Diamond Offshore Drilling (NYSE:DO) – Research analysts at Piper Jaffray decreased their FY2020 earnings estimates for Diamond Offshore Drilling in a note issued to investors on Tuesday, May 15th. Piper Jaffray analyst I. Macpherson now forecasts that the offshore drilling services provider will post earnings of ($2.68) per share for the year, down from their prior estimate of ($2.67). Piper Jaffray has a “Sell” rating and a $9.00 price objective on the stock.
Diamond Offshore Drilling (NYSE:DO) last posted its quarterly earnings results on Monday, April 30th. The offshore drilling services provider reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.03. Diamond Offshore Drilling had a net margin of 1.00% and a return on equity of 1.78%. The firm had revenue of $295.50 million during the quarter, compared to the consensus estimate of $295.89 million. During the same period in the previous year, the firm posted $0.17 earnings per share. The business’s revenue was down 21.0% compared to the same quarter last year.
Several other equities research analysts also recently weighed in on the stock. ValuEngine raised shares of Diamond Offshore Drilling from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 4th. TheStreet raised shares of Diamond Offshore Drilling from a “d” rating to a “c-” rating in a research report on Monday, April 30th. Bank of America decreased their target price on shares of Diamond Offshore Drilling from $15.00 to $14.00 and set an “underperform” rating for the company in a research report on Wednesday, April 18th. Susquehanna Bancshares set a $16.00 target price on shares of Diamond Offshore Drilling and gave the stock a “hold” rating in a research report on Friday, April 13th. Finally, Cowen set a $16.00 target price on shares of Diamond Offshore Drilling and gave the stock a “hold” rating in a research report on Friday, April 13th. Twelve equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Diamond Offshore Drilling presently has a consensus rating of “Hold” and an average target price of $13.93.
DO opened at $18.98 on Friday. Diamond Offshore Drilling has a 1-year low of $18.96 and a 1-year high of $19.26. The company has a quick ratio of 4.51, a current ratio of 4.51 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 23.15 and a beta of 1.16.
In related news, insider Marc Gerard Rex Edwards sold 78,265 shares of the business’s stock in a transaction dated Wednesday, May 9th. The shares were sold at an average price of $19.95, for a total transaction of $1,561,386.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.03% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Ladenburg Thalmann Financial Services Inc. boosted its holdings in Diamond Offshore Drilling by 331.9% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 7,641 shares of the offshore drilling services provider’s stock worth $142,000 after purchasing an additional 5,872 shares during the last quarter. Itau Unibanco Holding S.A. purchased a new position in Diamond Offshore Drilling in the fourth quarter valued at about $171,000. Northwestern Mutual Investment Management Company LLC boosted its stake in Diamond Offshore Drilling by 56.2% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 13,197 shares of the offshore drilling services provider’s stock valued at $193,000 after acquiring an additional 4,750 shares during the last quarter. Wright Investors Service Inc. purchased a new position in Diamond Offshore Drilling in the fourth quarter valued at about $204,000. Finally, Ahrens Investment Partners LLC purchased a new position in Diamond Offshore Drilling in the first quarter valued at about $208,000.
About Diamond Offshore Drilling
Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry worldwide. It provides services in floater market, including ultra-deepwater, deepwater, and mid-water. The company operates a fleet of 17 offshore drilling rigs, which comprises 4 drillships, 7 ultra-deepwater, 4 deepwater, and 2 mid-water semisubmersibles.
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