$241.61 Million in Sales Expected for Diamond Offshore Drilling Inc (NYSE:DO) This Quarter

Equities analysts predict that Diamond Offshore Drilling Inc (NYSE:DO) will report $241.61 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for Diamond Offshore Drilling’s earnings, with estimates ranging from $226.63 million to $254.00 million. Diamond Offshore Drilling posted sales of $286.32 million during the same quarter last year, which suggests a negative year-over-year growth rate of 15.6%. The company is scheduled to announce its next earnings report on Monday, November 4th.

According to Zacks, analysts expect that Diamond Offshore Drilling will report full year sales of $936.79 million for the current year, with estimates ranging from $920.20 million to $953.00 million. For the next financial year, analysts anticipate that the firm will report sales of $1.02 billion, with estimates ranging from $954.00 million to $1.08 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Diamond Offshore Drilling.

Diamond Offshore Drilling (NYSE:DO) last released its earnings results on Monday, August 5th. The offshore drilling services provider reported ($0.99) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.89) by ($0.10). The company had revenue of $216.70 million for the quarter, compared to analysts’ expectations of $228.46 million. Diamond Offshore Drilling had a negative net margin of 32.78% and a negative return on equity of 8.55%. Diamond Offshore Drilling’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.33) earnings per share.

Several research firms recently weighed in on DO. Bank of America began coverage on 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. Tudor Pickering upgraded Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a research report on Thursday, June 13th. HSBC set a $11.00 target price on Diamond Offshore Drilling and gave the stock a “buy” rating in a research report on Monday, July 15th. Citigroup set a $5.00 target price on Diamond Offshore Drilling and gave the stock a “sell” rating in a research report on Friday, June 14th. Finally, Morgan Stanley set a $10.00 target price on Diamond Offshore Drilling and gave the stock a “sell” rating in a research report on Monday, July 15th. Six investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $12.06.

NYSE DO traded down $0.13 on Friday, hitting $6.11. 95,417 shares of the company traded hands, compared to its average volume of 3,287,386. The company has a market capitalization of $860.59 million, a price-to-earnings ratio of -5.21 and a beta of 1.69. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 0.58. The business’s 50 day moving average price is $7.55 and its 200-day moving average price is $9.25. Diamond Offshore Drilling has a 52-week low of $5.25 and a 52-week high of $20.85.

Several institutional investors and hedge funds have recently added to or reduced their stakes in DO. Allianz Asset Management GmbH grew its stake in shares of Diamond Offshore Drilling by 1,527.2% during the second quarter. Allianz Asset Management GmbH now owns 2,663,777 shares of the offshore drilling services provider’s stock valued at $23,628,000 after buying an additional 2,500,074 shares during the last quarter. Norges Bank bought a new position in shares of Diamond Offshore Drilling during the fourth quarter valued at approximately $18,892,000. Dimensional Fund Advisors LP grew its stake in shares of Diamond Offshore Drilling by 32.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,004,510 shares of the offshore drilling services provider’s stock valued at $37,804,000 after buying an additional 992,277 shares during the last quarter. Majedie Asset Management Ltd boosted its holdings in shares of Diamond Offshore Drilling by 39.3% in the first quarter. Majedie Asset Management Ltd now owns 3,121,384 shares of the offshore drilling services provider’s stock valued at $32,770,000 after purchasing an additional 880,081 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Diamond Offshore Drilling by 69.6% in the first quarter. JPMorgan Chase & Co. now owns 1,978,597 shares of the offshore drilling services provider’s stock valued at $20,756,000 after purchasing an additional 812,237 shares during the period.

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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Earnings History and Estimates for Diamond Offshore Drilling (NYSE:DO)

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