Diamond Offshore Drilling, Inc. (DO) Upgraded at FBR & Co

FBR & Co upgraded shares of Diamond Offshore Drilling, Inc. (NYSE:DO) from a sell rating to a neutral rating in a report issued on Tuesday morning, Marketbeat Ratings reports. FBR & Co currently has $13.00 price objective on the offshore drilling services provider’s stock. FBR & Co also issued estimates for Diamond Offshore Drilling’s Q3 2017 earnings at $0.10 EPS, Q4 2017 earnings at $0.00 EPS, FY2017 earnings at $0.73 EPS, Q1 2018 earnings at $0.02 EPS, Q2 2018 earnings at $0.02 EPS, Q3 2018 earnings at ($0.06) EPS, Q4 2018 earnings at ($0.06) EPS, FY2018 earnings at ($0.07) EPS and FY2019 earnings at $0.08 EPS.

Several other research analysts also recently weighed in on DO. BidaskClub upgraded shares of Diamond Offshore Drilling from a strong sell rating to a sell rating in a research report on Tuesday, June 13th. Seaport Global Securities downgraded shares of Diamond Offshore Drilling from a neutral rating to a sell rating and reduced their price target for the stock from $12.00 to $9.00 in a research report on Wednesday, June 21st. Bank of America Corporation downgraded shares of Diamond Offshore Drilling from a buy rating to a neutral rating and reduced their price target for the stock from $22.00 to $12.00 in a research report on Friday, June 30th. Jefferies Group LLC set a $14.00 price target on shares of Diamond Offshore Drilling and gave the stock a hold rating in a research report on Saturday, July 1st. Finally, Zephirin Group restated a sell rating on shares of Diamond Offshore Drilling in a research report on Wednesday, August 2nd. Ten equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the stock. Diamond Offshore Drilling currently has a consensus rating of Hold and a consensus price target of $14.42.

Shares of Diamond Offshore Drilling (NYSE DO) opened at 14.47 on Tuesday. The stock has a 50 day moving average price of $13.42 and a 200 day moving average price of $12.93. The company has a market capitalization of $1.99 billion, a PE ratio of 11.76 and a beta of 1.19. Diamond Offshore Drilling has a one year low of $10.06 and a one year high of $22.65.

Diamond Offshore Drilling (NYSE:DO) last posted its earnings results on Monday, July 31st. The offshore drilling services provider reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.21. Diamond Offshore Drilling had a net margin of 11.19% and a return on equity of 5.77%. The business had revenue of $399.30 million for the quarter, compared to analyst estimates of $381.50 million. During the same period in the prior year, the company posted $0.16 EPS. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, equities research analysts predict that Diamond Offshore Drilling will post $0.92 earnings per share for the current year.

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Several institutional investors have recently bought and sold shares of the company. Advantus Capital Management Inc grew its stake in shares of Diamond Offshore Drilling by 3.0% in the 1st quarter. Advantus Capital Management Inc now owns 8,254 shares of the offshore drilling services provider’s stock valued at $138,000 after buying an additional 242 shares during the period. Mason Street Advisors LLC grew its stake in shares of Diamond Offshore Drilling by 1.2% in the 1st quarter. Mason Street Advisors LLC now owns 30,457 shares of the offshore drilling services provider’s stock valued at $509,000 after buying an additional 368 shares during the period. State Treasurer State of Michigan grew its stake in shares of Diamond Offshore Drilling by 1.5% in the 2nd quarter. State Treasurer State of Michigan now owns 26,600 shares of the offshore drilling services provider’s stock valued at $288,000 after buying an additional 400 shares during the period. Arizona State Retirement System grew its stake in shares of Diamond Offshore Drilling by 1.5% in the 2nd quarter. Arizona State Retirement System now owns 27,200 shares of the offshore drilling services provider’s stock valued at $295,000 after buying an additional 400 shares during the period. Finally, Texas Permanent School Fund grew its stake in shares of Diamond Offshore Drilling by 0.9% in the 2nd quarter. Texas Permanent School Fund now owns 47,088 shares of the offshore drilling services provider’s stock valued at $510,000 after buying an additional 410 shares during the period.

About Diamond Offshore Drilling

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.

Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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