Analysts expect that Diamond Offshore Drilling Inc (NYSE:DO) will report earnings of $0.02 per share for the current quarter, Zacks reports. Eight analysts have made estimates for Diamond Offshore Drilling’s earnings, with the highest EPS estimate coming in at $0.17 and the lowest estimate coming in at ($0.14). Diamond Offshore Drilling reported earnings per share of $0.85 in the same quarter last year, which would indicate a negative year over year growth rate of 97.6%. The company is expected to report its next earnings report on Monday, February 12th.
According to Zacks, analysts expect that Diamond Offshore Drilling will report full year earnings of $0.87 per share for the current fiscal year, with EPS estimates ranging from $0.71 to $1.04. For the next fiscal year, analysts forecast that the company will report earnings of ($0.01) per share, with EPS estimates ranging from ($0.31) to $0.50. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of analysts that cover Diamond Offshore Drilling.
Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings data on Monday, October 30th. The offshore drilling services provider reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.05. The firm had revenue of $366.02 million during the quarter, compared to analysts’ expectations of $365.38 million. Diamond Offshore Drilling had a return on equity of 6.23% and a net margin of 10.86%. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.10 EPS.
DO has been the subject of a number of research analyst reports. UBS Group upgraded Diamond Offshore Drilling from a “neutral” rating to a “buy” rating and increased their price target for the company from $12.00 to $15.00 in a research note on Monday, September 25th. ValuEngine upgraded Diamond Offshore Drilling from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 31st. Susquehanna Bancshares set a $17.00 price target on Diamond Offshore Drilling and gave the company a “hold” rating in a research note on Friday, January 12th. Jefferies Group set a $15.00 price target on Diamond Offshore Drilling and gave the company a “hold” rating in a research note on Monday, October 30th. Finally, Citigroup cut Diamond Offshore Drilling from a “neutral” rating to a “sell” rating and set a $12.00 price target for the company. in a research note on Thursday, October 12th. Ten analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $15.01.
Shares of Diamond Offshore Drilling (NYSE:DO) traded up $0.36 during midday trading on Thursday, hitting $19.63. The company had a trading volume of 1,381,883 shares, compared to its average volume of 1,125,319. The company has a quick ratio of 3.58, a current ratio of 3.58 and a debt-to-equity ratio of 0.52. The stock has a market cap of $2,693.79, a PE ratio of 16.09 and a beta of 1.29. Diamond Offshore Drilling has a 1 year low of $10.06 and a 1 year high of $20.41.
In other news, Director Charles Fabrikant sold 1,500 shares of the firm’s stock in a transaction dated Friday, December 28th. The stock was sold at an average price of $18.55, for a total value of $27,825.00. Following the completion of the transaction, the director now directly owns 1,000 shares in the company, valued at $18,550. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.03% of the company’s stock.
Large investors have recently made changes to their positions in the company. Contrarius Investment Management Ltd grew its holdings in Diamond Offshore Drilling by 13.7% during the third quarter. Contrarius Investment Management Ltd now owns 7,512,035 shares of the offshore drilling services provider’s stock worth $108,925,000 after acquiring an additional 905,595 shares during the period. Canada Pension Plan Investment Board acquired a new stake in Diamond Offshore Drilling during the third quarter worth about $2,745,000. Commonwealth Bank of Australia grew its holdings in Diamond Offshore Drilling by 6.0% during the third quarter. Commonwealth Bank of Australia now owns 185,541 shares of the offshore drilling services provider’s stock worth $2,687,000 after acquiring an additional 10,500 shares during the period. Point72 Asset Management L.P. grew its holdings in Diamond Offshore Drilling by 959.8% during the third quarter. Point72 Asset Management L.P. now owns 625,300 shares of the offshore drilling services provider’s stock worth $9,067,000 after acquiring an additional 566,300 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in Diamond Offshore Drilling by 4.6% during the second quarter. Principal Financial Group Inc. now owns 276,415 shares of the offshore drilling services provider’s stock worth $2,993,000 after acquiring an additional 12,282 shares during the period.
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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.
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