Published On: Wed, Sep 21st, 2016

Diamond Offshore Drilling Inc. (DO) Upgraded by Evercore ISI to Buy

Diamond Offshore Drilling Inc. (NYSE:DO) was upgraded by analysts at Evercore ISI from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $19.00 target price on the offshore drilling services provider’s stock, down from their prior target price of $22.00. Evercore ISI’s price target would suggest a potential upside of 24.51% from the stock’s current price.
Several other equities research analysts also recently issued reports on the company. Zephirin Group raised Diamond Offshore Drilling from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research note on Monday. Bank of America Corp. reaffirmed a “buy” rating and set a $28.00 price target on shares of Diamond Offshore Drilling in a research note on Thursday, September 15th. Scotiabank reaffirmed a “sector perform” rating on shares of Diamond Offshore Drilling in a research note on Wednesday, September 14th. Howard Weil started coverage on Diamond Offshore Drilling in a research note on Wednesday, September 14th. They set a “sector perform” rating and a $17.00 price target for the company. Finally, Citigroup Inc. cut their price target on Diamond Offshore Drilling from $21.00 to $18.00 and set a “neutral” rating for the company in a research note on Friday, September 2nd. Five analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $21.68.

Diamond Offshore Drilling (NYSE:DO) traded up 2.14% during trading on Tuesday, hitting $15.26. The stock had a trading volume of 3,633,368 shares. The firm’s market cap is $2.09 billion. The company’s 50-day moving average is $18.47 and its 200 day moving average is $22.31. Diamond Offshore Drilling has a 52 week low of $14.18 and a 52 week high of $26.72.

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Diamond Offshore Drilling (NYSE:DO) last announced its quarterly earnings data on Monday, August 1st. The offshore drilling services provider reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.08. The firm earned $388.75 million during the quarter, compared to the consensus estimate of $374.17 million. Diamond Offshore Drilling had a positive return on equity of 9.12% and a negative net margin of 30.20%. The business’s revenue for the quarter was down 38.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.66 EPS. Equities analysts expect that Diamond Offshore Drilling will post $1.02 EPS for the current fiscal year.
Institutional investors have recently modified their holdings of the stock. Balentine LLC increased its stake in Diamond Offshore Drilling by 5.7% in the second quarter. Balentine LLC now owns 4,186 shares of the offshore drilling services provider’s stock worth $102,000 after buying an additional 226 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in Diamond Offshore Drilling by 24,233.3% in the second quarter. Tower Research Capital LLC TRC now owns 5,840 shares of the offshore drilling services provider’s stock worth $142,000 after buying an additional 5,816 shares during the last quarter. Pacer Advisors Inc. purchased a new stake in Diamond Offshore Drilling during the second quarter worth $155,000. Mason Street Advisors LLC purchased a new stake in Diamond Offshore Drilling during the second quarter worth $211,000. Finally, Societe Generale purchased a new stake in Diamond Offshore Drilling during the second quarter worth $214,000. Hedge funds and other institutional investors own 99.36% of the company’s stock.
About Diamond Offshore Drilling
Diamond Offshore Drilling, Inc is engaged in offshore drilling and providing contract drilling services to the energy industry. The Company has a fleet of approximately 30 offshore drilling rigs, such as semisubmersibles, jack-ups and dynamically positioned (DP) drillships. Its fleet offers a range of services around the world in the floater market (ultra-deepwater, deepwater and mid-water).

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