock.

A number of other brokerages have also recently weighed in on DO. SEB Equities upgraded Diamond Offshore Drilling from a sell rating to a hold rating and reduced their price objective for the company from $10.00 to $7.70 in a research note on Tuesday, June 18th. UBS Group set a $13.00 price objective on Freeport-McMoRan and gave the company a hold rating in a research note on Wednesday, June 26th. Clarkson Capital cut Diamond Offshore Drilling from a buy rating to a neutral rating in a research note on Friday, April 12th. Bank of America set a $77.00 price objective on Citigroup and gave the company a buy rating in a research note on Monday, June 10th. Finally, Citigroup reduced their price objective on Broadcom from $320.00 to $300.00 and set a buy rating for the company in a research note on Friday, June 14th. Eight equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. Diamond Offshore Drilling currently has an average rating of Hold and a consensus target price of $13.88.

DO stock opened at $9.29 on Thursday. The stock’s 50 day simple moving average is $8.35. Diamond Offshore Drilling has a fifty-two week low of $7.12 and a fifty-two week high of $20.87. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.68 and a quick ratio of 2.68.

Diamond Offshore Drilling (NYSE:DO) last posted its earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.53) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.06. The firm had revenue of $223.50 million during the quarter, compared to analysts’ expectations of $231.90 million. Diamond Offshore Drilling had a negative return on equity of 5.84% and a negative net margin of 26.72%. The firm’s revenue was down 24.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.16) earnings per share. As a group, sell-side analysts anticipate that Diamond Offshore Drilling will post -2.44 earnings per share for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the company. Advisor Group Inc. raised its stake in shares of Diamond Offshore Drilling by 108.3% during the fourth quarter. Advisor Group Inc. now owns 3,577 shares of the offshore drilling services provider’s stock worth $35,000 after purchasing an additional 1,860 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Diamond Offshore Drilling by 111.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,681 shares of the offshore drilling services provider’s stock worth $44,000 after purchasing an additional 2,468 shares during the last quarter. NumerixS Investment Technologies Inc purchased a new stake in shares of Diamond Offshore Drilling during the fourth quarter worth approximately $61,000. Bessemer Group Inc. purchased a new stake in shares of Diamond Offshore Drilling during the fourth quarter worth approximately $64,000. Finally, CIBC Asset Management Inc purchased a new stake in shares of Diamond Offshore Drilling during the first quarter worth approximately $117,000.

Diamond Offshore Drilling Company Profile

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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Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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